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 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.
CarParts.com, Inc. (NASDAQ: PRTS) announces that CEO Lev Peker and CFO David Meniane won silver medals in the Executive of the Year and Operations Executive of the Year categories at the Best in Biz Awards 2020. Their leadership has driven a complete turnaround for the company, marked by three consecutive quarters of double-digit profitable growth and the highest gross profit in company history. The awards are a testament to their effectiveness in navigating the challenges posed by the global pandemic while ensuring customer satisfaction.
On December 16, 2020, CarParts.com (NASDAQ: PRTS) announced that CEO Lev Peker and CFO/COO David Meniane received silver medals for Executive of the Year and Operations Executive of the Year at the Best in Biz Awards. Their leadership has transformed the company, which was near bankruptcy in early 2019, into one that recently achieved three consecutive quarters of double-digit profitable growth and record gross profits. The awards highlight the resilience and innovation shown by North American businesses amid the challenges of 2020.
CarParts.com (NASDAQ: PRTS) unveiled its first-ever live shot national advertising campaign, showcasing a new brand identity aimed at enhancing customer experience. The campaign highlights the company's intuitive mobile shopping platform and promises savings of up to 50% on auto parts. Following a record third quarter with net sales up 69% and gross profit more than doubling, the ad aired across major networks and YouTube, reinforcing CarParts.com’s aggressive marketing and operational strategies to foster growth and customer loyalty.
CarParts.com (NASDAQ: PRTS) announced the immediate resignation of Joshua L. Berman from its Board of Directors, expressing gratitude for his significant contributions. Berman played a vital role in the company's strategic direction and ecommerce strategy since its public listing. Concurrently, Dr. Lisa Costa has been appointed to the Board, bringing expertise in business and technology. CEO Lev Peker highlighted Berman's impact on the company's transformation and welcomed Costa's knowledge to drive future growth.
CarParts.com (NASDAQ: PRTS) announced significant changes to its Board of Directors. Joshua L. Berman has stepped down from his position immediately after providing over a decade of valuable contributions to the company's growth and strategy. His role was pivotal, particularly in accounting and e-commerce strategies. Concurrently, Dr. Lisa Costa has been appointed as a Class III director, bringing expertise in technology and data analytics. CEO Lev Peker expressed gratitude for Berman's service, while anticipating the positive impact of Dr. Costa's leadership.
CarParts.com (PRTS) reported a strong third quarter for 2020, with net sales rising 69% to $117.4 million, compared to $69.3 million in Q3 2019. Gross profit more than doubled to $43.1 million, achieving a gross margin of 36.7%. Net income improved to $1.4 million from a loss of $1.4 million a year earlier, equating to $0.03 per diluted share. Adjusted EBITDA surged to $5.1 million from $1.3 million. The company also completed a $60.5 million public equity offering, bolstering liquidity to $59 million.
CarParts.com, Inc. (NASDAQ: PRTS) will hold a conference call on November 9, 2020, to discuss its financial results for the third quarter ended September 26, 2020. The conference will be hosted by CEO Lev Peker and CFO/COO David Meniane, featuring a live audio webcast available on the Company's website. Interested participants can join via a toll-free number or access the archived audio afterwards. CarParts.com has established itself as a leader in e-commerce for automotive parts, providing a streamlined online shopping experience for customers nationwide.
CarParts.com (NASDAQ: PRTS) announced the closing of its public offering of 6.9 million shares of common stock, priced at $13.00 per share, totaling gross proceeds of $63.7 million. The offering included the underwriters' option for an additional 900,000 shares. CarParts.com sold 4.9 million shares while a selling stockholder sold 2 million shares. The proceeds are intended to support the company's growth initiatives. RBC Capital Markets acted as the sole book-runner of the offering.
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