Advance Auto Parts, Inc. (AAP) Q3 2022 Earnings Call Transcript

Advance Auto Parts, Inc. (NYSE:AAP) Q3 2022 Earnings Conference Call November 16, 2022 8:00 AM ET

Company Participants

Elisabeth Eisleben - Senior Vice President, Communications and Investor Relations

Tom Greco - President and Chief Executive Officer

Jeff Shepherd - Executive Vice President and Chief Financial Officer

Conference Call Participants

Christian Carlino - JPMorgan

Simeon Gutman - Morgan Stanley

Steven Zaccone - Citigroup

Atul Maheswari - UBS

Zachary Fadem - Wells Fargo

David Bellinger - MKM Partners

Michael Montani - Evercore ISI

Seth Basham - Wedbush Securities

Bret Jordan - Jefferies

Mitch Ingles - Raymond James

Chris Bottiglieri - BNP Paribas

Operator

Welcome to the Advance Auto Parts Third Quarter Conference Call. Before we begin, Elisabeth Eisleben, Senior Vice President, Communications and Investor Relations, will make a brief statement concerning forward-looking statements that will be discussed on this call.

Elisabeth Eisleben

Good morning, and thank you for joining us to discuss our Q3 results. I'm joined by Tom Greco, President and Chief Executive Officer; and Jeff Shepherd, Executive Vice President and Chief Financial Officer. Following their prepared remarks, we will turn our attention to answering your questions.

Before we begin, please be advised that remarks today will contain forward-looking statements. All statements, other than statements of historical fact are forward-looking statements, including, but not limited to, statements regarding our initiatives, plans, projections and future performance. Actual results could differ materially from those projected or implied by the forward-looking statements. Additional information about factors that could cause actual results to differ can be found under the caption forward-looking statements and risk factors in our most recent annual report on Form 10-K and subsequent filings made with the commission.

Now let me turn the call over to Tom Greco.

Tom Greco

Thanks, Elisabeth, and good morning, everyone. Before we begin, I'd like to thank our entire Advance team and Carquest independent partners for their dedication throughout Q3, in particular, our teams throughout the Southeast who are still working diligently to get their communities back to normal after the damage caused by recent hurricanes. Our team always rises to the occasion in situations like this, and I could not be prouder of how we've helped others in a time of great need. We simply could not do what we do without our team's unwavering focus on the customer.

I'll begin my remarks today with an overview of our Q3 performance and how we're thinking about the balance of 2022. This includes the factors that led us to reiterate our full year guidance on net sales growth, comparable store sales and adjusted operating income margin while revising adjusted diluted earnings per share and free cash flow. Based on the updated full year guidance we provided in our press release last night, 2022 will be our second consecutive year of sales growth and adjusted operating margin expansion on the back of our strong performance in 2021.