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Don’t Let Shiny AutoZone, Inc. Stock Fool You After Positive Earnings
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By AutoZone
MEMPHIS, Tenn. , April 30, 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 third quarter ended Saturday, May 4, 2024 , before market open on Tuesday, May 21, 2024
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By OReilly Auto Parts
First quarter comparable store sales growth of 3.4% 11% increase in first quarter diluted earnings per share to $9.20 Completed the acquisition of Groupe Del Vasto in January SPRINGFIELD, Mo., April 24, 2024 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, today announced record revenue and earnings for its first quarter ended March 31, 2024.
1st Quarter Financial Results
Brad Beckham, O’Reilly’s CEO, commented, “We are pleased to report a solid start to 2024, highlighted by a 3.4% comparable store sales increase, which was on top of the very strong 10.8% comparable store sales increase from the first quarter last year. Our comparable store sales increase was comprised of solid growth in both professional and DIY, which grew mid-single digit and low-single digit, respectively, in the quarter. Our team’s continued strong execution drove an 11% increase in diluted earnings per share, and is a clear demonstration of Team O’Reilly’s commitment to our culture values of hard work and excellent customer service. I would like to thank each of our over 90,000 Team Members for their ongoing dedication to O’Reilly’s success.”
Sales for the first quarter ended March 31, 2024, increased $268 million, or 7%, to $3.98 billion from $3.71 billion for the same period one year ago. Gross profit for the first quarter increased 8% to $2.03 billion (or 51.2% of sales) from $1.89 billion (or 51.0% of sales) for the same period one year ago. Selling, general and administrative expenses for the first quarter increased 9% to $1.28 billion (or 32.2% of sales) from $1.17 billion (or 31.7% of sales) for the same period one year ago. Operating income for the first quarter increased 5% to $752 million (or 18.9% of sales) from $717 million (or 19.3% of sales) for the same period one year ago.
Net income for the first quarter ended March 31, 2024, increased $30 million, or 6%, to $547 million (or 13.8% of sales) from $517 million (or 13.9% of sales) for the same period one year ago. Diluted earnings per common share for the first quarter increased 11% to $9.20 on 59 million shares versus $8.28 on 62 million shares for the same period one year ago.
Mr. Beckham concluded, “During the first quarter, we opened 37 stores across 20 U.S. states and Mexico and continue to be extremely pleased with the performance of our new stores. Additionally, we began operating 23 stores in Canada after closing on the acquisition of Vast Auto in January. With the talented and experienced Vast Auto team now officially a part of Team O’Reilly, we are very pleased with the early momentum we have generated in Canada. We remain excited about the future opportunities we have before us in the Canadian market and throughout North America and look forward to growing our market share in new and existing markets as the industry leader in excellent customer service.”
1st Quarter Comparable Store Sales Results
Comparable store sales are calculated based on the change in sales for U.S. stores open at least one year and exclude sales of specialty machinery, sales to independent parts stores, and sales to Team Members, as well as sales from Leap Day in the three months ended March 31, 2024. Online sales for ship-to-home orders and pick-up-in-store orders for U.S. stores open at least one year are included in the comparable store sales calculation. Comparable store sales increased 3.4% for the first quarter ended March 31, 2024, on top of 10.8% for the same period one year ago.
Share Repurchase Program
During the first quarter ended March 31, 2024, the Company repurchased 0.3 million shares of its common stock, at an average price per share of $1,029.24, for a total investment of $270 million. Excise tax on shares repurchased, assessed at one percent of the fair market value of shares repurchased, was $2.7 million for the three months ended March 31, 2024. Subsequent to the end of the first quarter and through the date of this release, the Company repurchased an additional 0.1 million shares of its common stock, at an average price per share of $1,102.00, for a total investment of $79 million. The Company has repurchased a total of 94.4 million shares of its common stock under its share repurchase program since the inception of the program in January of 2011 and through the date of this release, at an average price of $249.17, for a total aggregate investment of $23.53 billion. As of the date of this release, the Company had approximately $2.22 billion remaining under its current share repurchase authorizations.
