CarParts.com, Inc. (PRTS) is a leading provider of the best quality parts of the car at a comparatively lower price range. The company sells its products via its website and digital platform. The main components which the company supply to the customers include mirror products, car’s exterior, chassis, and engine parts as well as electrical and performance parts.
The price of PRTS stock during the regular trading on January 6, 2022, was $11.12 with a significant surge of 5.50%. At last check in the aftermarket, the stock further inclined by 5.22%.
PRTS: Events and Happenings
On January 6, 2022, PRTS reported the initial 2021 outcomes for the fourth quarter and fiscal year ended January 1, 2022, with regards to the current market volatility. The details are mentioned below.
Revenue
The company expected the full fiscal year 2021 revenue to be roughly $582 million which is 31% more than the previous year. PRTS also expected the fourth quarter 2021 revenue roughly to be $138 million which is 15% up than the last year’s quarter.
PRTS: CEO Comments
Speaking at the occasion, Lev Peker, the company’s CEO said that the company delivered its 8th consecutive quarter of year over year progress in revenue. He further added that the company’s vertically integrated business strategy had proven to be successful as the company is about to open two new distribution facilities.
PRTS: Key Financials
On November 2, 2021, PRTS announced its financial results for the third quarter ended October 2, 2021. Some of the important highlights are as follows.
Net Income/Loss per Share
Basic and diluted net loss for the third quarter was $4.7 million or $0.09 per share as compared to the net income of $1.4 million or $0.03 per share in the same period last year.
Net Sales
Net sales during the third quarter of 2021 were $141.8 million against the same period of prior year when the sales were $117.4 million.
Assets
Total current assets of the company during Q3 2021 were $166 million.
On September 21, 2021, PRTS reported that the company supported Michael McDowell for the end-of-season push for Front Row Motorsports. McDowell was proud to have the company on board to support his motorsports event.
Conclusion
The price of PRTS stock is 39% down as compared to the past six months primarily due to slow economic growth during the pandemic. The stock of the company recently saw a significant surge in the regular trading as well as aftermarket session mainly due to the company’s announcement regarding record revenue collection during full year as well as the fourth fiscal quarter of 2021. The analysts are suggesting that this breakthrough will pave a way for future partnerships of the company with the leading giants of the industry.
