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O’REILLY AUTOMOTIVE, INC. ANNOUNCES DATES FOR ITS FIRST QUARTER 2020 EARNINGS RELEASE AND CONFERENCE CALL
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By Counterman
The automotive aftermarket’s premiere event, AAPEX 2024, is now just a matter of weeks away. As Carm Capriotto explains in the latest edition of AAPEX Insights, the event is not just an opportunity to explore new products, but a chance to significantly enhance your business.
In this installment, Capriotto details the benefits of attending AAPEX. He recalls one shop owner’s enthusiasm as he discovered new products and networked with suppliers. This kind of interaction—seeing, touching and asking questions about new tools—provides a level of insight that online research simply cannot match.
Capriotto discusses AAPEX with Matt Fanslow, manager at Riverside Automotive in Red Wing, MN, and host of the “Diagnosing the Aftermarket A to Z” podcast. They note a growing trend among shops that attend AAPEX: They return with renewed energy and knowledge that can directly boost their revenue. Any temporary disruption caused by closing a shop for a few days to attend AAPEX is outweighed by the increased efficiency and innovation that follows.
Fanslow compares the AAPEX experience to a trip to Disney World—expensive but worth the investment. Just as people plan and sacrifice to make a memorable trip happen, investing in AAPEX can significantly improve your shop’s operations and team capabilities. The exposure to new technologies and networking opportunities can invigorate your business and motivate your team.
The knowledge gained, the relationships built, and the new tools and techniques discovered at AAPEX can lead to substantial long-term benefits. This year’s show runs from November 5-7 in Las Vegas. You can register at
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By Counterman
link hidden, please login to view introduced its 480kW All-in-One DC Charger at the International Charging Network Conference (ICNC) 2024, held in Berlin, August 31 to September 3, 2024. The event brought together “key stakeholders from the EV charging industry, serving as a premier platform to explore the latest trends and technological advancements that are shaping the future of sustainable mobility,” the company said. The new generation maxichargers are equipped with Intelligent Matrix technology and the power module can be flexibly configured. “This innovative feature ensures continuous operation and optimal performance by distributing the load across multiple modules, enhancing reliability and efficiency. The 480kW All-in-One DC Charger is set to redefine the standard for fast and ultra-fast EV charging solutions,”
link hidden, please login to view said in a statement announcing the new DC charger. “We were thrilled to introduce our latest advancements at ICNC 2024,” said Ting Cai, CEO of Autel Europe. “The New Generation Maxichargers mark a significant leap forward in charging technology, offering unprecedented power and reliability. With our 480kW All-in-One DC Charger, Autel is pushing the boundaries of what is possible in the EV charging industry.”
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By AutoZone
MEMPHIS, Tenn. , Aug. 28, 2024 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO), the leading retailer and distributor of automotive replacement parts and accessories in the Americas , will release results for its fourth quarter ended Saturday, August 31, 2024 , before market open on Tuesday,
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By Counterman
link hidden, please login to view. announced that it has entered into a definitive agreement to sell link hidden, please login to view, to funds managed by global investment firm Carlyle for $1.5 billion in cash. The transaction is expected to close before the end of the year. “We are pleased to announce the sale of the Worldpac business,” said Shane O’Kelly, president and chief executive officer. “The sale enables our team to sharpen their focus on decisive actions to turn around the Advance blended box business. Proceeds from the transaction will provide greater financial flexibility as we continue our strategic and operational review to improve the productivity of the company’s remaining assets and better position the company for future growth and value creation. On behalf of everyone at
link hidden, please login to view, I would like to thank the more than 5,000 Worldpac team members for their dedication over the last ten years.” “We are excited to partner with Worldpac, a great business operating in attractive markets,” said Wes Bieligk, a Partner, and Katherine Barasch, a senior member of Carlyle’s Global Industrials investing team. “Our proven track record in executing complex carve-outs position us uniquely to support Worldpac and its team as an independent company.” Carlyle’s investment in Worldpac builds on the firm’s extensive carve-out experience in the Industrials sector, having invested ~$13 billion in industrial carve-outs over the past two decades, including in such companies as Axalta, Nouryon, Atotech, Signode, and Allison Transmission.
Transaction Details
Over the last 12 months, at the end of the second quarter of 2024, the Worldpac business generated approximately $2.1 billion in revenue and approximately $100 million in EBITDA. Advance expects net proceeds of approximately $1.2 billion after taxes and transaction fees. The post
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By Advance Auto Parts
RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, announced its financial results for the second quarter ended July 13, 2024.
“Our team delivered positive comparable sales growth while navigating a challenging demand environment during the second quarter. I would like to thank the team for their hard work and dedication to serving our customers,” said Shane O’Kelly, president and chief executive officer. “We continue to make progress on our decisive actions with an increased focus on the Advance blended box. This morning, we announced the sale of Worldpac for $1.5 billion. This transaction is a critical milestone in our turnaround as it enables us to strengthen our balance sheet and streamline our focus. The next chapter of our strategic and operational review will now focus on the remaining Advance business, with the goal of improving our sales trajectory and the productivity of all our assets to deliver stronger returns for our shareholders.”
Second Quarter 2024 Results (1,2)
Second quarter 2024 net sales totaled $2.7 billion, which was flat compared with the second quarter of the prior year. Comparable store sales increased 0.4%.
The company's gross profit decreased 2.3% to $1.1 billion. Gross profit margin was 41.5% compared with 42.5% in the second quarter of the prior year. This was primarily due to the company's strategic pricing investments and higher product costs.
SG&A expenses were $1.0 billion, or 38.9% of net sales compared with 37.8% in the second quarter of 2023. This increase was primarily due to wage investments in frontline team members and an increase in professional fees, including costs associated with the implementation of the company's strategic plan and the remediation of the company’s previously-disclosed material weaknesses. This was partially offset by a reduction in marketing expenses.
The company's operating income was $71.8 million, or 2.7% of net sales compared with 4.7% in the second quarter of 2023.
The company's effective tax rate was 27.5%, compared with 26.4% in the second quarter of 2023. The company's diluted EPS was $0.75, compared with $1.32 in the second quarter of 2023.
Net cash provided by operating activities was $87.8 million through the second quarter of 2024 versus $167.1 million of cash used in operating activities in the same period of the prior year. Free cash flow through the second quarter of 2024 was an outflow of $4.6 million compared with an outflow of $312.0 million in the same period of the prior year.
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