Advance Auto Parts (AAP) reported earnings Thur 12 Nov 15 (b/o)

** charts before earnings **

** charts after earnings **

Advance Auto misses by $0.14, misses on revs, lowers FY15 EPS guidance; comps +0.5%; CEO retires, announces agreement with Starboard Value :

Reports Q3 (Sep) earnings of $1.95 per share, $0.14 worse than the Capital IQ Consensus of $2.09; revenues rose 0.2% year/year to $2.3 bln vs the $2.33 bln Capital IQ Consensus.

• Co lowers guidance for FY15, sees EPS of $7.75-7.95 (prior $8.10-8.30) vs. $8.28 Capital IQ Consensus Estimate. "This revised outlook assumes flat to slightly negative fourth quarter comparable store sales, roughly flat year over year fourth quarter gross margin rate and achievement of our full year synergies estimate of between $45 million and $55 million for the full year."
• Additionally, as part of its on-going process of store evaluations, the Company has further identified, and is subsequently planning to close an additional 30 stores in the latter part of 2015. The one-time expense impact of these closures is expected to be between $10 and $15 million in 2015.