Advance Auto Parts Up 3.6% After Hours On Earnings Beat (AAP)

Advance Auto Parts Inc. (NYSE: AAP) late on Wednesday released financial results that beat Wall Street expectations.Advance Auto Parts Inc reported that its 3rd quarter net income rose to $87.6 million, or $1.03 per share, up from $62 million, or 65 cents per share, a year earlier.Revenue rose to $1.41 billion, up from $1.26 billion a year earlier.A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 91 cents per share, on revenue of $1.36 billion.Executive vice president and chief financial officer Mike Norona said, “We are very pleased with our strong third quarter results as we continue to reach new heights and achieve new milestones in our Company's history, including our record return on invested capital and recent upgrade in our credit rating to full investment grade status. During our third quarter we continued to benefit from favorable industry dynamics, previous strategic investments and strong Team Member execution. Given our strong third quarter performance, we are increasing our fiscal 2010 annual EPS outlook to be in the range of $3.80 to $3.90.” Advance Auto Parts Inc. (AAP) ended the Wednesday trading session at $66.72 per share, then rose 3.6% to $69.11 during after hours trading. Analysts covering the company's stock have a consensus price target of $62.59 per share.Read more from Benzinga's Company news.