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 entered a partnership with Major League Fishing (MLF), becoming the Exclusive Auto Parts Retailer for the MLF Bass Pro Tour. This sponsorship includes the title sponsorship of the Bass Pro Tour CarParts.com Stage Seven event in St. Clair Shores, Michigan, scheduled for Sept. 10-15, 2021. CarParts.com will have significant brand visibility through in-studio signage and custom content videos featuring MLF anglers. The partnership aims to connect the brand with truck owners and outdoor enthusiasts, enhancing CarParts.com's reach and market presence.
CarParts.com announced a significant expansion of its Grand Prairie, Texas distribution center, increasing its size by 156,000 square feet to a total of 366,000 square feet. This expansion will boost the company's distribution network to over 1 million square feet and create 125 full-time jobs when operational in Q1 2022. The facility will improve inventory capabilities and include a dedicated will-call service center for customers. CarParts.com has already contributed $100,000 to local relief efforts since establishing itself in the area.
CarParts.com (NASDAQ: PRTS) will participate in the 2021 RBC Capital Markets Global Consumer and Retail Conference on June 3, 2021. This virtual event will feature a fireside chat and one-on-one meetings with investors. Recently, CarParts.com reported record Q1 2021 sales of $144.8 million, marking a 65% increase year-over-year, alongside a gross profit of $49.2 million, also up 65%. The company aims for 20-25% compounded sales growth in the long term. More information is available on their investor website.
CarParts.com (NASDAQ: PRTS) is set to attend the 2021 Citi Consumer Access Conference virtually on June 4, 2021. Management will conduct one-on-one meetings with registered investors. Recently, CarParts.com reported record Q1 2021 sales of $144.8 million, a 65% increase year-over-year, and gross profit of $49.2 million, also up 65%. The company aims for 20-25% compounded sales growth.
For more details or to schedule a meeting, contact CarParts.com's investor relations at ir@carparts.com.
CarParts.com (NASDAQ: PRTS) will participate in the 18th Annual Craig-Hallum Institutional Investor Conference virtually on June 2, 2021. Management invites registered investors for one-on-one meetings during the event. Recently, CarParts.com reported record Q1 2021 sales of $144.8 million, reflecting a 65% year-over-year increase, and a gross profit of $49.2 million, also up 65%. The company aims for a long-term sales growth of 20-25%. For details on investor meetings, contact Craig-Hallum or CarParts.com investor relations.
CarParts.com (NASDAQ: PRTS) reported strong Q1 2021 results, with a 65% year-over-year increase in net sales to $144.8 million and gross profit rising 65% to $49.2 million. However, the company faced a net loss of ($2.7 million), worsened from ($1.0 million) the previous year. The decline in adjusted EBITDA to $3.6 million, down from $4.3 million, was attributed to ramp-up costs at the Texas Distribution Center, adverse weather, and increased marketing expenditures. Plans for a 156,220 sq. ft. expansion of the Texas facility are underway to meet growing customer demand.
CarParts.com (NASDAQ: PRTS) has launched a national advertising campaign featuring Daytona 500 champion Michael McDowell. The campaign, which aims to enhance the auto parts shopping experience, includes TV, digital, and social media elements. It marks the company's third national campaign since 2020, part of its turnaround strategy. As part of this partnership, CarParts.com will serve as a primary sponsor for McDowell's No. 34 Ford Mustang during upcoming NASCAR races, including Kansas Speedway on May 2.
CarParts.com, Inc. (NASDAQ: PRTS) has announced a conference call scheduled for May 10, 2021, at 5:00 p.m. ET to discuss its financial results for the first quarter ending April 3, 2021. The results will be released in advance of the call. CEO Lev Peker and CFO David Meniane will host the call accessible through a live audio webcast on the company’s website. Interested parties can also dial in using specific numbers for domestic and international listeners. A replay will be available until May 17, 2021.
CarParts.com (NASDAQ: PRTS) has appointed Henry Maier, CEO of FedEx Ground, to its board of directors. Maier brings over 35 years of logistics expertise, aiming to enhance CarParts.com's supply chain capabilities. CEO Lev Peker emphasized the company's focus on growth, leveraging its two-step distribution model. The board vacancy follows the retirement of co-founders Sol Khazani and Mehran Nia, who expressed confidence in the company's financial stability, noting zero debt and ample cash. CarParts.com is committed to becoming a leading online destination for auto parts.
CarParts.com (NASDAQ: PRTS) has entered into an asset purchase agreement to acquire Precise Fuel Delivery Systems inventory from Premium Guard. This move aims to enhance CarParts.com’s inventory and expand its mechanical parts offerings in the $300 billion auto parts market. The acquisition is expected to drive efficiencies through economies of scale and increase vehicle application coverage by over 50%. The deal is anticipated to close in the first quarter of fiscal year 2021, although financial terms were not disclosed, indicating a non-material impact on the company.
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