Wolfe Research's Auto & Auto Retail Analyst, Chris Bottiglieri, hosted a webcast to discuss latest thoughts on Carvana, KAR, IAA, and AAP.
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This AM (08/13/19), AAP reported Q2 SSS of 0% vs Cons. of +1.7% and our -1.0%. EBIT margins of 8.4% missed Cons. 9.4% and our 8.8%, driven by the soft comps and weaker gross margins. Adj EPS of $2.00 missed Cons. of $2.22 and our $2.03. AAP narrowed the high end of its comp and EBIT margin guidance but raised FCF guide. Shares were flat vs S&P +1.5%
This AM, AAP reported Q1 SSS of 2.7% vs Cons. of 2.6% and our 4.0%. EBIT margins of 8.3% beat Cons. 8.2%/our 8.0%. Adj. EPS of $2.46 beat Cons. of $2.37/our $2.31. We est. “other income” helped by $0.08. AAP also took an odd GM% adj. AAP shares +3.0% vs S&P -0.3%.
We wanted to flag a few highlights in today's Wolfe Research Auto Daily...
- Early Model 3 ASP data looks encouraging. Expect Q1 deliveries of 75k units.
- What if Ford cuts International in half?
- If you live in China, you may be waiting 3 more days to buy your car
This morning (02/19/19), AAP reported Q4 SSS of 3.4% vs Cons. of 3.6%/our 3.5%. EBIT margins of 6.0% beat Cons. 5.8%/our 5.7%. Adj. EPS of $1.17 beat Cons. of $1.13/our $1.09. FY SSS guide was in-line, while margin guide was 30bps below Cons. AAP shares -1.7% vs S&P +0.1%.
This morning (11/13/2018), AAP reported Q3 SSS of 4.6% vs Cons. of 2.5%/our 2.0%. Adj. EPS of $1.89 beat Cons. of $1.76/our $1.68. EBIT margins of 8.5% beat Cons. 8.3% and our 8.0%. AAP raised FY comps and FCF by 30%. AAP was +11% vs S&P +0%.
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