Advance Auto Parts 3Q profit up 16 percent

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Associated Press

Posted on October 31, 2013 at 1:01 PM

Updated Thursday, Oct 31 at 3:00 PM

RICHMOND, Va. (AP) — Advance Auto Parts says its third-quarter net income rose 16 percent as it benefited from its acquisition of a Northeast car parts supplier and its profit margins expanded.

The company on Thursday posted earnings of $103.8 million, or $1.42 per share, for the quarter ended Oct. 5. That's up from $89.5 million, or $1.21 per share, a year ago.

Revenue increased 4.3 percent to $1.52 billion. But revenue at stores open at least a year fell 2 percent. That's an important measure for retailers because it excludes the volatility from newly opened or closed stores.

Analysts expected earnings of $1.43 per share on revenue of $1.53 billion.

Advance Auto Parts Inc., based in Roanoke, Va., operates more than 4,015 stores in the U.S., Puerto Rico and the Virgin Islands.

Its shares rose 28 cents to $100.28 in morning trading.

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