Automotive aftermarket parts maker Advance Auto Parts (AAP) posted results before the market opened on Tuesday, Nov. 13. Net sales inched 4.3% up to $2.3 billion, pushing diluted earnings 20% up to $1.56 per share.
Gross profit improved 6.2% to $1.0 billion, while comparable store sales grew 4.3% in the quarter. Adjusted earnings soared 32.2% to $1.89 per share.
CEO Tom Grewei said that the company delivered its “strongest comparable sales growth in nearly eight years.”
“In addition, through the disciplined execution of our financial priorities we increased our free cash flow by 140% and returned $120 million to our shareholders through share repurchases,” he added.
Advance Auto Parts updated its outlook, and now sees FY2018 net sales between $9.55 billion and $9.60 billion. Comparable store sales is touted to be 2-2.5%, while adjusted operating income margin is projected to be 7.6-7.8%.
On November 7, 2018, the AAP’s Board of Directors declared a regular quarterly cash dividend of $0.06 per share to be paid on January 4, 2019 to all common shareholders of record as of December 21, 2018.