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AAP / Advance Auto Parts stock plunges after big profit miss, dividend slashed and full-year outlook cut

Advance Auto Parts stock plunges after big profit miss, dividend slashed and full-year outlook cut
Shares of Advance Auto Parts Inc. AAP plunged 20.9% toward a three-year low in premarket trading Wednesday, after the autoparts seller reported a big fiscal first-quarter profit miss, slashed its full-year outlook and cut its dividend by 83.3%, as operating margin was well below expectations due to higher investments to narrow price gaps and unfavorable product mix. Net income for the quarter to April 22 dropped to $42.7 million, or 72 cents a share, from $139.8 million, or $2.26 a share, in the year-ago period. Read More
Posted: May 31 2023, 06:48
Author Name: Market Watch
Views: 110730

AAP News  

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