Advance Auto Parts (AAP) reported first quarter net income of $1.19 per share after the bell Wednesday, compared to $0.98 per share in the prior year period. The consensus estimate was for EPS of $1.00. The company expects to report full year 2010 EPS of $3.20 to $3.40, compared to the consensus estimate of $3.31.
Advance Auto Parts gapped open sharply higher Thursday and climbed in early trade, before settling into a range. The stock finished up by $2.90 at $48.99 on the highest volume in 3 months. Shares broke out past the upper end of a one-month trading range and set a new high for the year.
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