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Reif Finishes 12th at Phoenix in First Start for BMR
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By NAPA
Chase Elliott and the No. 9 link hidden, please login to view team qualified ninth for Sunday’s NASCAR Cup Series race at Iowa Speedway. The 28-year-old driver finished stage one in ninth and stage two in third as his No. 9 NAPA Auto Parts Chevrolet Camaro ZL1 showed speed on the long run. In the final stage, Elliott continued to battle inside the top 10 and advanced to third before the checkered flag waved. With the third-place result, the Dawsonville, Georgia, native took over the driver points standings lead by eight markers over Hendrick Motorsports teammate Kyle Larson. It was Elliott’s second consecutive top-five effort, seventh of the season and 100th of his young Cup career. Chase Elliott and the No. 9 NAPA Auto Parts team earned a ninth-place starting position for Sunday’s inaugural NASCAR Cup Series race at Iowa Speedway. The 28-year-old driver initially lost some ground to the leaders upon the drop of the green flag and was scored in 11th at the time of the first caution of the race on lap five. Under the yellow, Elliott reported that his No. 9 NAPA Auto Parts Chevrolet Camaro ZL1 was loose. Staying out, he lined up 11th for the restart on lap 10 and made his way back up to ninth by lap 41. As a long run ensued Elliott continued to gain ground, advancing to seventh before an incident brought out the caution. He relayed that he “overbuilt the right rear.” Once pit road opened, crew chief Alan Gustafson called Elliott in for four fresh tires and fuel. A fast stop gained the driver of the No. 9 a position on pit road, however two cars did not pit which put him eighth for the lap-59 restart. When the green-and-white checkered flag waved to end stage two, Elliott was scored in the ninth position.
During the stage break the team opted not to visit pit road, placing Elliott as the fifth driver to choose his lane to start the second stage. The Dawsonville, Georgia, native took the green flag from the inside of row two on lap 78. He continued to battle inside the top five until another caution slowed the race at lap 81. Staying out once again, Elliott lined up in the second row for the lap-87 restart. Getting loose, he dropped to seventh but found his way back inside the top five prior to lap 100. Showing speed on the long run, Elliott advanced to third on lap 130 and took over the second position less than 20 laps later. He set his sights on the leader and began reeling in the No. 12 of Ryan Blaney as green flag stops got under way. Elliott paced the field for one lap after Blaney made his way to pit road before he followed suit on lap 173. After pitting for four tires and fuel, Elliott returned to the track in 18th and was up to seventh as the pit cycle continued. When the caution came out on lap 182, the teams that still needed to pit made their stops. This put Elliott third in the running order. Once the race was back under way, he held his own inside the top five, finishing the stage in the third position.
Under the stage-ending caution, Elliott pitted for four tires and fuel. He lined up sixth to start the final stage on lap 219. Just one lap later, an incident brought out the caution. Elliott chose the outside of row four for the lap-228 restart. From there, the 2020 Cup Series champion maneuvered his way to fourth before the yellow flag was displayed on lap 260. Providing feedback to his crew that the NAPA Chevy was a little tight, the team made an air-pressure adjustment during its four-tire pit stop. Elliott was fifth to choose his lane, opting for the outside of row four for the restart on lap 267. He progressed to fifth by lap 272 and continued to climb, advancing to third before the checkered flag waved.
The result was Elliott’s second consecutive top-five effort, seventh of the season and 100th of his young Cup career. With the third-place result, the Dawsonville, Georgia, native took over the driver points standings lead by eight markers over Hendrick Motorsports teammate Kyle Larson.
“Our balance was just right, and I thought all day we had really good long run pace,” Elliott said. “I just really struggled to get going on restarts and just was really loose and just felt like I couldn’t attack like I needed to and just lost a lot of ground. Could make good pace there at the end of a run with our NAPA Chevy, just needed to be a little closer I think to keep the pressure on and keep things rolling. Anyway, I was proud of the effort and felt like we had a really good car and were right there in the fight.”
Start / Finish: 9 / 3
Points Standing / Total: 1st / 591 pts. (+8)
Next Race: Sunday, June 23, New Hampshire Motor Speedway
How to Watch or Listen: 2:30 p.m. ET on USA, PRN or SiriusXM
NAPA:
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By NAPA
Jack Wood delivered his best performance of the 2024 season on Friday afternoon at Sonoma Raceway and earned a fifth-place finish. The driver of the No. 16
link hidden, please login to view Chevrolet SS gained a position in the ARCA Menards Series West standings and now resides third in points after four events. The effort in California’s wine county marked his first top-five finish of the season and his third top-five result at Sonoma. Wood started the 200-mile showdown from the eighth position and immediately went forward at the drop of the green flag. The Loomis, Calif. driver vaulted himself into the top five on the opening lap to assert himself as a contender. The race’s first restart came on lap 10 and Wood settled into sixth position as he preserved his tires, since no tire changes were permitted during the 67-lap event.
