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Advance Auto Parts’ Debt Refinancing and Turnaround Efforts Amid Market Struggles
Advance Auto Parts’ Debt Refinancing and Turnaround Efforts Amid Market Struggles
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BTCCSquare news:
Advance Auto Parts shares dropped 4% last week as the company announced a $1.5 billion debt refinancing plan. The auto parts retailer, facing stiff competition, has seen its stock plummet 67% over three years. Yet, a recent earnings beat and optimistic margin guidance suggest a potential turnaround.
First-quarter results surprised investors, with net sales of $2.6 billion exceeding guidance by $80 million. Adjusted EPS losses narrowed to $0.22, beating estimates by $0.47. CEO Shane O'Kelly projects positive operating margins by Q2, targeting 2.8%-3%. The company's August 14 earnings report will test this forecast.
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