Advance Auto Parts, Inc. AAP reported adjusted diluted earnings of $2.81 per share in third-quarter 2020 (ended Oct 3, 2020), substantially up 33.8% from the prior-year figure. The reported figure also beat the Zacks Consensus Estimate of $2.63.Advance Auto Parts generated net revenues of $2,541.9 million, surpassing the Zacks Consensus Estimate of $2,478 million. Additionally, the revenue figure increased 9.9% from the year-ago quarter reported figure.During the third quarter, comparable store sales increased 10.2% year on year as well as topped the consensus mark of 5.88%.Adjusted operating income jumped 32.6% year over year to $271.9 million. Adjusted selling, general and administrative (SG&A) expenses totaled $856.7 million compared with the $809.9 million witnessed in the year-ago quarter.Advance Auto Parts continues to refrain from providing the 2020 guidance given the uncertainties related to the full impact of the COVID-19 pandemic.Advance Auto Parts, Inc. Price, Consensus and EPS Surprise Advance Auto Parts, Inc. price-consensus-eps-surprise-chart | Advance Auto Parts, Inc. QuoteFinancial PositionAdvance Auto Parts had cash and cash equivalents of $1,068.2 million as of Oct 3, 2020, compared with $418.7 million as of Dec 28, 2019. Total long-term debt was $1,031.9 million as of Oct 3, 2020, compared with $747.3 million as of Dec 28, 2019.Operating cash flow was $809.2 million as of Oct 3, 2020, up from the $708.5 million as of Oct 5, 2019. Free cash flow generated during the reported quarter came in at $308.5 million, up from the $158.6 million generated in the prior-year period.Dividend & Share RepurchaseOn Oct 6, Advance Auto Parts’ board approved a cash dividend of 25 cents per share to be paid on Jan 4, to all common shareholders of record as of Dec 18, 2020.During the reported quarter, the company repurchased 0.7 million shares of its common stock at an aggregate cost of $109.6 million, or an average price of $153.06 per share. At the end of the third quarter, the company had $752.2 million remaining under the share-repurchase program.Store UpdateAs of Oct 3, 2020, the company operated 4,811 stores and 168 Worldpac branches in the United States, Canada, Puerto Rico and the U.S. Virgin Islands. It also serves 1,269 independently-owned Carquest branded stores across these locations in addition to Mexico, the Bahamas, Turks and Caicos and British Virgin Islands.However, the reported figure of 4,811 stores lagged the Zacks Consensus Estimate of 4,978 stores.Zacks Rank & Key PicksAdvance Auto Parts currently carries a Zacks Rank of 3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Better-ranked stocks in the auto sector include American Axle Manufacturing Holdings Inc AXL, Autoliv Inc ALV and Lear Corporation LEA, all of which sport a Zacks Rank of 1, at present.Biggest Tech Breakthrough in a GenerationBe among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.See 8 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report American Axle Manufacturing Holdings, Inc. (AXL): Free Stock Analysis Report Advance Auto Parts, Inc. (AAP): Free Stock Analysis Report Autoliv, Inc. (ALV): Free Stock Analysis Report Lear Corporation (LEA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research