Updated Full-Year 2024 Guidance
The table below outlines the Company’s updated guidance for selected full-year 2024 financial data:
For the Year Ending December 31, 2024 Net, new store openings 190 to 200 Comparable store sales 3.0% to 5.0% Total revenue $16.8 billion to $17.1 billion Gross profit as a percentage of sales 51.0% to 51.5% Operating income as a percentage of sales 19.7% to 20.2% Effective income tax rate 22.4% Diluted earnings per share (1) $41.35 to $41.85 Net cash provided by operating activities $2.7 billion to $3.1 billion Capital expenditures $900 million to $1.0 billion Free cash flow (2) $1.8 billion to $2.1 billion
(1) Weighted-average shares outstanding, assuming dilution, used in the denominator of this calculation, includes share repurchases made by the Company through the date of this release. (2) Free cash flow is a non-GAAP financial measure. The table below reconciles Free cash flow guidance to Net cash provided by operating activities guidance, the most directly comparable GAAP financial measure:
For the Year Ending (in millions) December 31, 2024 Net cash provided by operating activities $ 2,715 to $ 3,125 Less: Capital expenditures 900 to 1,000 Excess tax benefit from share-based compensation payments 15 to 25 Free cash flow $ 1,800 to $ 2,100 Non-GAAP Information
This release contains certain financial information not derived in accordance with United States generally accepted accounting principles (“GAAP”). These items include adjusted debt to earnings before interest, taxes, depreciation, amortization, share-based compensation, and rent (“EBITDAR”) and free cash flow. The Company does not, nor does it suggest investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, GAAP financial information. The Company believes that the presentation of adjusted debt to EBITDAR and free cash flow provide meaningful supplemental information to both management and investors that is indicative of the Company’s core operations. The Company has included a reconciliation of this additional information to the most comparable GAAP measure in the table above and the selected financial information below.
Earnings Conference Call Information
The Company will host a conference call on Thursday, April 25, 2024, at 10:00 a.m. Central Time to discuss its results as well as future expectations. Investors may listen to the conference call live on the Company’s website at link hidden, please login to view by clicking on “Investor Relations” and then “News Room.” Interested analysts are invited to join the call. The dial-in number for the call is (888) 506-0062 and the conference call identification number is 193896. A replay of the conference call will be available on the Company’s website through Thursday, April 24, 2025.
About O’Reilly Automotive, Inc.
O’Reilly Automotive, Inc. was founded in 1957 by the O’Reilly family and is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States, serving both the do-it-yourself and professional service provider markets. Visit the Company’s website at link hidden, please login to view for additional information about O’Reilly, including access to online shopping and current promotions, store locations, hours and services, employment opportunities, and other programs. As of March 31, 2024, the Company operated 6,217 stores across 48 U.S. states, Puerto Rico, Mexico, and Canada.
Forward-Looking Statements
The Company claims the protection of the safe-harbor for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward-looking words such as “estimate,” “may,” “could,” “will,” “believe,” “expect,” “would,” “consider,” “should,” “anticipate,” “project,” “plan,” “intend,” or similar words. In addition, statements contained within this press release that are not historical facts are forward-looking statements, such as statements discussing, among other things, expected growth, store development, integration and expansion strategy, business strategies, future revenues, and future performance. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events and results. Such statements are subject to risks, uncertainties, and assumptions, including, but not limited to, the economy in general; inflation; consumer debt levels; product demand; a public health crisis; the market for auto parts; competition; weather; tariffs; availability of key products and supply chain disruptions; business interruptions, including terrorist activities, war and the threat of war; failure to protect our brand and reputation; challenges in international markets; volatility of the market price of our common stock; our increased debt levels; credit ratings on public debt; damage, failure, or interruption of information technology systems, including information security and cyber-attacks; historical growth rate sustainability; our ability to hire and retain qualified employees; risks associated with the performance of acquired businesses; and governmental regulations. Actual results may materially differ from anticipated results described or implied in these forward-looking statements. Please refer to the “Risk Factors” section of the annual report on Form 10-K for the year ended December 31, 2023, and subsequent Securities and Exchange Commission filings, for additional factors that could materially affect the Company’s financial performance. Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
