Welcome to our dedicated page for CarParts.com news (Ticker: PRTS), a resource for investors and traders seeking the latest updates and insights on CarParts.com stock.
CarParts.com, Inc. (symbol: PRTS) is a leading online retailer specializing in automotive aftermarket parts and accessories, with principal operations in the United States and the Philippines. The company provides an extensive range of products including collision parts, engine components, performance parts, and accessories through its e-commerce websites such as CarParts.com, AutoPartsWarehouse.com, and JCWhitney.com.
Core Business: CarParts.com serves individual consumers and collision repair shops, offering a seamless online shopping experience that simplifies vehicle maintenance and repair. The company's warehouse facility in Chesapeake, Virginia, ensures speedy delivery of high-quality auto parts to various customer segments. CarParts.com also markets products under the Kool-Vue and Evan Fischer brands to wholesale distributors and operates a retail outlet in LaSalle, Illinois.
Recent Achievements: In recent quarters, CarParts.com has demonstrated consistent growth, reporting $167 million in revenue for the third quarter of 2023—marking the 15th consecutive quarter of year-over-year growth. The company's recent achievements include the successful launch of its mobile app, which has generated over 70,000 downloads and $2 million in revenue. Additionally, CarParts.com launched the 'In the Garage' podcast and revamped its blog to enhance customer engagement and provide valuable DIY repair information.
Financial Condition: As of September 30, 2023, CarParts.com reported net sales of $166.9 million for the third quarter. Despite a challenging consumer environment, the company maintained a solid cash position with $66.7 million in cash and no revolver debt. Operating expenses increased slightly due to investments and higher advertising costs, but the company remains focused on strategic priorities that enhance long-term value for stakeholders.
Strategic Initiatives: CarParts.com is committed to empowering drivers by removing the complexities associated with vehicle maintenance. The company's efforts include optimizing pricing, enhancing supply chain efficiency, and leveraging technology to improve profitability. Recent initiatives also include extending a $30 million stock repurchase plan and adopting a Tax Benefits Preservation Plan to protect valuable tax attributes.
Future Outlook: Looking forward, CarParts.com aims to capture growth opportunities within the $400 billion automotive aftermarket industry. The company's strategic focus is on expanding its market share, improving operational efficiency, and achieving a 6-8% Adjusted EBITDA margin while increasing free cash flow generation.
CarParts.com (NASDAQ: PRTS) has announced a strategic partnership with Extend to provide enhanced shipping and product protection services. The collaboration introduces two key offerings: Extend Shipping Protection, which safeguards packages against loss, theft, and damage during transit, and Extend Product Protection, which offers extended warranty coverage for parts for up to three years beyond standard manufacturer warranties.
The product protection program has already attracted over 6,000 customers since its launch. According to COO Michael Huffaker, the partnership enables more efficient operations while generating additional revenue for reinvestment in business improvements and customer experience enhancements.
CarParts.com (NASDAQ: PRTS) announces a strategic partnership with SimpleTire to expand into the tire market. The collaboration adds over 300 tire brands and access to 55 million tires from major manufacturers like Pirelli, Yokohama, Continental, Hankook, and Nexen. The partnership leverages SimpleTire's network of 10,000 installers and includes features like fast, free shipping on most orders and a 30-day return policy for unmounted tires. This expansion aims to enhance CarParts.com's one-stop-shop experience for vehicle owners across North America.
CarParts.com (NASDAQ: PRTS) reported Q3 2024 results with net sales decreasing 13% to $144.8 million. The company posted a net loss of ($10.0 million) or ($0.17) per share, compared to ($2.5 million) or ($0.04) per share in the year-ago quarter. Gross margin improved to 35.2% from 32.9%. The company maintains $38.1 million in cash with no revolver debt. Notable developments include a new semi-automated Las Vegas distribution center handling 20% of company volume, mobile app downloads exceeding 550,000, and partnerships with SimpleTire and Amazon. The company narrowed its 2024 revenue guidance to $595-600 million with gross margin expected at 33-34%.
CarParts.com (NASDAQ: PRTS) has announced its upcoming third quarter 2024 conference call, scheduled for Tuesday, October 29, 2024, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The company will discuss its financial results for the quarter ended September 28, 2024, which will be released in a press release prior to the call.
