Advance Auto Parts Announces $1B Increase To Share Repurchase Authorization

Advance Announces $1B Share Repurchase Increase

The increase brings the total available repurchase authorization to approximately $1.3 billion.

Advance Auto Parts announced that on April 19, 2021, its board of directors approved an additional share repurchase authorization of $1 billion, bringing the total available repurchase authorization to approximately $1.3 billion. In addition, the Advance board declared a quarterly cash dividend of $1 per share, an increase from $0.25. This dividend is payable July 2, 2021, to shareholders of record as of June 18, 2021.

“In recognition of our 2020 results, strong financial position and confidence in our ability to deliver additional top- and bottom-line growth this year, the board has voted to significantly increase the quarterly dividend,” said Tom Greco, president and CEO. “Across Advance, we remain focused on our financial priorities of maintaining an investment grade rating, investing in the business and returning cash to shareholders. This increase in the quarterly cash dividend combined with the additional share repurchase authorization announced today reflects our commitment to a balanced approach to returning cash to shareholders.”

Full Year 2021 Guidance

Greco continued “Further, as we highlighted earlier this morning, we estimate comparable store sales growth of 22% to 24% for the first quarter, including strength across both DIY omnichannel and professional. As a result of robust first quarter estimates along with our previously announced expansion in California, we are updating our full year guidance. Our team members and independent partners continue to care for our customers while executing on our long-term strategic initiatives. We are confident in our ability to deliver additional progress throughout the balance of the year.”

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