For further information contact: Investor Relations Contacts Mark Merz (417) 829-5878 Eric Bird (417) 868-4259 Media Contact Sonya Cox (417) 829-5709
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data) March 31, 2024 March 31, 2023 December 31, 2023 (Unaudited) (Unaudited) (Note) Assets Current assets: Cash and cash equivalents $ 89,264 $ 59,872 $ 279,132 Accounts receivable, net 437,821 346,037 375,049 Amounts receivable from suppliers 139,267 128,758 140,443 Inventory 4,805,164 4,543,980 4,658,367 Other current assets 128,181 109,347 105,311 Total current assets 5,599,697 5,187,994 5,558,302 Property and equipment, at cost 8,555,556 7,649,066 8,312,367 Less: accumulated depreciation and amortization 3,360,351 3,090,010 3,275,387 Net property and equipment 5,195,205 4,559,056 5,036,980 Operating lease, right-of-use assets 2,227,783 2,166,646 2,200,554 Goodwill 1,009,857 892,094 897,696 Other assets, net 180,512 167,026 179,463 Total assets $ 14,213,054 $ 12,972,816 $ 13,872,995 Liabilities and shareholders’ deficit Current liabilities: Accounts payable $ 6,117,068 $ 6,055,992 $ 6,091,700 Self-insurance reserves 130,974 136,723 128,548 Accrued payroll 127,704 111,324 138,122 Accrued benefits and withholdings 174,125 132,022 174,650 Income taxes payable 147,645 117,790 7,860 Current portion of operating lease liabilities 399,245 375,451 389,536 Other current liabilities 791,633 427,006 730,937 Total current liabilities 7,888,394 7,356,308 7,661,353 Long-term debt 5,288,632 4,927,678 5,570,125 Operating lease liabilities, less current portion 1,900,200 1,854,533 1,881,344 Deferred income taxes 321,323 249,903 295,471 Other liabilities 205,703 209,411 203,980 Shareholders’ equity (deficit): Common stock, $0.01 par value: Authorized shares – 245,000,000 Issued and outstanding shares – 58,982,123 as of March 31, 2024, and 61,038,936 as of March 31, 2023, and 59,072,792 as of December 31, 2023 590 610 591 Additional paid-in capital 1,410,756 1,305,276 1,352,275 Retained deficit (2,849,108 ) (2,952,797 ) (3,131,532 ) Accumulated other comprehensive income 46,564 21,894 39,388 Total shareholders’ deficit (1,391,198 ) (1,625,017 ) (1,739,278 ) Total liabilities and shareholders’ deficit $ 14,213,054 $ 12,972,816 $ 13,872,995 Note: The balance sheet at December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements.
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data) For the Three Months Ended March 31, 2024 2023 Sales $ 3,976,240 $ 3,707,864 Cost of goods sold, including warehouse and distribution expenses 1,942,068 1,817,535 Gross profit 2,034,172 1,890,329 Selling, general and administrative expenses 1,281,691 1,173,684 Operating income 752,481 716,645 Other income (expense): Interest expense (57,148 ) (44,572 ) Interest income 1,656 868 Other, net 3,401 4,479 Total other expense (52,091 ) (39,225 ) Income before income taxes 700,390 677,420 Provision for income taxes 153,152 160,535 Net income $ 547,238 $ 516,885 Earnings per share-basic: Earnings per share $ 9.27 $ 8.36 Weighted-average common shares outstanding – basic 59,017 61,840 Earnings per share-assuming dilution: Earnings per share $ 9.20 $ 8.28 Weighted-average common shares outstanding – assuming dilution 59,454 62,398
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) For the Three Months Ended March 31, 2024 2023 Operating activities: Net income $ 547,238 $ 516,885 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of property, equipment and intangibles 109,648 93,747 Amortization of debt discount and issuance costs 1,593 1,215 Deferred income taxes 2,374 3,393 Share-based compensation programs 7,022 7,435 Other 2,997 29 Changes in operating assets and liabilities: Accounts receivable (36,954 ) (2,610 ) Inventory (92,042 ) (179,481 ) Accounts payable 6,107 172,701 Income taxes payable 140,025 145,441 Other 16,207 (44,991 ) Net cash provided by operating activities 704,215 713,764 Investing activities: Purchases of property and equipment (249,240 ) (223,268 ) Proceeds from sale of property and equipment 3,853 2,704 Other, including