Intel stock extends gains after report of possible U.S. government stake
TORRANCE - CarParts.com, Inc. (NASDAQ:PRTS) reported second quarter results that showed increased revenue but wider losses, sending shares tumbling 11% as the company missed earnings expectations.
The e-commerce automotive parts provider posted a net loss of -$0.23 per share for the second quarter, significantly worse than analyst estimates of -$0.16 per share and deeper than the -$0.15 per share loss reported in the same period last year. Revenue increased 5% YoY to $151.9 million, slightly above the consensus estimate of $150.61 million.
The company’s adjusted EBITDA deteriorated to -$3.1 million compared to -$0.1 million in the year-ago quarter. Gross margin declined to 32.8% from 33.5% a year earlier, which the company attributed to product mix and tariff impacts.
"While the full impact of our strategic initiatives isn’t reflected in our quarterly numbers, the month of June was a milestone – we achieved positive Adjusted EBITDA, underscoring that our efforts are beginning to deliver tangible results," said David Meniane, CEO of CarParts.com.
The company reported that operating expenses increased to $62.2 million from $57.1 million in the year-ago quarter, with expenses as a percentage of sales rising 1.3% to 40.9%. This increase was primarily due to unfavorable marketing spend and one-time fees related to the company’s exploration of strategic alternatives.
CarParts.com ended the quarter with $19.8 million in cash, down from $36.4 million at the end of 2024, and had $10 million in revolver debt compared to no debt at year-end.
The company is not providing guidance for 2025 as it evaluates various strategic alternatives, including a potential sale of the company, in response to inbound interest.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.