Advance Auto Parts, Inc.

Case Form

Find Out if You Potentially Qualify for a Financial Reward by filling out the form.

The submission of this form does not create an attorney-client relationship.

Investigation Details

On May 31, 2023, Advance Auto Parts announced its financial results for the first quarter ended April 22, 2023. The Company announced a 42% cut in its full year earnings per share guidance for 2023, with its free cash flow expected to be $200M to $300M, down from “a minimum” of $400M stated previously. Further, the Company declared in order “to enhance financial flexibility” it would decrease its quarterly dividend from $1.50/share to $0.25/share, an 83% drop after paying $1.50/share in each of the previous five quarters. Analysts commenting on the Company’s negative earnings referenced its recent strategy shift in pricing.

Following this news, the Company’s stock price fell by $39.31 per share, from $112.20 per share to $72.89 per share on May 31, 2023.