acquisitions, net of cash acquired (155,366 ) (956 ) Net cash used in investing activities (400,753 ) (221,520 ) Financing activities: Proceeds from borrowings on revolving credit facility 30,000 1,216,000 Payments on revolving credit facility — (661,000 ) Net payments of commercial paper (310,805 ) — Repurchases of common stock (270,019 ) (1,111,461 ) Net proceeds from issuance of common stock 57,815 15,146 Other (569 ) (354 ) Net cash used in financing activities (493,578 ) (541,669 ) Effect of exchange rate changes on cash 248 714 Net decrease in cash and cash equivalents (189,868 ) (48,711 ) Cash and cash equivalents at beginning of the period 279,132 108,583 Cash and cash equivalents at end of the period $ 89,264 $ 59,872 Supplemental disclosures of cash flow information: Income taxes paid $ 9,798 $ 9,696 Interest paid, net of capitalized interest 34,671 26,531
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
SELECTED FINANCIAL INFORMATION
(Unaudited) For the Twelve Months Ended March 31, Adjusted Debt to EBITDAR: 2024 2023 (In thousands, except adjusted debt to EBITDAR ratio) GAAP debt $ 5,288,632 $ 4,927,678 Add: Letters of credit 137,848 116,688 Unamortized discount and debt issuance costs 28,368 27,322 Six-times rent expense 2,587,056 2,404,986 Adjusted debt $ 8,041,904 $ 7,476,674 GAAP net income $ 2,376,934 $ 2,207,655 Add: Interest expense 214,244 167,451 Provision for income taxes 650,786 635,159 Depreciation and amortization 424,962 368,757 Share-based compensation expense 27,098 27,360 Rent expense (i) 431,176 400,831 EBITDAR $ 4,125,200 $ 3,807,213 Adjusted debt to EBITDAR 1.95 1.96
(i) The table below outlines the calculation of Rent expense and reconciles Rent expense to Total lease cost, per ASC 842, the most directly comparable GAAP financial measure, for the twelve months ended March 31, 2024 and 2023 (in thousands):
For the Twelve Months Ended March 31, 2024 2023 Total lease cost, per ASC 842 $ 510,208 $ 476,439 Less: Variable non-contract operating lease components, related to property taxes and insurance 79,032 75,608 Rent expense $ 431,176 $ 400,831
March 31, 2024 2023 Selected Balance Sheet Ratios: Inventory turnover (1) 1.7 1.7 Average inventory per store (in thousands) (2) $ 773 $ 754 Accounts payable to inventory (3) 127.3 % 133.3 %
For the Three Months Ended March 31, 2024 2023 Reconciliation of Free Cash Flow (in thousands): Net cash provided by operating activities $ 704,215 $ 713,764 Less: Capital expenditures 249,240 223,268 Excess tax benefit from share-based compensation payments 16,120 4,378 Free cash flow $ 438,855 $ 486,118
For the Three Months Ended March 31, 2024 2023 Revenue Disaggregation (in thousands): Sales to do-it-yourself customers $ 2,001,986 $ 1,918,467 Sales to professional service provider customers 1,869,740 1,711,964 Other sales, sales adjustments, and sales from the acquired Vast Auto stores 104,514 77,433 Total sales $ 3,976,240 $ 3,707,864
For the Three Months Ended For the Twelve Months Ended March 31, March 31, 2024 2023 2024 2023 Store Count: Beginning domestic store count 6,095 5,929 5,986 5,811 New stores opened 36 59 146 179 Stores closed — (2 ) (1 ) (4 ) Ending domestic store count 6,131 5,986 6,131 5,986 Beginning Mexico store count 62 42 43 27 New stores opened 1 1 20 16 Ending Mexico store count 63 43 63 43 Beginning Canada store count — — — — Stores acquired 23 — 23 — Ending Canada store count 23 — 23 — Total ending store count 6,217 6,029 6,217 6,029
For the Three Months Ended For the Twelve Months Ended March 31, March 31, 2024 2023 2024 2023 Store and Team Member Information: Total employment 90,601 89,125 Square footage (in thousands) (4) 47,143 45,117 Sales per weighted-average square foot (4)(5) $ 82.59 $ 81.09 $ 341.62 $ 328.29 Sales per weighted-average store (in thousands) (4)(6) $ 634 $ 611 $ 2,601 $ 2,467
(1) Calculated as cost of goods sold for the last 12 months divided by average inventory. Average inventory is calculated as the average of inventory for the trailing four quarters used in determining the denominator. (2) Calculated as inventory divided by store count at the end of the reported period. (3) Calculated as accounts payable divided by inventory. (4) Represents O’Reilly’s U.S. and Puerto Rico operations only. (5) Calculated as sales less jobber sales, divided by weighted-average square footage. Weighted-average square footage is determined by weighting store square footage based on the approximate dates of store openings, acquisitions, expansions, or closures. (6) Calculated as sales less jobber sales, divided by weighted-average stores. Weighted-average stores is determined by weighting stores based on their approximate dates of openings, acquisitions, or closures.
