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Advance Auto Parts says 3Q earnings up 41 percent on new stores, pricing; raises guidance

Release Date:2010/11/11   Sources of information:Associated Press 11/10/10 5:25 PM EST

ROANOKE, VA. — Auto parts seller Advance Auto Parts Inc. said Tuesday that its third-quarter net income rose 41 percent to $87.6 million as it added stores and improved the availability and pricing of parts. The company raised its full-year earnings guidance.

The earnings, of $1.03 per share, compared with earnings of 65 cents per share in the June-to-September period a year ago. Revenue rose 11.4 percent to $1.4 billion.

The company beat Wall Street's expectations. Analysts surveyed by Thomson Reuters had forecast earnings of 93 cents per share on revenues of $1.36 billion.

Advance Auto Parts has seen a net addition of 122 new stores over the past 12 months, but sales also rose in established locations. Same-store sales were up 9.9 percent in the third quarter, compared to a 4.7 percent gain in the year-ago quarter.

The Roanoke, Va.-based company raised its full-year earnings forecast to $3.80 to $3.90 per share, from the $3.70 to $3.80 it announced previously.

Shares rose $2.03, or 3 percent, to $68.50 in after-hours trading.

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