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, Inc. (NASDAQ: PRTS) announced it will host a conference call on May 2, 2023, at 2:00 p.m. PT to discuss its Q1 financial results for the period ending April 1, 2023. The company will issue results in a press release prior to the call. Participants are encouraged to pre-register for the call, which includes a question and answer session. The event will be available via a live audio webcast, with a replay archived on the company’s website. CarParts.com is a prominent eCommerce platform offering automotive parts and maintenance services, providing customers with quality products at competitive prices.
CarParts.com (NASDAQ: PRTS) reported its fourth quarter and fiscal year results for 2022, marking record sales of $154.5 million in Q4 and $661.6 million for the year, representing growth of 12% and 14% year-over-year, respectively. Gross profit for the full year rose 17% to $230.9 million, with a gross margin of 34.9%. While the company reported a net loss of $1.0 million for the year, it significantly improved from a loss of $10.3 million in 2021. Adjusted EBITDA increased 56% year-over-year to $26.1 million. As of December 31, 2022, CarParts.com held $18.8 million in cash with no debt. The CEO emphasized a strong balance sheet and continued growth strategy for 2023.
CarParts.com, Inc. (NASDAQ: PRTS) has announced a conference call scheduled for March 7, 2023, at 2:00 p.m. PT to discuss its financial results for the fourth quarter and fiscal year ending December 31, 2022. The financial results will be shared in a press release prior to the call. CEO David Meniane, CFO Ryan Lockwood, and COO Michael Huffaker will lead the call, available through an audio webcast. Participants must pre-register to receive dial-in details. Archived webcasts will be available on the company’s investor relations website.
CarParts.com (NASDAQ: PRTS) has promoted Stephanie Urbach from SVP of HR to CHRO, effective January 9, 2023. Urbach, with over 25 years of expertise in HR, is expected to enhance employee experience and align HR practices with company growth. CEO David Meniane emphasized the importance of investing in employees as a core company value. Under Urbach's leadership, significant HR operational changes have already been implemented, contributing to the company’s organizational transformation. CarParts.com aims to support employee career development and operational efficiencies in delivering exceptional customer experiences.
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