He came to the attention of the NAPA Auto Care team for his only pit stop of the afternoon during a lap 23 caution for a chassis adjustment and fuel. He restarted seventh on lap 27 and worked his way into fourth by lap 36. He would consistently run inside the top five for the balance of the event and claimed third position on a lap 47 restart.
Over the final 10 circuits, Wood found himself in a heated battle for third and ran fourth with two laps to go when a caution flag waved to set up a one-lap overtime restart. Wood restarted fourth and took the checkered flag in fifth for his first top-10 result of his 2024 campaign.
“It definitely feels good to get a top-five today,” Wood said. “We had a real consistent NAPA Auto Care Chevrolet today and it’s nice to come out of here with a good finish. All these guys at BMR brought some good speed here. We were a little bit off of race-winning speed, but proud of the effort and feel like we executed a solid day from start to finish.”
Start / Finish: 8 / 5
Points Standing / Total: 3rd / 140 pts. (-19)
Next Race: Thursday, July 4, Irwindale Speedway
How to Watch or Listen:
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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 first quarter ended April 20, 2024.
“Our team continues to execute against our decisive actions, including commencing our supply chain consolidation and making meaningful progress toward the potential sale of Worldpac,” said Shane O’Kelly, president and chief executive officer. “While the industry experienced a slower start to 2024 compared with our expectations, the actions we began in the back half of last year will help us streamline our operations for the long term. Our leadership team and I continue to focus on improving the core fundamentals of our business while reducing costs, which is reflected in our year-over-year SG&A reduction. As previously announced, we are reinvesting a portion of the savings back into the foundation of our business, including frontline compensation and training. We also made progress on our other decisive actions, including beginning three of our DC to market hub conversions.
“We continue to work on improving our overall performance by removing complexities and distractions to increase our value proposition and deliver shareholder value. We recognize we still have significant work ahead of us, however the actions we're taking will put us on the path to delivering improved results. I want to thank all our team members for their continued commitment to serving our customers as we navigate through this pivotal year for Advance.”
First Quarter 2024 Results (1,2)
First quarter 2024 net sales totaled $3.4 billion, a 0.3% decrease compared with the first quarter of the prior year. Comparable store sales decreased 0.2%.
The company's gross profit decreased 2.2% to $1.4 billion. Gross profit margin of 42.0% decreased 82 basis points compared with the first quarter of the prior year. This was primarily driven by increased costs that were not fully covered by pricing actions. These were partially offset by supply chain productivity.
SG&A expenses were $1.3 billion, which improved to 39.4% of net sales compared with 39.9% in the first quarter of 2023. This was primarily driven by the cost control efforts initiated at the end of 2023, including reduced corporate expenditures from the decrease in headcount and significant reduction of marketing expenses as well as a net gain on asset sales. These were partially offset by the reinvestment in field wages and training as well as typical expense inflationary pressure.
The company's operating income was $86.0 million, or 2.5% of net sales, compared with 2.9% in the first quarter of 2023.
The company's effective tax rate was 33.2%, compared with 28.5% in the first quarter of 2023. The higher effective income tax rate was due to a discrete charge for share-based compensation. The company's diluted EPS was $0.67 compared with $0.81 in the first quarter of 2023.
Net cash provided by operating activities was $2.7 million through the first quarter of 2024 versus $382.5 million of cash used in operating activities in the same period of the prior year. Free cash flow through the first quarter of 2024 was an outflow of $46.3 million compared with an outflow of $472.5 million in the same period of the prior year.
Capital Allocation
On May 21, 2024, the company declared a regular cash dividend of $0.25 per share to be paid on July 26, 2024 to all common stockholders of record as of July 12, 2024.
__________________________________ (1) All comparisons are based on the same time period in the prior year. Comparable store sales include locations open for 13 complete accounting periods and exclude sales fulfilled by distribution centers to independently owned Carquest locations.
(2) As reported in the company’s fourth quarter and full year 2023 earnings release, the company corrected non-material errors in certain previously reported financials. All comparisons are based on the corrected historical results as presented in the company’s prior earnings release dated February 29, 2024.
