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) 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.
CarParts.com (NASDAQ: PRTS) reported a 21% year-over-year increase in net sales, reaching $141.8 million in Q3 2021, with a gross profit of $47.3 million and a gross margin of 33.4%. However, the company faced a net loss of $4.7 million compared to a net income of $1.4 million last year. Adjusted EBITDA also decreased to $2.3 million from $5.1 million. Inventory rose to a record $131.8 million, highlighting ongoing investments in growth, despite a challenging financial quarter. Management maintains long-term targets of 20-25% revenue growth.
CarParts.com, Inc. (NASDAQ: PRTS) will host a conference call on November 2, 2021, to discuss its third-quarter financial results for the period ending October 2, 2021. The results will be shared in a press release before the call, which will feature CEO Lev Peker and CFO David Meniane. The call will start at 5:00 PM ET and will be accessible via audio webcast. Interested parties can listen live or access a replay on the Company's website.
Michael McDowell and the No. 34 CarParts.com team are striving to make history for Front Row Motorsports (FRM) as they approach the Las Vegas Motor Speedway. This season, the team has achieved five top-10 finishes, two top-five finishes, and a Daytona 500 championship. McDowell is 43 points behind the 15th position but remains hopeful for further achievements in the upcoming races. CarParts.com's continuous support underlines the team's ambitions.
CarParts.com will be in the spotlight as driver Michael McDowell returns to the Daytona International Speedway following his Daytona 500 victory. The team, featuring the No. 34 Ford Mustang, will also see PowerStop as a major associate sponsor. This race is crucial as it leads into the NASCAR Playoffs. McDowell expressed confidence in their new car's performance, building on the momentum from their Daytona win. The partnership with PowerStop continues to strengthen, enhancing visibility for CarParts.com and its services.
CarParts.com reported a strong second quarter for 2021, with net sales increasing 32% year-over-year to $157.5 million. The gross profit rose 31% to $53.3 million, despite a slight decline in gross margin to 33.9%. Net income improved to $2.1 million, or $0.04 per share, compared to $1.6 million last year. The company also announced a $30 million stock repurchase plan and is expanding its distribution network to enhance operational capacity. Management maintains a long-term revenue growth target of 20-25%.
CarParts.com, Inc. (NASDAQ: PRTS) returns as the primary sponsor for the No. 34 Front Row Motorsports team, partnering with driver Michael McDowell for three races this August, starting with the upcoming event at Watkins Glen. The company has delivered over 50 million parts and plans to open a sixth distribution center in Jacksonville, enhancing customer accessibility. With a focus on a mobile-friendly shopping platform and strong relationships, CarParts.com aims to capitalize on its partnership during NASCAR playoffs. The race will be broadcast live on NBC.
The Professional Fighters League (PFL) launched the $100,000 Perfect Bracket Challenge, presented by CarParts.com (NASDAQ: PRTS), ahead of the 2021 Playoffs. This free competition invites fans to predict outcomes of semifinal and championship bouts through an interactive app, engaging them with live events broadcasted on ESPN networks. The challenge, aimed at MMA fans in the U.S., precedes the August Playoffs featuring three events, culminating in a Championship with $6 million in total purses. PFL positions itself as the No. 2 MMA organization globally, expanding its reach with strategic partnerships.
CarParts.com, Inc. (NASDAQ: PRTS) has scheduled a conference call for August 5, 2021 at 5:00 p.m. ET to discuss its financial results for the second quarter ended July 3, 2021. The results will be released prior to the call. CEO Lev Peker and CFO David Meniane will lead the discussion, which will also include a Q&A session. Interested parties can access the call via a webcast link on the company’s website. For those unable to join, a replay will be available until August 12, 2021.
CarParts.com (NASDAQ: PRTS) will open its sixth distribution center in Jacksonville, Florida, in Q1 2022, expanding its warehouse space by 180,000 square feet and adding 150 full-time positions. The new facility aims to enhance logistics, providing 1-day shipping to 55% of the U.S. and 2-day shipping to over 98%. Following a 65% revenue growth in Q1 2021, the company plans to support its 20% to 25% annual growth target with this investment. The center will stock various auto parts, including mechanical and collision components.
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