Advance Auto Parts, Inc. (NYSE:AAP) shares dropped nearly 10% on Wednesday following the company’s reported Q2 results, with EPS coming in at $3.74, worse than the Street estimate of $3.76. Revenue was up 0.6% year-over-year to $2.7 billion, below the Street estimate of $2.75 billion.
Analysts at Oppenheimer said they look upon Q2 results and updated 2022 guidance as largely mixed. According to the analysts, somewhat better than planned margins offset modestly weaker than expected sales.
For a long while, the company has represented the turnaround opportunity amongst leading auto parts retail chains. The analysts said they admire the efforts of CEO Tom Greco and his team to reposition the company successfully.