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MEMPHIS, Tenn. , Nov. 19, 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 first quarter ended Saturday, November 23, 2024 , before market open on Tuesday,View the full article

Have you ever been left scratching your head over why your car is stalling unexpectedly, guzzling fuel, or struggling to start? The culprit could be your Engine Control Module (ECM)—the brain of your vehicle’s engine. ECMs play a vital role in controlling essential engine functions, including fuel injection, ignition timing, and emission systems. When this critical component malfunctions, it can lead to significant performance issues or even a complete breakdown. Common Signs of ECM Failure: Sudden or repeated stalling while driving Reduced fuel efficiency Check Engine light illuminated with no clear cause Difficulty starting or keeping the engine running What to Do When Your ECM Fails Replacing a faulty ECM doesn’t have to be a daunting task. Start by identifying the exact make, model, and engine specifications of your vehicle to ensure compatibility with a replacement ECM. Using an incompatible unit can lead to further issues, including miscommunication between the ECM and your car’s systems. Why Quality Matters in ECM Replacements A high-quality ECM replacement can restore your vehicle’s performance and prevent recurring issues. Here are some features to look for in a replacement part: Rigorous Testing: Choose an ECM that has been tested to meet or exceed OEM standards. Lifetime Warranty: A warranty provides peace of mind and indicates confidence in the product. Fast Shipping: Getting your ECM quickly reduces vehicle downtime. Where to Find Reliable ECMs When searching for a replacement ECM, you want a supplier who offers reliability, competitive pricing, and excellent customer support. Many suppliers claim to provide the best parts, but finding one with a proven track record can make all the difference. One resource to explore is Clifford Auto Parts, which specializes in high-quality ECMs for a wide range of vehicles. They offer fast shipping, free delivery, and a lifetime warranty on their products—features that can save you both time and money. Join the Discussion Have you experienced ECM issues in your vehicle? How did you identify the problem, and what steps did you take to resolve it? Share your story or ask questions in the thread—let's exchange tips and advice to keep our vehicles running smoothly.

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what's the Top 10 Brake Discs (source from rdbrake.com) Brake discs play a fundamental role in the safety and performance of a vehicle. Ensuring they are in fantastic quality is essential for excellent braking performance and overall vehicle safety. When looking for high-quality brake discs, it's important to consider factors such as performance, durability, and compatibility with your car. Here are ten highly recommended brake discs that are known for their performance and dependability: 1. Brembo UV Coated Disc Features: Known for its high performance and enduring durability. UV coating has excellent anti-corrosion properties. Best For: High-performance vehicles and enthusiasts. 2. EBC Brakes USR Slotted Disc Features: Slotted design improves heat dissipation and performance. They offer excellent stopping power and reduce brake fade. Best For: Daily driving and light vehicle used. 3. Zimmermann Sport Disc Features: High-quality cast iron with a strong braking surface. Offers fantastic brake performance and durability. Best For: Drivers seeking a balance between performance and comfort. 4. Hawk Performance Sector 27 Features: Precision-machined for enhanced braking performance. Offers advanced heat dissipation and reduced noise. Best For: Performance and track day use. 5. Power Stop Z23 Evolution Sport Features: Carbon-fiber infused ceramic composite. Provides excellent stopping power and reduces brake dust. Best For: Daily drivers looking for enhanced braking performance and minimal dust. 6. Stop Tech Sport Slotted Disc Features: Slotted design helps reduce brake pad glazing and improves performance in harsh conditions. Best For: Performance vehicles and spirited driving. 7. Bosch Quiet Cast Disc Features: Designed for quiet operation and smooth braking. Features a high-carbon alloy for improved performance. Best For: Vehicles where noise reduction is a priority. 8. Centric Premium Disc Features: Solid cast iron with a black electroplating coating finish for corrosion resistance. Designed for everyday use. Best For: Reliable performance for daily drivers. 9. R1 Concepts Drilled and Slotted Disc Features: Drilled and slotted design for enhanced heat dissipation and performance. Reduces brake fade and improves stopping power. Best For: High-performance and off-road vehicles. 10. ATE Power Disc Features: ATE’s innovative design improves cooling and performance with a unique pattern. Highly resistant to warping and cracking. Best For: Performance and high-mileage vehicles. When selecting brake discs, make sure to check compatibility with your specific vehicle model and consider your driving needs and conditions.

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Advance Auto Parts today announced with their Q3 release a new strategic plan that includes a reduction in U.S. footprint: Store operations Reduction in U.S. asset footprint - closing 523 Advance corporate stores, exiting 204 independent locations, and closing four distribution centers. Standardization of store operating model and improving labor productivity. Acceleration in pace of new store openings. Merchandising excellence Strategic sourcing to improve first costs and bring parts to market faster. Assortment management to enhance availability of parts. Pricing and promotions management to improve gross margin. Supply chain Consolidation of distribution centers to operate 13 large facilities by 2026. Opening of 60 market hub locations by mid-2027. Optimization of transportation routes and freight to lower costs and improve productivity.

