Advance Auto Parts Inc. (AAP) reported that its net income for the third quarter ended October 4, 2014 increased to $122.18 million or $1.66 per share, from $103.83 million or $1.42 per share in the same quarter last year.
Third quarter comparable cash earnings per share were $1.89, an increase of 27.7% versus the third quarter last year. These third quarter comparable results exclude $0.08 of amortization of acquired intangible assets, integration costs of $0.14 associated with the acquisition of General Parts International Inc. and $0.01 of integration costs associated with the integration of B.W.P. Distributors Inc.
Total sales for the third quarter increased 50.6% to $2.29 billion, as compared with total sales during the third quarter of fiscal 2013 of $1.52 billion. The sales increase was driven by the acquisition of General Parts, a comparable store sales increase of 1.5% and the addition of new stores over the past 12 months.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.88 per share and revenues of $2.29 billion for the quarter. Analysts' estimates typically exclude special items.
The company said it continues to stay focused on its base business while meeting its integration milestones and continue to remain on pace to deliver against its full-year guidance for Comparable Cash earnings per share in the range of $7.50 - $7.60 including achievement of its full-year synergy targets. Analysts expect annual earnings of $7.70 per share.
Separately, Advance Auto Parts announced that Adriana "Andi" Karaboutis, who currently serves as Executive Vice President, Technology and Business Solutions of Biogen Idec, has been elected to Advance's Board of Directors. Karaboutis' appointment will be effective on February 10, 2015.
Karaboutis joined Biogen in September 2014. Prior to joining Biogen, she served as Vice President and Global Chief Information Officer of Dell, Inc. and previously as Vice President of IT, Global Operations and Technology. Prior to joining Dell in 2010, Ms. Karaboutis spent over 20 years at General Motors Corporation and Ford Motor Company in various global IT and business operations leadership positions.
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