ROANOKE, Virginia — In a story about Advance Auto Parts Inc.'s fourth-quarter earnings, The Associated Press reported erroneously that adjusted earnings per share comparable with Wall Street estimates were $1.37 per share. Adjusted for an extra week, the quarterly earnings were $1.54 per share, beating Wall Street expectations.
A corrected version of the story is below:
Advance Auto Parts beats Street 4Q forecasts
Advance Auto Parts posts 4Q profit, results beat Street expectations
ROANOKE, Virginia — Advance Auto Parts Inc. (AAP) on Thursday reported fourth-quarter profit of $84.4 million.
The Roanoke, Virginia-based company said it had net income of $1.15 per share. Earnings, adjusted for one-time gains and costs, were $1.54 per share.
The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.48 per share.
The auto parts retailer posted revenue of $2.24 billion in the period, which also did not meet Street forecasts. Analysts expected $2.28 billion, according to Zacks.
For the year, the company reported profit of $493.8 million, or $6.71 per share. Revenue was reported as $9.84 billion.
Advance Auto Parts expects full-year earnings in the range of $8.35 to $8.55 per share.
Advance Auto Parts shares have climbed 2 percent since the beginning of the year. The stock has risen 32 percent in the last 12 months.
Keywords: Advance Auto Parts, Earnings Report
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