NEW YORK (TheStreet) -- Advance Auto Parts (AAP) shares are up 0.6% to $150.80 in early market trading on Tuesday following the release of the company's first quarter earnings results before the opening bell today.
The Roanoke, VA-based company is gaining despite missing analysts' earnings expectations and reducing its full year earnings expectations. The company reported first quarter net income of $148.1 million, or $2.39 per share, on revenue that rose 2.3% to $3.04 billion.
Analysts on average were expecting the company to report earnings of $2.48 per share on revenue of $3.05 billion.
The company also lowered its full year earnings expectations due to integration costs associated with its acquisition of General Parts International. The company now expects earnings to be between $8.10 and $8.30 per share, down from its previous view between $8.35 and $8.55 per share and short of analysts' $8.51 per share expectations for the year.
Advance Auto Parts also said that it now expects same store sales growth to be on the low end of its previously announced 1% to 4% range.
"As we enter our second year of the General Parts integration, we remain very confident with the growth, service and earnings potential of the combined companies. We have undertaken the industry's largest acquisition and just completed our heaviest quarter of integration activities to-date," said CEO Darren Jackson. "Our first quarter comparable store sales increased 0.7% and Comparable Cash EPS grew 6.2% to $2.39. While these results did not meet our high expectations, we remain confident in our integration plan and are focused on executing the foundational work necessary to deliver the full potential of the combination."