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By OReilly Auto Parts
SPRINGFIELD, Mo., April 01, 2024 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, announces the release date for its first quarter 2024 results as Wednesday, April 24, 2024, with a conference call to follow on Thursday, April 25, 2024.
The Company’s first quarter 2024 results will be released after 3:30 p.m. Central Time on Wednesday, April 24, 2024, and can be viewed, at that time, on the Company’s website at link hidden, please login to view by clicking on “Investor Relations” and then “News Room.”
Investors are invited to listen to the Company’s conference call discussing the financial results for the first quarter of 2024, on Thursday, April 25, 2024, at 10:00 a.m. Central Time, via webcast on the Company’s website at link hidden, please login to view by clicking on “Investor Relations” and then “News Room.” Interested analysts are invited to join the call. The dial-in number for the call is (888) 506-0062 and the conference call identification number is 193896. A replay of the conference call will be available on the Company’s website through April 24, 2025.
About O’Reilly Automotive, Inc.
O’Reilly Automotive, Inc. was founded in 1957 by the O’Reilly family and is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States, serving both the do-it-yourself and professional service provider markets. Visit the Company’s website at link hidden, please login to view for additional information about O’Reilly, including access to online shopping and current promotions, store locations, hours and services, employment opportunities, and other programs. As of December 31, 2023, the Company operated 6,157 stores across 48 U.S. states, Puerto Rico, and Mexico.
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By NAPA
Chase Elliott and No. 9 link hidden, please login to view team qualified ninth for Sunday’s NASCAR Cup Series race at Circuit of The Americas (COTA) As part of the team’s strategy, the 2020 Cup champions pitted in the closing laps of each of the first two stages to hopefully put themselves in a good position to battle for the win In the final stage, Elliott had just made a pass for fifth place when his No. 9 NAPA Auto Parts Chevrolet Camaro got loose and he was penalized for exceeding the track limits Despite serving a pass-through penalty, the 28-year-old rebounded to 11th on lap 54 Turning some of the fastest laps of the field, he was close to breaking into the top 10 when he spun and dropped to 19th Elliott rallied to finish 16th and is now ninth in the Cup Series points standings Chase Elliott earned a ninth-place starting position for Sunday’s NASCAR Cup Series race at Circuit of The Americas (COTA), marking the third straight week the No. 9 team qualified inside the top 10. At the start of the 68-lap race, Elliott held his own among the top-10 running order. He lost some positions as the run went on and was 13th when he relayed to the team that his No. 9 NAPA Auto Parts Chevrolet Camaro ZL1 felt stiff on initial load. Elliott advanced to 12th prior to being called to pit road in the closing laps of stage one for four tires and fuel – one of the popular pit strategies among the field. With some teams staying out on the track, Elliott was 18th following the pit stop and that’s where he remained to end the first stage.
During the stage break, several teams that didn’t short pit the first segment made their way to pit road, putting Elliott in the ninth position to start stage two. Prior to taking the green flag, the 28-year-old driver reported that the NAPA Chevy was tighter through the center of the turns after the initial pit stop. Despite the tight handling condition, Elliott continued to turn laps inside the top 10 during the second stage. He ran as high as seventh and was scored in the eighth spot when crew chief Alan Gustafson radioed for Elliott to come to pit road for four fresh tires and fuel. The team also took the opportunity to reverse an air-pressure adjustment that was made the first pit stop. Elliott returned to the track in 21st and stayed there to take the green-and-white checkered flag on lap 30.
