Third Point's Dan Loeb adds to its investment in Advance Auto Parts [Seeking Alpha]
Advance Auto Parts Inc. (AAP)
Last advance auto parts inc. earnings: 2/18 06:30 am
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US:NYSE Investor Relations:
phx.corporate-ir.net/phoenix.zhtml?c=130560&p=irol-irhome
Company Research
Source: Seeking Alpha
The hedge fund initiated a position in Advance Auto Parts ( AAP ) in the fourth quarter of last year after seeing three consecutive guidance cuts. The auto aftermarket is highly attractive, has proven to be resilient during various consumer cycles, and is supported by “increasing vehicle complexity, a growing and aging carpark, and supply and affordability challenges,” Daniel S. Loeb CEO of Third Point wrote in his First Quarter Investor letter The company has significantly underperformed its peers over the past years, but Third Point analysts said these issues are not structural. The brand is strong, but it lacks a relevant industry experience in key roles that “has led to years of inconsistent execution that has snowballed over time.” “We are confident that a portion of the performance gap vs. peers can be closed with new leadership and advisors in place,” said Loeb. Its new CEO Shane O'Kelly is key to the turnaround, he added. The company also added three new directors: To
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AAP
Earnings
- 2/28/24 - Miss
AAP
Sec Filings
- 5/17/24 - Form DEFR14A
- 4/30/24 - Form 4
- 4/30/24 - Form 4
- AAP's page on the SEC website