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 entered into a business agreement with Baxter Auto Parts to convert 29 stores in the Pacific Northwest to Carquest locations. Store conversions will start in late June and continue through September, with Baxter retaining ownership as part of Carquest’s independent owner network. This move aims to strengthen Advance's market presence in the western U.S., following a similar agreement to lease 109 former Pep Boys locations in California. Both companies anticipate enhanced customer service and product offerings at these rebranded locations.
Advance Auto Parts (AAP) reported strong Q1 2021 results, with net sales up 23.4% to $3.3 billion and comparable store sales increasing 24.7%. Adjusted operating income surged 164.0% to $298.8 million, with a margin expansion of 478 basis points. The diluted EPS increased by 346.0% to $2.81. The company generated $259 million in free cash flow and returned $204 million to shareholders through repurchases and dividends. AAP also announced a new $1 billion share repurchase authorization and a dividend increase.
Advance Auto Parts, Inc. (NYSE: AAP) will announce its Q1 2021 results on June 2, 2021, before market opening. A webcast will begin at 8:00 a.m. ET, accessible via the company’s Investor Relations site. Notably, Advance Auto Parts operates 4,806 stores and 170 Worldpac branches across the U.S., Canada, Puerto Rico, and U.S. Virgin Islands, along with 1,277 independently owned Carquest stores in several countries. Investors and interested parties are encouraged to join the call and can find further details on the company’s website.
Advance Auto Parts has awarded Berlin Raceway $50,000 as the winner of the 'Advance My Track Challenge', following a fan voting event. The raceway received the most votes among six NASCAR-sanctioned tracks in the final round held May 9-10. In addition, Hudson Speedway and Alaska Raceway Park received $15,000 and $10,000, respectively, for their second and third-place finishes. The initiative, part of Advance's support for grassroots racing, saw participation from 22 tracks starting March 24, with plans to return next year, enhancing local racing communities and offering economic benefits.
Advance Auto Parts (NYSE: AAP) launches its 'Road Trip Ready' sweepstakes, inviting families to win travel-themed prizes this summer. The grand prize includes a 2021 Coleman Lantern travel trailer, a $500 fuel card, a $500 Camping World gift card, and a $500 Advance Auto Parts gift card. Five additional winners will receive vacation packages to popular destinations. The contest runs until May 31, 2021. Advance Auto Parts supports motorists with free curbside services and offers a variety of automotive parts to ensure vehicles are road trip ready.
Advance Auto Parts (NYSE: AAP) announced a $1 billion increase in its share repurchase authorization, raising the total to approximately $1.3 billion. The Board also declared a quarterly cash dividend of $1.00 per share, up from $0.25, payable July 2, 2021. CEO Tom Greco highlighted the company's robust 2020 results and strong financial position. For 2021, the company projects comparable store sales growth of 22% to 24% in Q1 and increased full-year guidance, signaling confidence in its strategic initiatives and financial health.
Advance Auto Parts (NYSE: AAP) reported strong Q1 2021 estimated results prior to its virtual strategy presentation on April 20, 2021. The company anticipates comparable store sales growth of 22%-24%, with a two-year stack growth of 13%-15%. Adjusted operating income margin is projected between 8.5%-8.7%. The company's buyback program has returned approximately $170 million through the repurchase of 1.1 million shares. CEO Tom Greco highlighted the positive impact of government stimulus, favorable weather, and increased driving as factors contributing to growth.
Advance Auto Parts (NYSE: AAP) will present its updated strategic business plan on April 20, 2021, at 10:00 a.m. ET. CEO Tom Greco and CFO Jeff Shepherd, along with the executive team, will outline progress on transformation initiatives and long-term objectives. A virtual Q&A will follow the presentation. Registration is required to participate, and a replay will be available post-event. As of January 2, 2021, Advance operated 4,806 stores and 170 Worldpac branches across the U.S., Canada, Puerto Rico, and the U.S. Virgin Islands.
Advance Auto Parts, Inc. (NYSE: AAP) announced the departure of Andrew Page, senior VP and chief accounting officer, effective April 9, 2021, as he pursues a CFO role. Tom Greco, CEO, praised Page's significant contributions, including improvements in accounting functions and initiatives supporting diversity and inclusion. A search for a new CAO has commenced, and CFO Jeff Shepherd will handle CAO responsibilities temporarily. The company operates 4,806 stores across North America and serves about 1,277 independent Carquest stores.
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