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 a fireside chat presentation at the Roth Capital Partners 33rd Annual Stock Growth Conference on March 15, 2021, at 10:00 a.m. PST. A live video webcast will be available on the Roth Conference Website. The company reported record Q4 2020 sales of $119.7 million, a 90% increase year-over-year, and full-year sales of $443.9 million, up 58%. CarParts.com also launched an electric vehicle and hybrid shopping hub at www.carparts.com/ev.
CarParts.com (NASDAQ: PRTS) reported a strong performance for Q4 and fiscal year 2020. Net sales soared 90% YoY to $119.7 million in Q4 and 58% to $443.9 million for the year. Gross profit increased 97% to $41.6 million for Q4 and 84% to $155.4 million for the year, with gross margins improving significantly. Despite a net loss of $3.5 million for Q4, an improvement from a loss of $25.1 million last year, the company had no debt and a cash balance of $35.8 million at year-end. Management remains optimistic about future opportunities in the automotive parts market.
CarParts.com (NASDAQ: PRTS) solidifies its connection to NASCAR by expanding its partnership with 2021 Daytona 500 champion Michael McDowell and Front Row Motorsports. The partnership includes full-season associate branding and primary sponsorship at four races, starting at Watkins Glen on August 8. CarParts.com has gained recognition for its mobile-friendly platform, delivering over 50 million parts. McDowell's endorsement emphasizes the brand's alignment with winning, which could enhance its visibility and market presence in the automotive parts sector.
CarParts.com, Inc. (NASDAQ: PRTS) will hold a conference call on March 8, 2021, at 5:00 p.m. ET to discuss its financial results for the fourth quarter ending January 2, 2021. The call will be hosted by CEO Lev Peker and CFO David Meniane and will include a Q&A session. Investors can access the live audio webcast via the company's website. A replay will be available until March 22, 2021. CarParts.com has been a leader in e-commerce automotive aftermarket for over 25 years, providing a wide range of replacement and performance parts.
CarParts.com (NASDAQ: PRTS) has announced that its new 210,000 square foot distribution center in Grand Prairie, Texas, is operational and has hired its 200th employee. Since launching in Q4 2020, the facility has shipped over 100,000 packages. The company focuses on operational efficiency, stocking fast-moving inventory while hiring veterans to enhance productivity. With increasing demand for auto parts, especially as the U.S. car fleet ages, CarParts.com is committed to ensuring quick delivery and continuous community support in Grand Prairie.
The Professional Fighters League (PFL) has announced CarParts.com (NASDAQ: PRTS) as its Official Auto Parts Retailer. This partnership will include CarParts.com as the presenting partner for PFL 1 on April 23, alongside a new branded content series and a nationwide sweepstakes. PFL has seen significant growth with a 68% Instagram follower increase and 200% spike in social engagement. CarParts.com, recognized as the Fastest-Growing Auto Parts Site, continues to innovate in the automotive retail space, emphasizing customer loyalty and positive experiences.
CarParts.com (NASDAQ: PRTS) has launched a dedicated shopping hub for hybrid and electric vehicle (EV) parts, reflecting its commitment to this growing market. The retailer now offers over 700,000 applications for aftermarket parts for popular EV and hybrid models, including Tesla and Toyota. Chief Merchandising Officer David Morris emphasizes the similarities between EV and gas vehicle parts, while CEO Lev Peker highlights the increasing number of older EVs requiring replacement parts. The user-friendly shopping experience and additional resources aim to establish CarParts.com as the top online destination for the EV community.
CarParts.com (NASDAQ: PRTS) has been recognized by Auto Care Week as the Top Company for Year-over-Year Net Sales Growth in Q3 2020. The company achieved a remarkable 69.5% increase in net sales compared to Q3 2019, outperforming competitors like O’Reilly Auto Parts and AutoZone. This achievement follows an earlier recognition from SimilarWeb as the Fastest-Growing Auto Parts Site of 2020. CarParts.com attributes its success to a customer-centric approach, technological investments, and supply chain enhancements.
CarParts.com (NASDAQ: PRTS) has been recognized as the Fastest-Growing Auto Parts Site of 2020 by SimilarWeb, with a remarkable 194% year-over-year increase in website traffic. This growth outpaced competitors like NAPA Auto Parts and 1A Auto, positioning CarParts.com as a leader in the automotive aftermarket. The company's turnaround strategy, focused on technology investments and a customer-first approach, has driven this success. CarParts.com aims to continue this trajectory as consumer behaviors shift toward online shopping for auto parts.
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