The 2020 Cup Series champion started the final stage from the 11th position on lap 33 and impressively maneuvered his way to sixth by lap 36. Elliott had just made the pass for fifth when he got loose in turn four and was issued a pass-through penalty for short cutting the course. The team challenged the call, but Elliott was ultimately forced to serve the penalty on lap 40. After leaving pit road, Elliott was scored 22nd but quickly made up ground on his competitors. Green flag pit stops got under way on lap 44 with the No. 9 team making its on lap 47. Following the four-tire pit stop, Elliott was 26th in the running order but was consistently turning some of the fastest laps of the field. The Dawsonville, Georgia, native was up to 20th on lap 50 and advanced to 15th just one lap later as green-flag stops continued. Elliott was up to 11th and had his sights set on a top-10 finish when he got loose and spun. The driver of the No. 9 was able to continue but the setback dropped him to 19th. Refusing to give up, Elliott fought hard to regain track position. He picked up a few spots and the team was hopeful for a late-race caution, but it never came. When the checkered flag waved, Elliott and the No. 9 NAPA Auto Parts crew was scored with a 16th-place finish.
Elliott leaves COTA ninth in the Cup Series points standings, just 47 markers behind the leader.
Next Race: Sunday, March 31, Richmond Raceway
How to Watch or Listen: 7:00 p.m. ET on FOX, MRN or SiriusXM
Start / Finish: 9 / 16
Points Standing / Total: 9th / 173 pts. (-47)
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By NAPA
Chase Elliott and No. 9 Kelley Blue Book team qualified third for Sunday’s NASCAR Cup Series race at Phoenix Raceway The 28-year-old driver earned valuable stage points, finishing fifth in stage one and seventh in stage two A slew of cautions in the final stage prompted multiple strategies among teams. Elliott restarted 17th after the final caution of the race and ultimately finished the race in the 19th position Elliott and the No. 9 team leave Phoenix ninth in the Cup Series points standings After posting the seventh fastest lap in Friday afternoon’s NASCAR Cup Series practice session at Phoenix Raceway, Chase Elliott backed that up with a third-place qualifying lap on Saturday. The 28-year-old driver took the green flag for the 312-lap race from the second row on Sunday afternoon. Elliott was still running inside the top five when the first caution flag of the race waved on lap seven. The early report from the Hendrick Motorsports driver was that his No. 9 Kelley Blue Book Chevrolet Camaro ZL1 was locked down and tight in the back. With the team opting not to pit, Elliott restarted in the fifth position on lap 12 and remained there as the rest of 60-lap first stage went caution free. The fifth-place stage finish garnered six stage points for the Dawsonville, Georgia, native.
Under the stage-ending caution, Elliott relayed to crew chief Alan Gustafson that the Kelley Blue Book Chevy was tight and that it freed up as the run went on. The crew opted for four tires, fuel and a chassis adjustment during a fast pit stop which gained Elliott a spot on pit road. He lined up fourth to start the second stage on lap 69. Elliott raced three-wide once the field went back to green, taking over the third position on lap 70. He held strong, maintaining his top-three running position through a long green-flag run. The field started making green-flag pit stops on lap 115, with Elliott bringing the Kelley Blue Book Chevrolet to pit road on lap 117 for four tires and fuel. With the field stretched out, Elliott was bogged down in traffic following his stop, making it harder to gain track position. Still, he managed to score a top-10 finish in the second stage, taking the green-and-white checkered flag in the seventh spot. The result added four more stage points to his total.
During the stage break, Elliott brought the Kelley Blue Book Chevrolet to pit road for four tires and fuel. The pit crew knocked out another fast stop, gaining the 2020 Cup Series champion three spots. Elliott took the green flag for the final stage from the fourth position on lap 194 and was scored in fifth place when the caution came out just two laps later. Elliott kept his Chevrolet on the track under the yellow flag. He lined up fifth for the restart on lap 202 and was battling inside the top 10 when the race was slowed once more. Staying out while some drivers deeper in the field visited pit road, Elliott restarted eighth and was scored in ninth at the time of the lap-216 caution. Gustafson called Elliott to pit road with the rest of the leaders for four tires, fuel and a chassis adjustment. With varying pit strategies among teams – some taking only two tires and others opting to stay out – Elliott restarted in the 17th position on lap 220. He managed to advance as high as 16th early in the run but being stuck in dirty air made it difficult for Elliott to continue forward progress. When the checkered flag waved on lap 312, he was scored with a 19th-place finish.
Elliott and the No. 9 team leave Phoenix Raceway ninth in the Cup Series points standings, just 28 markers behind the leader.
Start / Finish: 3 / 19
Points Standing / Total: 9th / 123 pts. (-26)
Next Race: Sunday, March 17, Bristol Motor Speedway
How to Watch or Listen: 3:30 p.m. ET on FOX, PRN or SiriusXM
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