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Advance Auto Parts launches $400M share repurchase program

Advance Auto Parts Inc. on Aug. 13 announced a $400 million share repurchase authorization that replaced the remaining portion of its previous $600 million share buyback program.

The repurchase program was authorized by the company's board Aug. 7. Its board also declared a regular cash dividend of 6 cents per share, unchanged from the previous quarter, payable Oct. 4 to shareholders of record as of Sept. 20.

The Virginia-based auto retailer narrowed its net sales outlook for fiscal 2019 to a range of $9.65 billion to $9.75 billion, from its prior guidance range of $9.65 billion to $9.80 billion. It also raised its free cash flow outlook for the year to be at least $700 million, from the prior expectation of minimum $650 million.

The company also revised its adjusted operating income margin to a range of 8% to 8.2% and its comparable-store sales to between 1% and 2%.

Advance Auto Parts' second-quarter adjusted diluted EPS rose 1.5% year over year to $2 from $1.97 but missed the S&P Global Market Intelligence consensus normalized EPS estimate of $2.21.