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LKQ Corporation Announces $500 Million Increase in Stock Repurchase Program; total authorized now $2.5 Billion through October 2024
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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
The
link hidden, please login to view is calling on its members and the wider auto care community to take immediate action in the fight for the right to repair with the launch of the “#RighttoRepair, RIGHT NOW” challenge. The initiative encourages every member to send a new letter to their legislator, demanding swift action on Right to Repair legislation. The challenge is designed to amplify the voices of consumers and industry professionals alike, ensuring that their message reaches the halls of Congress. As part of the challenge, participants are asked not only to urge their legislators to pass H.R. 906, “The REPAIR Act,” but also to spread the word by tagging three colleagues, friends or industry peers on social media, urging them to do the same.
Here’s how to participate in the #RighttoRepair, RIGHT NOW challenge in three steps:
Send a New Letter: Visit repairact.com to send our updated letter to your legislator. Take a Selfie: Take a selfie featuring a message that you took action. Post about your action on social media, using the hashtag #RighttoRepair. Tag More People: Challenge three others to do the same by tagging them directly in your post. “As summer comes to a close and Congress picks back up from its August recess, it is now a critical moment for us to make as much noise as possible on the right to repair issue to capture the attention of our elected officials,” said Bill Hanvey, president and CEO,
link hidden, please login to view. “We want to make sure Congress knows how important right to repair is to the American people, and one of the best ways to capture their attention is through grassroots efforts like the ‘#RighttoRepair, RIGHT NOW’ challenge. In the shadow of an election that is less than 100 days away, I ask that all members of our industry partake in this social media campaign with us to keep this fight for the right to repair alive on Capitol Hill.” The Auto Care Association provides all the resources necessary to participate in this campaign, including letter templates, legislator contact information, and
link hidden, please login to view. You can get started by visiting link hidden, please login to view today and sending a new letter. The post
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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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