Advance Auto Parts Inc. (AAP) shares were up 4% in trading Tuesday after the auto parts company topped earnings and revenue estimates despite the fact that it also provided an estimate for full-year same-store sales growth that was below analysts' expectations.
The company said that it expects same-store sales to rise between 1% and 2.5% in 2019, the midpoint of which is short of analysts' estimates of 2% comp growth.
The company reported fourth-quarter net income of $53.4 million, less than a third of the $184.5 million it reported a year ago. Earnings of $1.17 per share beat FactSet consensus estimates of $1.13.
Sales rose 3.3% to $2.11 billion, matching analysts' expectations. Same-store sales in the quarter rose 3.4%.
"I am proud to report another quarter of comp sales and adjusted operating income growth as we concluded the second year of our transformation agenda with consistent, balanced improvement in nearly every metric. The dedication of our entire team is evident as they focused on delighting the Customer and growing the top-line while remaining disciplined in controlling costs to deliver margin expansion," said President and CEO Tom Greco.