CarParts.com Reports Preliminary Results Record Full Year and Record Fourth Quarter 2021 Revenue
CarParts.com (NASDAQ: PRTS) announced preliminary 2021 results showing fiscal year revenue of approximately $582 million, a 31% increase from 2020. The fourth quarter revenue is projected at $138 million, up 15% year-over-year. The company reported 8 consecutive quarters of growth, driven by its strategy of delivering the 'Right Part, Right Place, Right Time.' Two new distribution facilities are set to open in 2022, aiming to sustain revenue growth. Results are preliminary and not audited, highlighting the possibility of material changes.
- Fiscal year 2021 revenue projected at $582 million, up 31% from 2020.
- Fourth quarter revenue expected at $138 million, a 15% increase from Q4 2020.
- Achieved 8 consecutive quarters of year-over-year growth.
- Preliminary results not audited, potential for material changes.
- Fourth quarter had 13 weeks compared to 14 weeks in Q4 2020.
TORRANCE, Calif., Jan. 6, 2022 /PRNewswire/ -- CarParts.com, Inc. (NASDAQ: PRTS), one of the leading e-commerce providers of automotive parts and accessories, in light of recent market volatility, is providing preliminary 2021 results for the fourth quarter and fiscal year ended January 1, 2022.
The fourth quarter ending January 1, 2022 included 13 weeks versus 14 weeks in the fourth quarter ended January 2, 2021. The fiscal year ended January 1, 2022 included 52 weeks versus 53 weeks in the fiscal year ended January 2, 2021.
Based on preliminary unaudited information, CarParts.com expects to report fiscal year 2021 revenue of approximately
Based on preliminary unaudited information, CarParts.com expects to report fourth quarter 2021 revenue of approximately
The preliminary financial information in this press release has been prepared internally by management and has not been reviewed or audited by our independent registered public accounting firm. There can be no assurance that actual results will not differ from the preliminary financial information presented herein and such changes could be material. This preliminary financial data should not be viewed as a substitute for full financial statements prepared in accordance with GAAP.
Management Commentary
"By executing on our strategy of Right Part, Right Place, Right Time, we were able to deliver our 8th consecutive quarter of year over year growth" said Lev Peker, CEO of CarParts.com. "Our vertically integrated business model has proven to be resilient, and we are incredibly proud of our team's tremendous efforts."
"As we look towards the remainder of 2022, we are excited about opening two new distribution facilities and feel confident in our ability to drive continued revenue growth."
The Company expects to provide its next financial update when it reports Q4 and full year results in March 2022.
About CarParts.com, Inc.
With over 25 years of experience, and more than 50 million parts delivered, we've streamlined our website and sourcing network to better serve the way drivers get the parts they need. Utilizing the latest technologies and design principles, we've created an easy-to-use, mobile-friendly shopping experience that, alongside our own nationwide distribution network, cuts out the brick-and-mortar supply chain costs and provides quality parts at a budget-friendly price.
CarParts.com is headquartered in Torrance, California.
Safe Harbor Statement
This press release contains statements which are based on management's current expectations, estimates and projections about the Company's business and its industry, as well as certain assumptions made by the Company. These statements are forward looking statements for the purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended and Section 27A of the Securities Act of 1933, as amended. Words such as "anticipates," "could," "expects," "intends," "plans," "potential," "believes," "predicts," "projects," "seeks," "estimates," "may," "will," "would," "will likely continue" and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial condition, our potential growth, our ability to drive continued revenue growth, opening new distribution centers, and other statements that are not statements of historical facts. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, competitive pressures, our dependence on search engines to attract customers, demand for the Company's products, the online market and channel mix for aftermarket auto parts, the economy in general, increases in commodity and component pricing that would increase the Company's product costs, the operating restrictions in its credit agreement, the weather, the impact of the customs issues and any other factors discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"), including the Risk Factors contained in the Company's Annual Report on Form 10–K and Quarterly Reports on Form 10–Q, which are available at www.carparts.com/investor and the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements in this release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. Unless otherwise required by law, the Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise.
Investor Relations:
Ryan Lockwood, CFA
IR@carparts.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/carpartscom-reports-preliminary-results-record-full-year-and-record-fourth-quarter-2021-revenue-301455854.html
SOURCE CarParts.com, Inc.
FAQ
What were CarParts.com's preliminary revenue results for 2021?
How much revenue did CarParts.com generate in Q4 2021?
How many consecutive quarters of growth has CarParts.com achieved?
What is the significance of the distribution facilities for CarParts.com in 2022?
When will CarParts.com provide full financial results?
