The upcoming report from Advance Auto Parts (AAP) is expected to reveal quarterly earnings of $0.81 per share, indicating an increase of 17.4% compared to the year-ago period. Analysts forecast revenues of $2.03 billion, representing an increase of 1.2% year over year.
The consensus EPS estimate for the quarter has been revised 0.6% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
Bearing this in mind, let's now explore the average estimates of specific Advance Auto Parts metrics that are commonly monitored and projected by Wall Street analysts.
According to the collective judgment of analysts, 'Number of stores (Retail) - Total' should come in at 4,320 . Compared to the present estimate, the company reported 4,292 in the same quarter last year.
It is projected by analysts that the 'Number of stores - AAP' will reach 4,084 . The estimate compares to the year-ago value of 4,055 .
Based on the collective assessment of analysts, 'Number of stores opened' should arrive at 13 . Compared to the current estimate, the company reported 8 in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Number of stores (BOP)' of 4,308 . The estimate compares to the year-ago value of 4,285 .
Analysts forecast 'Number of stores - CARQUEST' to reach 238 . Compared to the present estimate, the company reported 237 in the same quarter last year.
Advance Auto Parts shares have witnessed a change of +6.4% in the past month, in contrast to the Zacks S&P 500 composite's +3.3% move. With a Zacks Rank #3 (Hold), AAP is expected closely follow the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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