TORRANCE, Calif. - CarParts.com, Inc. (NASDAQ: PRTS), a leading online provider of automotive parts and accessories, announced its financial results for the fourth quarter and fiscal year ended December 30, 2023. The company reported fourth-quarter earnings per share (EPS) of -$0.11, which met analyst expectations. Revenue for the quarter was $156.4 million, surpassing the consensus estimate of $154.27 million and marking a 1% increase year-over-year (YoY).
For the full fiscal year 2023, CarParts.com achieved record net sales of $675.7 million, a 2% rise compared to the previous year. Despite this growth, the company reported a net loss of -$8.2 million, or -$0.15 per share, compared to a net loss of -$1.0 million, or -$0.02 per share, in fiscal year 2022. The gross profit for the year slightly declined to $229.4 million from $230.9 million, with the gross margin decreasing to 33.9% from 34.9%. Adjusted EBITDA also fell to $19.7 million from $26.1 million.
CEO David Meniane commented on the results, highlighting the strong unit growth of approximately 8% in the fourth quarter and the company's ability to gain market share among online players. He acknowledged the slow start to 2024 and the challenging macro environment, which led to a significant reduction in the company's cost structure, including the elimination of 150 global roles. Meniane emphasized the company's focus on strategic priorities that are expected to lead to long-term shareholder value.
Looking ahead to the full year 2024, CarParts.com anticipates comparable net sales to range from negative two percent to positive two percent, with a gross margin between 30% to 32%. This guidance suggests a cautious outlook amid a difficult macroeconomic landscape.
The company ended the fiscal year with a strong balance sheet, featuring $51.0 million in cash and no revolver debt. During the year, CarParts.com also repurchased approximately 1.2 million shares for $4.3 million, demonstrating confidence in its long-term growth prospects.
Investors and analysts will be watching closely to see how CarParts.com navigates the current economic challenges while continuing to serve the $389 billion automotive aftermarket.
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