Advance Auto Parts cuts full

May 31 (Reuters) - Advance Auto Parts Inc (AAP.N) lowered its full-year profit outlook on Wednesday on the back of elevated costs, sending the auto parts retailer's shares down 24% before the opening bell.

High raw material, labor and freight prices, along with the ongoing supply chain constraints, have weighed down the automotive industry's production and distribution in recent months.

The company also cut its full-year sales forecast and quarterly cash dividend.

"We expect the competitive dynamics we faced in the first quarter to continue, resulting in a shortfall to our 2023 expectations," Chief Executive Officer Tom Greco said in a statement.

The Delaware-based supplier now expects to report net sales between $11.2 billion and $11.3 billion for 2023, down from its prior guidance of $11.4 billion to $11.6 billion.

The supplier, which serves both professional installers and do-it-yourself customers, trimmed earnings per share guidance for the year to between $6 and $6.5 from $10.2 and $11.2.

Despite pricing actions, the company added that supply headwinds and unfavorable product mix pulled down its first-quarter earnings.

The company posted net income of $0.72 per share, down from $2.26 reported last year.

The Delaware-based supplier reported net sales of $3.42 billion for the quarter ended April 23, up 1.3% from the prior year.

The company said it lowered its quarterly cash dividend to ensure more financial flexibility and declared a dividend of $0.25 per share, compared with $1.50 per share announced in February.

Reporting by Raechel Thankam Job in Bengaluru; Editing by Maju Samuel

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