Shares of Advanced Auto Parts Inc. rallied 3.3% in premarket trade Tuesday, after the auto parts seller beat third-quarter profit expectations, offsetting a sales miss. Net income for the quarter to Oct. 7 fell to $96.0 million, or $1.30 a share, from $113.8 million, or $1.54 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.43, above the FactSet consensus of $1.21. Revenue fell to $2.18 billion from $2.25 billion, just below the FactSet consensus of $2.21 billion. Same-store sales fell 3.4%, compared with the FactSet consensus for a decline of 2.1%. The company affirmed its 2017 outlook for same-store sales to decline 3% to 1%. The stock had plunged 51.4% year to date through Monday, while the S&P 500 had climbed 15.5%.
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