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) will host a conference call on August 2, 2022, at 2:00 p.m. PT to discuss its Q2 financial results for the period ending July 2, 2022. CEO David Meniane and CFO Ryan Lockwood will lead the call, which will include a Q&A session. Interested participants must pre-register through an online link to receive dial-in information. A live webcast will be available on the company's investor relations page, with an archive for later access.
CarParts.com (PRTS) announced a new five-year asset-based revolving credit facility with JPMorgan Chase, replacing its previous credit agreement. The facility provides a renewed lender commitment of $75 million, expandable up to $150 million. The credit line is currently undrawn, allowing for financial flexibility to support strategic initiatives. The company reported a record $166 million in Q1 2022 revenue, representing an 80% increase over two years. Management expressed optimism regarding growth potential despite economic challenges.
CarParts.com (PRTS) reported a record quarterly sales of $166.1 million for Q1 2022, marking a 15% year-over-year increase and an 80% increase over two years. The gross profit rose by 24% to $61.2 million, with a gross margin of 36.8%. Net income was $2.1 million, a turnaround from a net loss of $2.7 million last year. Adjusted EBITDA increased to $9.4 million, up from $3.6 million. The company also reported a cash balance of $25 million and $5 million in revolver debt.
CarParts.com (NASDAQ: PRTS) has appointed Kals Subramanian as Chief Technology Officer, effective April 18, 2022. This appointment marks the first executive hire under newly appointed CEO David Meniane. Subramanian joins from Lowe's and has a strong background in eCommerce technology from Best Buy and Target. CEO Meniane highlighted Subramanian's expertise as crucial for advancing the company's technological initiatives. Additionally, former CTO Sanjiv Gomes transitions to Chief Information Officer, focusing on engineering. The company aims to disrupt the auto parts and repair industry by enhancing innovation and technology.
CarParts.com, Inc. (NASDAQ: PRTS) will host a conference call on May 3, 2022, to discuss its financial results for the first quarter ending April 2, 2022. Incoming CEO David Meniane and incoming CFO Ryan Lockwood will lead the call. Interested participants can access the live call through an audio webcast on the company's website or dial in using the provided numbers. A replay will be available until May 17, 2022. CarParts.com specializes in delivering auto parts, boasting over 50 million parts delivered within 25 years.
CarParts.com (NASDAQ: PRTS) has announced the termination of its "at-the-market" equity offering program effective March 18, 2022. The company reports no shares sold under this program. In light of its current liquidity, which includes inventory and an undrawn line of credit, management remains optimistic about executing its business strategy. Notably, they have a $30 million stock repurchase plan with $29.5 million remaining, having repurchased 40,000 shares to date.
CarParts.com (NASDAQ: PRTS) announced significant leadership changes effective April 18, 2022. COO & CFO David Meniane will become CEO, while Ryan Lockwood will take over as CFO. Former CEO Lev Peker will step down on April 15, 2022, to pursue other opportunities. Under Meniane's leadership, CarParts.com has seen growth, achieving its most successful year in 2021 and eight consecutive quarters of sales growth. The company focuses on improving customer experience and expansion within the $300 billion auto parts industry.
CarParts.com (NASDAQ: PRTS) reported a 15% increase in net sales for Q4 2021, totaling $138.3 million, despite a 13-week quarter compared to 14 weeks last year. Gross profit rose 14% to $47.4 million, with a gross margin of 34.3%. However, the net loss expanded to $5.0 million from $3.5 million. For the fiscal year, sales grew 31% to $582.4 million, with a net loss of $10.3 million due to non-cash charges. The company aims for 20-25% compound revenue growth and an 8-10% EBITDA margin in the long term.
CarParts.com, Inc. (NASDAQ: PRTS) announced a conference call scheduled for March 1, 2022, at 5:00 p.m. ET, to discuss its fourth-quarter financial results for the period ending January 1, 2022. The call will be hosted by CEO Lev Peker and CFO David Meniane, featuring a live audio webcast on the company's website. Participants can join via a dial-in option or listen to a replay until March 15, 2022. CarParts.com has over 25 years of experience and aims to provide cost-effective auto parts through an efficient online platform.
CarParts.com (NASDAQ: PRTS) has appointed Ana Dutra to its Board of Directors as of January 10, 2022. Dutra has a rich background, having served as CEO of Korn/Ferry Consulting and currently heading Mandala Global Advisors. She brings extensive experience in addressing complex business issues and focuses on ESG and human capital. CEO Lev Peker expressed excitement about her appointment, emphasizing her role in driving continued growth for the company in 2022. CarParts.com, known for over 50 million parts delivered, aims to enhance the online shopping experience for auto parts.
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