Advance Auto Parts Inc. (AAP) is expectedto report its financial results before market open on Thursday, May 17, 2012, with the conference call scheduled to begin at 10:00 a.m. Eastern Time.
AAP is expected to earn $1.81 for its 1st quarter. Top Equity News expects the auto parts store to report earnings that will beat Wall Street’s expectations. TEN’s estimate is $1.94 – a 13 cent upside surprise.
Advance Auto has topped Wall Street’s quarterly outlook 14 of the last 16 earnings announcements. Eleven of the 14 bullish beats have seen AAP stock owner rewarded with gains. Following its three most recent quarterly checkups, the stock moved 7.5%, 4.5%, and 6.5%.
Competitors U.S. Auto Parts Network, Inc. (PRTS) and O’Reilly Automotive Inc. (ORLY) posted quarter-over-quarter growth of 91.7% and 22.6%, respectively. ORLY, the better comp in TEN’s view, beat the street by 9.62% and its stock price tacked on nearly 7% from the news.
Advance Auto Parts’ stock price has fallen from a 52-week high of $93.08 to $89.07 as of this writing. Shares are now resting on a multiple support levels and slightly below their 50-day moving average of $89.33. With weakness in the overall market, maybe traders can pick up AAP between $86 and $87.50 before next Thursday’s news.
A solid report and upbeat guidance, and Advance Auto Parts Inc. (AAP) could retest its recent highs.
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