The auto parts supplier blamed its Q1 results on higher-than-expected costs, inflationary pressure, supply chain problems and lower, unfavorable product mix.
Shares of Advance Auto Parts plummeted Wednesday morning after the company's first-quarter earnings significantly missed Wall Street's expectations.The auto parts supplier blamed its results and bleaker outlook on higher-than-expected costs, inflationary pressure, supply chain problems and lower, unfavorable product mix.Customer vehicles sit parked outside an Advance Auto Parts automotive supply store in La Grange, Kentucky.
The company's earnings per share for the period came in at just 72 cents, compared with an expected $2.57 per share, according to average analyst estimates compiled by Refintiv. Its quarterly revenue of $3.42 billion slightly missed expectations of $3.43 billion. Advance Auto Parts also cut its full-year profit outlook and now expects earnings per share of between $6 and $6.50, down from a previously stated range of $10.20 to $11.20. That's despite lowering its net sales expectations by a range of just $200 million to $300 million, signaling operational problems with margins.
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