Per Yahoo Finance- “Advance Auto Parts (AAP) closed down a whopping 35% on Wednesday after the company cut its full-year guidance and slashed its dividend.
The automobile parts retailer posted first quarter adjusted earnings per share of $0.72, widely missing Wall Street consensus estimates of $2.65. The company also posted top-line revenue of $3.4 billion, missing Street estimates of around $3.4 billion.
The company now sees its FY 2023 EPS forecast in a range of $6.00-$6.50, down from its prior forecast of $10.20-$11.20, representing a 40% cut in its outlook.
Advanced Auto Parts also reduced its quarterly dividend to $0.25 per share, down from its prior $1.50, which the company says will “provide enhanced financial flexibility.”
Ouch
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