Advance Auto Parts Announces Agreement with Starboard Value

UBS Cuts Price Target on Advance Auto Parts (AAP) Following Disappointing 3Q

UBS maintained a Buy rating on Advance Auto Parts (NYSE: AAP), and cut the price target to $190.00 (from $200.00), following the company's 3Q earnings report. AAP's sales missed expectations with a 0.5% comp. This was -740 bps below ORLY's 3Q SSS & represented a widening of the spread that averaged -630 bps in the first 2 Q's of the year.... More

UPDATE: Advance Auto Parts (AAP) Misses Q3 EPS by 14c; Trims FY15 EPS Outlook; Appoints Interim CEO

(Updated - November 12, 2015 6:51 AM EST)

Advance Auto Parts (NYSE: AAP) reported Q3 EPS of $1.95, $0.14 worse than the analyst estimate of $2.09. Revenue for the quarter came in at $2.3 billion versus the consensus estimate of $2.33 billion.

The sales increase was driven by the addition of new stores over the past 12 months and a comparable store sales increase of 0.5% partially offset by changes in our independent store count. Our comparable store sales were negatively impacted by 47 basis points due to foreign currency fluctuations from our Canadian operations.

Leadership... More

Advance Auto Parts (AAP) Adds Starboard's Jeff Smith as Director

Advance Auto Parts (NYSE: AAP) announced that it has entered into an agreement with Starboard Value LP and its affiliates (Starboard), which has an ownership stake of approximately 3.7 percent of Advance Auto Parts shares, regarding the membership and composition of the Advance Auto Parts Board of Directors.

Under the terms of the agreement, Jeffrey C. Smith, Starboards CEO and Chief Investment Officer, has been appointed to the Advance Auto Parts Board, effective immediately, and the size of the Board has been expanded from 12 to 13 members. Mr. Smith will serve as chair of the Nominating and... More