Advance Auto Parts Catches Fire
Advance Auto Parts had a rough day…and that’s putting it lightly. Let’s look at what the auto parts retailer said that caused the worst one-day selloff in its history. 👇
Adjusted earnings per share of $0.72 widely missed the $2.57 expected by analysts. That’s despite revenues of $3.42 billion, only missing estimates by $0.01 billion. Not only did the significant miss cause executives to rethink their full-year guidance, but the board of directors reduced the quarterly dividend from $1.50 to $0.25 per share. ✂️