Market Updates
Advance Auto Parts Net Income Falls 19%, Trims Sales Growth Outlook
Scott Peters
24 Aug, 2022
New York City
Advance Auto Parts Inc dropped 10.8% to $177.57 after the retailer said second quarter net sales increased 0.6% to $2.7 billion and comparable sales fell 0.6% from a year ago.
Net income declined to $144.4 million or $2.39 a share from $178.7 million or $2.76 a share a year ago.
The auto parts retailer said higher gasoline prices negatively impacted the demand in the quarter from its do-it-yourself customers.
Net cash provided by operating activities was $308.5 million compared to $776.2 million in the same period of the prior year.
The decrease was primarily driven by lower net income and working capital.
Free cash flow through the second quarter of 2022 was $97.3 million compared to $646.6 million a year ago.
During the second quarter, the company repurchased one million shares of its common stock at an aggregate cost of $200 million, or an average price of $199.02 a share and about $1.1 billion were still remaining in its share repurchase program.
On August 16, 2022 the company declared a regular cash dividend of $1.50 per share to be paid on September 30, 2022 to all common stockholders of record as of September 16, 2022.
The auto parts retailer tightened its annual sales outlook for 2022.
The revised outlook forecasts sales in the range of $11 billion to $11.2 billion compared to previous range of $11.2 billion to $11.5 billion.
Comparable sales forecast was lowered from the increase between 1.0% and 3.0% to the new range between flat and a decline of 1%.
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