During the same period a year ago, the firm earned $1.89 earnings per share.
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Advance Auto Parts, which has come under heavy pressure from Starboard Value an activist investor, fell by up to 10% in early Thursday trading after the company posted profit for the third quarter that trailed estimates by analysts. Analyst had a consensus of $2.09 EPS. Advance Auto Parts’s quarterly revenue was up.2% compared to the same quarter past year.
Jeffrey Smith, Starboard’s CEO, will head Advance Auto’s nominating and corporate governance committee and be a member of the compensation and finance committees, Advance Auto said.
In other news, Advance has entered into an agreement with Starboard Value LP and its affiliates, which has an ownership stake of approximately 3.7 percent of Advance Auto Parts’ shares, regarding the membership and composition of the Advance Auto Parts Board. On a different note, The Company has disclosed insider buying and selling activities to the Securities Exchange, The Securities and Exchange Commission has divulged that Tyson Charles E, officer (EVP, Merch, Mktg & Supply Chn) of Advance Auto Parts Inc, had unloaded 1,252 shares at an average price of $160.75 in a transaction dated on June 12, 2015. The stock traded as low as $164.72 and last traded at $166.26, with a volume of 4,745,835 shares.
This year through the end of business on Wednesday, shares of the company were up 22%.
Additionally, Advance Auto Parts Incorporated now has a market capitalization of 14.25B. The stock has a 50 day moving average of $190.58 and a 200 day moving average of $171.37. They issued a “hold” rating and a $170.00 price target on the stock.
The shares dropped as low as $175 before the start of regular trading in NY.
Separately, Advance Auto said acquisition-related impacts cut into its third-quarter earnings. (Advance) is a specialty retailer of automotive aftermarket parts, accessories, batteries and maintenance items primarily operating within the United States. The AI segment consists of the operations of Autopart global, Inc. which operates under the Autopart worldwide trade name. The organization serves its do-it-for-me (commercial) customers and do-it-yourself (DIY) customers via a variety of channels including traditional brick and mortar shop locations to ecommerce sites that are self-serving.
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As of October 10, the company operated 5,240 stores. On December 31, 2012, the Company acquired B.W.P. Distributors, Inc.
