09:16 AM EDT, 08/22/2024 (MT Newswires) -- (Updates to add the latest stock move in the headline and first paragraph.)

Advance Auto Parts ( AAP ) shares were down more than 21% in recent Thursday premarket activity after the company posted lower Q2 results and cut its full-year guidance.

The company reported fiscal Q2 earnings of $0.75 per diluted share, down from $1.32 a year earlier.

Analysts polled by Capital IQ expected $0.91.

Net sales for the quarter ended July 13 were $2.68 billion compared with $2.69 billion a year earlier.

Analysts polled by Capital IQ expected $2.67 billion.

The company now expects full-year diluted EPS of $2 to $2.50 on net sales of $11.15 billion to $11.25 billion from the previous range of $3.75 to $4.25 on sales of $11.30 billion to $11.40 billion. Analysts polled by Capital IQ expect earnings of $3.46 on revenue of $11.29 billion.

Price: 48.81, Change: -13.11, Percent Change: -21.17