ROANOKE, Va. – Advance Auto Parts has announced its financial results for the fourth quarter ended Jan. 3, 2015. Fourth quarter comparable cash earnings per diluted share (Comparable Cash EPS) were $1.37, an increase of 46 percent versus the fourth quarter last year. These fourth-quarter comparable results exclude 8 cents of amortization of acquired intangible assets, integration costs of 30 cents associated with the acquisition of General Parts International Inc. (General Parts), 1 cent of integration costs associated with the integration of B.W.P. Distributors Inc. (BWP) and 17 cents from an additional week of business (53rd week).
Full year Comparable Cash EPS of $7.59 increased 33.9 percent from Fiscal 2013 and exclude 36 cents of amortization of acquired intangible assets, integration costs of 61 cents associated with the acquisition of General Parts, 8 cents of integration costs associated with the integration of BWP and 17 cents from the 53rd week.
“I would like to thank all our team members for their hard work during the fourth quarter and the 2014 fiscal year,” said CEO Darren Jackson. “Our organizational focus delivered on our base business outcomes with record operating profits and full year Comparable Cash EPS of $7.59 while successfully achieving the first full year of integration deliverables. We look forward to 2015 with optimism as we continue the integration of General Parts and build on our performance from 2014.”
Fourth Quarter 2014 Highlights
On a comparable basis, total sales for the fourth quarter increased 48.1 percent to $2.09 billion, as compared with total sales during the fourth quarter of fiscal 2013 of $1.41 billion. The sales increase was driven by the acquisition of General Parts, a comparable store sales increase of 1.1 percent and the addition of new stores over the past 12 months. On a GAAP basis, total sales for the fourth quarter increased 58.8 percent to $2.24 billion, as compared with total sales during the fourth quarter of fiscal 2013 of $1.41 billion. On a comparable basis, total sales increased 49.3 percent to $9.69 billion for fiscal 2014, compared with total sales of $6.49 billion over the same period last year. On a GAAP basis, total sales increased 51.6 percent to $9.84 billion for fiscal 2014, compared with total sales of $6.49 billion over the same period last year.
“In our first year as a combined company, we are pleased with our overall performance delivering positive comparable store sales, strong growth in free cash flow and approximately 38 percent growth in Comparable Operating Income dollars in fiscal 2014,” said Mike Norona, executive vice president and CFO. “The strength of our commercial business combined with achievement of our targeted synergies and continued disciplined focus on expense management throughout the year allowed us to increase our fiscal 2014 comparable earnings per share by 33.9 percent over last year.”