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By NAPA
Chase Elliott and the No. 9 link hidden, please login to view team qualified fifth for the Coca-Cola 600. The 28-year-old driver made his 300th NASCAR Cup Series start on Sunday at Charlotte Motor Speedway. After finishing the first stage in the 11th position, Elliott improved to seventh to end stage two. During the third stage of the scheduled 400-lap event, weather entered the area and ultimately brought an early end to the Coca-Cola 600. Elliott and the No. 9 team were scored with a seventh-place result. The Dawsonville, Georgia, native is fourth in the Cup Series driver points standings, 17 markers behind the leader. Chase Elliott and the No. 9 NAPA Auto Parts team qualified fifth for Sunday’s Coca-Cola 600 at Charlotte Motor Speedway. The 28-year-old driver took the green flag – making his 300th NASCAR Cup Series start – and continued to run inside the top 10 in the opening laps of the race. Prior to the first set of green-flag pit stops, Elliott reported that the NAPA Auto Parts Chevrolet Camaro ZL1 was loose. On lap 43, crew chief Alan Gustafson called Elliott to pit road for four tires, fuel and air-pressure and chassis adjustments. He cycled back to 11th by lap 51 and re-entered the top 10 on lap 83. The Hendrick Motorsports driver advanced one more position before the caution flag was displayed for an on-track incident on lap 87. Under the yellow flag, Elliott visited pit road for four tires, fuel and an air-pressure adjustment. A fast stop by the NAPA crew gained Elliott two positions on pit road, putting him seventh for the lap-94 restart. When the green-and-white checkered flag waved to end stage one at lap 100, the driver of the No. 9 Chevy was scored with an 11th-place finish.
During the stage break, Elliott brought the NAPA Chevy to pit road for four tires and fuel. With varying pit strategies by teams, he took the green flag for stage two from the 14th position on lap 111. After initially losing some track position, the Dawsonville, Georgia, native maneuvered his way back inside the top 15 by lap 116. He reached the 14th position before green-flag pit stops got under way. Gustafson kept Elliott out on the track longer than much of the field before having him come to pit road from the second position on lap 153. When the caution flag came out less than 10 laps later, Elliott was scored in the 22nd position. With Elliott having fresher tires than most due to the team’s strategy during green-flag stops, he stayed out on the track and lined up fourth for the restart on lap 165. From there, he advanced his position and powered to the lead on lap 168. Elliott paced the field for two laps before Hendrick Motorsports teammate William Byron worked his way by on lap 170. The race was slowed at lap 172 for an on-track incident. Again, the No. 9 team opted not to pit. Elliott restarted from the front row on lap 177 and was scored in the seventh spot when another caution came out on lap 197, which ultimately ended the second stage.
After pitting for four tires and fuel, Elliott lined up fourth to start the third stage on lap 207. He maintained a top-10 running position early in the stage, racing in seventh at the time of a caution on lap 229. Elliott brought the NAPA Chevrolet to the attention of the No. 9 crew for fuel and four tires. Restarting from the third row on lap 236, he continued to race inside the top-eight running order. With weather in the area, the race fell under caution for precipitation before it was red flagged for lightning. The rain cleared the area, but the air remained too humid for the track to dry. Consequently, officials were forced to call the race with 249 laps completed. Elliott and the No. 9 NAPA team were credited with a seventh-place result.
Start / Finish: 5 / 7
Points Standing / Total: 4th / 475 pts. (-17)
Next Race: Sunday, June 2, WWT Raceway
How to Watch or Listen: 3:30 p.m. ET on FS1, MRN or SiriusXM
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By Counterman
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link hidden, please login to view and link hidden, please login to view have announced an agreement for First Brands to acquire the Lamps and Accessories business of Lumileds for $238M. Under First Brands, the Lamps and Accessories business will continue to expand its global offerings and position its products and brands in the automotive accessories sector, according to the latest press information. The sale is expected to close in the 2nd calendar quarter of 2024.
As part of the acquisition,
link hidden, please login to view‘ automotive lamps factories in China, Germany and Poland will transfer with the Lamps and Accessories business. Lumileds said it will retain its factories and sites in The Netherlands, United States, Malaysia, Singapore, Germany and Jiaxing, China. “The automotive OEM lighting go-to-market synergies and conditions that made the union of Lumileds and Philips automotive lighting business so compelling nearly a decade ago have changed as transportation manufacturers have adopted LEDs as their standard light source and traditional automotive light sources have transitioned to primarily an automotive aftermarket business,” said Steve Barlow, Lumileds CEO. “Our Lamps and Accessories and our LED businesses are industry leaders in their respective markets and will be free to focus on the ongoing growth of their unique brands, channels and customers.”
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