The conference call will be hosted by CEO David Meniane, CFO Ryan Lockwood, and COO Michael Huffaker. It will be conducted via an audio webcast, followed by a question and answer session. Participants are required to pre-register using a provided link to receive dial-in details. The live webcast can be accessed on the company's investor relations website, where a replay will also be archived for future viewing.
CarParts.com (NASDAQ: PRTS) reported its Q2 2024 results, showing a decrease in net sales to $144.3 million, down 18% year-over-year. The company experienced a net loss of $8.7 million, or $0.15 per share, compared to a $0.7 million loss in Q2 2023. Gross profit declined to $48.4 million, with a gross margin of 33.5%. Despite the overall decrease, CarParts.com saw sequential margin improvement with product margins at 54.0%, up 210 bps from Q1. The company maintains a strong cash position of $34.1 million with no revolver debt. For the full year 2024, CarParts.com targets net sales between $600-$625 million and a gross margin of 33% ± 100 bps. The company is focusing on financial discipline, profitability, and sustainable growth in the $400 billion automotive aftermarket.
CarParts.com (NASDAQ: PRTS) has opened a new state-of-the-art fulfillment center in Las Vegas, Nevada, doubling its footprint in the metro area. The 202,000-square-foot facility, which began operations in Q2 2024, replaces the previous distribution center and serves as the company's West Coast flagship. Integrated with AI capabilities, the center is designed to optimize operations, improve safety, and expand product availability.
The fully automated facility houses 80% to 90% of CarParts.com's product assortment and efficiently handles both conveyable and non-conveyable items. This expansion aims to enhance customer service, improve operational efficiency, and ensure faster order fulfillment and shipping. The strategic move is expected to meet increasing demand for automotive parts and accessories while providing long-term capacity to serve the West Coast.
CarParts.com (NASDAQ: PRTS) has appointed Christina Thelin as Chief Marketing Officer (CMO) to support its growth plans. Thelin, a strategic marketing leader with over 20 years of experience, will oversee product and brand marketing, performance marketing, loyalty marketing, creative, and consumer insights. She will report directly to CEO David Meniane and serve as a member of the company's leadership team.
Thelin's appointment is aimed at enhancing customer experience, consumer engagement, and brand recognition as CarParts.com continues to expand its market presence. Her extensive background includes building global brands and creating award-winning campaigns for Fortune 100 companies such as Google, Procter & Gamble, Visa, and Twitter.
CarParts.com (NASDAQ: PRTS) has scheduled its second-quarter 2024 financial results conference call for July 30, 2024, at 2:00 p.m. PT (5:00 p.m. ET). The discussion will cover the fiscal results for the quarter ending June 29, 2024, and will be led by CEO David Meniane, CFO Ryan Lockwood, and COO Michael Huffaker. Participants can register in advance to receive dial-in details. The event will be streamed live via webcast, with a replay available on the company's investor relations website.
CarParts.com (NASDAQ: PRTS) has launched its first major marketing campaign in over 20 years, titled 'Now That's My Speed.' This campaign aims to enhance brand recognition and drive business growth in the automotive parts market. A recent survey revealed that 69% of consumers prioritize price, while over 70% emphasize quality when purchasing auto parts. The campaign, created with Real Moxy, features humor and nostalgia from iconic American films, showcasing CarParts.com's extensive inventory of over 1 million parts. The company's new tagline, 'Quality Parts. Priced Right,' emphasizes its commitment to providing affordable, high-quality parts.
CarParts.com, Inc. (NASDAQ: PRTS) reported first quarter 2024 results with net sales decreasing to $166.3 million, gross profit of $53.9 million, net loss of ($6.5) million, and adjusted EBITDA of $1.1 million. Despite facing challenges, the company is focusing on margin expansion, efficiency, and profitability to enhance shareholder value. The company aims to achieve adjusted EBITDA growth next year and increase free cash flow generation.
FAQ
What is the current stock price of CarParts.com (PRTS)?
What is the market cap of CarParts.com (PRTS)?
What does CarParts.com, Inc. do?
What are some of CarParts.com's recent achievements?
What financial condition is CarParts.com in?
What partnerships does CarParts.com have?
Where are CarParts.com's fulfillment centers located?
What products does CarParts.com offer?
What strategic initiatives has CarParts.com recently undertaken?
What is CarParts.com's mobile app?
What is the 'In the Garage' podcast?
What is CarParts.com's future outlook?
