Advance Auto Parts Inc. Shares Climb over 12 Pct on 1Q Results
NEW YORK - Shares of Advance Auto Parts Inc. rose on Friday as the company reported a better than forecasted profit for the first quarter.
Net income for the first quarter ended April 19 rose 7.9 percent to $82.1 million or 86 cents a share from $76.1 million or 71 cents a share the previous year.
Analysts forecasts expected the second largest auto parts retailer to report earnings of 78 cents a share
Revenue increased by 4 percent to $1.53 billion. The company posted annual profit forecast of $2.55 a share in February.
The company's results were a "sharp, clean beat" said Matthew Fassler, a Goldman Sachs Group Inc. analyst in a research note. Advance Auto shares were up 12.07 percent to $38.82 in the New York Stock Exchange on Friday at the closing trade.
Some analysts attributed gains to the company's good management, lead by Darren Jackson Advance's new Chief Executive Officer.
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