Welcome to our dedicated page for Advance Auto Parts news (Ticker: AAP), a resource for investors and traders seeking the latest updates and insights on Advance Auto Parts stock.
Advance Auto Parts, Inc. (NYSE: AAP) is a leading automotive aftermarket parts provider in North America, serving both professional installers and do-it-yourself customers. Founded in Roanoke, VA in 1932, the company operates more than 5,100 stores across the United States, Canada, Puerto Rico, and the Virgin Islands under four brands: Advance Auto Parts, Carquest Auto Parts, Worldpac, and Autopart International. With a team of over 70,000 knowledgeable and dedicated employees, Advance Auto Parts is committed to offering exceptional service and automotive solutions.
The company's core business involves providing a wide range of automotive parts and accessories. It boasts a significant presence in the professional channel, which accounts for about 60% of its sales, while the remaining 40% is geared towards the do-it-yourself market. The robust inventory management system and vast distribution network ensure that customers have access to thousands of stock-keeping units fitting various vehicle makes and models.
Recent achievements include the recognition of several vendor partners during its annual Partner Summit, where National Refrigerants was awarded the 2023 Vendor of the Year for its contributions to Advance's chemicals business. The company is also executing a $150 million cost reduction program and has initiated the sale processes for Worldpac and its Canadian business as part of its strategic review aimed at long-term growth and value creation for shareholders.
Advance Auto Parts is actively involved in community support, evidenced by the Advance Auto Parts Foundation’s recent $1.75 million donation to organizations supporting veterans. The company also maintains a strong focus on technological integration to enhance operational efficiencies and customer experience.
For more information, visit www.AdvanceAutoParts.com.
Advance Auto Parts (NYSE: AAP) has appointed Jeff Vining as executive vice president, general counsel and corporate secretary, effective March 2, 2025. Vining will oversee the company's legal, corporate governance, and compliance functions, reporting directly to CEO Shane O'Kelly.
The appointment follows the retirement of Tammy Finley, who served the company for 27 years in legal, human resources, and communications roles. Finley will remain in an advisory capacity to support the transition.
Vining brings over 20 years of legal expertise in publicly traded companies, most recently serving as general counsel at Unifi. Previously, at Lowe's Companies, he managed litigation, complex transactions, compliance, and enterprise risk management, leading a team of more than 75 professionals.
Advance Auto Parts (NYSE: AAP) has announced it will release its fourth quarter and full year 2024 financial results on Wednesday, February 26, 2025, before market opening. The automotive aftermarket parts provider will host a conference call and webcast at 8:00 a.m. ET on the same day.
Interested participants can access the live webcast through the company's Investor Relations website and must pre-register online to receive dial-in information and passcode. A replay of both the conference call and webcast will be available on the company's IR website for one year.
Advance Auto Parts (NYSE: AAP) has named Valvoline™ Global as its 2024 Vendor Partner of the Year during their annual 'Accelerate' vendor appreciation event in Orlando, FL. The recognition highlights Valvoline's exceptional performance in product launches, fill rates, store innovation, and system implementation.
The company also recognized ten additional vendors for outstanding contributions across various categories. Notable winners include MotoRad, DriV, and Pulsar for category management services; Josco Inc. for vendor representation; ITW Global Brands for e-commerce excellence; Wetherill Associates for visionary partnership; Dorman Products for supply chain optimization; Highline Warren for inventory management; Premium Guard for professional excellence; and Chemical Guys for DIY excellence.
Advance Auto Parts (NYSE: AAP) has appointed Shweta Bhatia as executive vice president and chief technology officer, effective immediately. Bhatia brings over 20 years of retail, technology, and operational experience, most recently serving as senior vice president of technology at Dollar General where she led a multi-year technology transformation initiative.
Prior to Dollar General, Bhatia held vice president of technology positions at Walmart International and Kohl's She began her career as an entrepreneur, founding Wisdom Info Tech. Bhatia holds an MBA from Amity Business School and a bachelor's degree from IT College in India.
The current CTO, Sri Donthi, will remain with the company temporarily to assist in the transition. The appointment aligns with AAP's three-year financial plan, focusing on speed, efficiency, and customer solutions.
Advance Auto Parts (NYSE: AAP) has appointed Michael Beland as senior vice president, controller and chief accounting officer, effective January 5, 2025. Beland, 53, brings over 25 years of accounting and finance experience and will oversee enterprise-wide accounting operations, tax, external financial reporting, and compliance. He previously served as chief accounting officer at Driven Brands Holdings and held positions at Wolfspeed, PPD, OrthoSynetics, and major accounting firms. Beland holds a B.S.B.A. and master's degree in accounting, and is a Certified Public Accountant and Chartered Global Management Accountant.
Advance Auto Parts (NYSE: AAP) reported Q3 2024 results with net sales of $2.1 billion, down from $2.2 billion year-over-year, and comparable store sales decreased 2.3%. Gross profit increased 11.0% to $907.9 million (42.3% of net sales). The company announced an Asset Optimization Program targeting reduction of 500 corporate stores, 200 independently owned locations, and four distribution centers by mid-2025.
The company completed the sale of Worldpac for approximately $1.5 billion and introduced new fiscal 2027 financial objectives targeting approximately 7% adjusted operating income margin. For full-year 2024, AAP expects comparable store sales of approximately -1.0% and adjusted operating income margin between 0.25% and 0.75%.
Advance Auto Parts (NYSE: AAP) has completed the sale of Worldpac, Inc. to Carlyle (NASDAQ: CG) for $1.5 billion, with estimated net proceeds of $1.2 billion after taxes and transaction costs. The transaction, initially announced on August 22, 2024, aims to simplify AAP's business model and strengthen its balance sheet. The company will provide updated strategic priorities and financial objectives for its blended-box business during its third quarter 2024 earnings call on November 14, 2024.
Advance Auto Parts (NYSE: AAP) has scheduled its third quarter 2024 financial results announcement for Thursday, November 14, 2024, before market opening. The automotive aftermarket parts provider will host a conference call and webcast at 8:00 a.m. ET on the same day. The results will cover the period ended October 5, 2024. Investors can access the live webcast through the company's Investor Relations website, with pre-registration required for phone participation. A replay will be available online for one year.
Advance Auto Parts (NYSE: AAP) reported its Q2 2024 results with flat net sales of $2.7 billion and a 0.4% increase in comparable store sales. The company's gross profit decreased 2.3% to $1.1 billion, with a margin of 41.5% compared to 42.5% in Q2 2023. Operating income fell to $71.8 million (2.7% of net sales) from 4.7% in Q2 2023. Diluted EPS dropped to $0.75 from $1.32 year-over-year.
AAP announced the sale of Worldpac for $1.5 billion to strengthen its balance sheet. The company declared a regular cash dividend of $0.25 per share. For the full year 2024, AAP projects net sales between $11,150 million and $11,250 million, with comparable store sales ranging from -1.0% to 0.0%.
Advance Auto Parts (NYSE: AAP) has announced the sale of its Worldpac subsidiary to Carlyle (NASDAQ: CG) for $1.5 billion in cash. The transaction, expected to close by year-end, aims to simplify Advance's structure and focus on its core blended box business. Net proceeds of approximately $1.2 billion will be used to strengthen the balance sheet and invest in the business.
Worldpac, an automotive parts wholesale distribution business, generated $2.1 billion in revenue and $100 million in EBITDA over the last twelve months. The sale is part of Advance's strategic review to improve productivity and position the company for future growth. Carlyle views this acquisition as an opportunity to leverage its experience in industrial carve-outs, having invested ~$13 billion in similar transactions over the past two decades.
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