Announces Asset Optimization Program Targeting Reduction of 500 Corporate Stores, 200 Independently Owned Locations and Four Distribution Centers by Mid-2025 Introduces New Fiscal 2027 Financial Objectives Targeting Approximately 7% Adjusted Operating Income Margin (1) and Approximately 2.5x Debt Leverage Ratio; Provides Preliminary 2025 Guidance Identifies Over 500-basis points of Operating Margin Expansion Opportunity Through Fiscal 2027 With Focus on Core Retail Fundamental Excellence 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 third quarter ended October 5, 2024. "We are pleased to have made progress on our strategic actions, including the completion of the sale of Worldpac and a comprehensive operational productivity review of our business,” said Shane O’Kelly, president and chief executive officer. “We are charting a clear path forward and introducing a new three-year financial plan, with a focus on executing core retail fundamentals to improve the productivity of all our assets and to create shareholder value." On November 1, 2024, the company completed its previously announced sale of Worldpac for aggregate cash consideration of approximately $1.5 billion, as adjusted for working capital and other items. Unless otherwise specified, results are presented on a continuing operations basis. Third Quarter 2024 Results (1,2,3,4) Third quarter 2024 net sales from continuing operations totaled $2.1 billion, compared with $2.2 billion in the third quarter of the prior year. Comparable store sales decreased 2.3%. The company's gross profit increased 11.0% to $907.9 million, or 42.3% of net sales compared with 36.9% in the third quarter of the prior year. The leverage improvement was primarily due to lapping the one-time impact in the change for inventory reserves in the prior year as well as stabilizing product costs offset by strategic pricing investments. The company's SG&A expenses were $907.5 million, or 42.2% of net sales. Adjusted SG&A expenses were $891.2 million, or 41.5% of net sales compared with 40.2% in the third quarter of 2023, primarily due to lower sales. The company also incurred high labor-related expenses due to wage investments in frontline team members that were partially offset by a reduction in marketing expenses. The company's operating income was $403.0 thousand, or zero percent of net sales. Adjusted operating income was $16.7 million, or 0.8% of net sales compared with (3.3)% in the third quarter of 2023. In addition, our operating income margin was negatively impacted by approximately 125 basis points of atypical items and headwinds in the period (such as lost revenue from Hurricane Helene and downtime from the CrowdStrike outage) that are not included in non-GAAP adjustments. The company's effective tax rate was (58.4)%, compared with 24.5% in the third quarter of 2023. The company's diluted loss per share for the quarter was $0.42. The company's adjusted diluted loss per share was $0.04 compared with a loss per share of $1.19 in the third quarter of 2023. The types of unusual headwinds in the quarter noted above, which are not included in the non-GAAP adjustments, negatively impacted the company's earnings per share by 34 cents. Net cash provided by operating activities was $81.0 million through the third quarter of 2024 versus $28.3 million of cash used in operating activities in the same period of the prior year. Free cash flow through the third quarter of 2024 was an outflow of $48.7 million compared with an outflow of $202.5 million in the same period of the prior year. (1) Adjusted Operating Income Margin is a non-GAAP measure. For a better understanding of the company’s non-GAAP adjustments, refer to the reconciliation of non-GAAP financial measures in the accompanying financial tables. (2) All comparisons are based on continuing operations for the same time period in the prior year, unless otherwise specified. The company calculates comparable store sales based on the change in store or branch sales starting once a location has been open for approximately one year and by including e-commerce sales and excluding sales fulfilled by distribution centers to independently owned Carquest locations. Acquired stores are included in the company's comparable store sales one year after acquisition. The company includes sales from relocated stores in comparable store sales from the original date of opening. (3) 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 28, 2024. (4) On August 22, 2024, the company entered into a definitive purchase agreement to sell its Worldpac Inc. business (“Worldpac”), which reflects a strategic shift in its business. The sale was completed on November 1, 2024. As a result, the company has classified the results of operations and cash flows of Worldpac as discontinued operations in its condensed consolidated statements of operations and condensed consolidated statements of cash flows for all periods presented. The related assets and liabilities associated with the discontinued operations are classified as held for sale in the condensed consolidated balance sheets. Capital Allocation On October 29, 2024, the company declared a regular cash dividend of $0.25 per share to be paid on January 24, 2025, to all common stockholders of record as of January 10, 2025. Full Year 2024 Guidance For the balance of 2024, the company is providing guidance that includes expectations for continuing operations as well as adjusted metrics that take into account non-GAAP adjustments. As of November 14, 2024 ($ in millions, except per share data) Low High Net sales from continuing operations Approx. $9,000 Comparable store sales (1) Approx. (1.0%) Adjusted operating income margin from continuing operations 0.25 % 0.75 % Adjusted diluted EPS from continuing operations $ (0.60 ) $ 0.00 Capital expenditures $ 175 $ 225 Free cash flow (2) Approx. flat (including strategic costs) (1) The company calculates comparable store sales based on the change in store or branch sales starting once a location has been open for approximately one year and by including e-commerce sales and excluding sales fulfilled by distribution centers to independently owned Carquest locations. Acquired stores are included in the company's comparable store sales one year after acquisition. The company includes sales from relocated stores in comparable store sales from the original date of opening. (2) Adjusted operating income margin from continuing operations, Adjusted diluted EPS from continuing operations and Free cash flow are non-GAAP measures. For a better understanding of the company's non-GAAP adjustments, refer to the reconciliation of non-GAAP financial measures in the accompanying financial tables. The company is not able to provide a reconciliation of these forward-looking non-GAAP measures because it is unable to predict with reasonable accuracy the value of certain adjustments and as a result, the comparable GAAP measures are unavailable without unreasonable efforts. Strategic Priorities and Financial Objectives Strategic Priorities The company is executing a strategic plan to improve business performance with a focus on core retail improvements. The company has identified opportunities that it believes can improve adjusted operating income margin by more than 500-basis points through fiscal 2027. This strategic plan is anchored on three pillars outlined below to put the company on the path to deliver consistent profitable growth. Store operations Reduction in U.S. asset footprint - closing 523 Advance corporate stores, exiting 204 independent locations, and closing four distribution centers. Standardization of store operating model and improving labor productivity. Acceleration in pace of new store openings. Merchandising excellence Strategic sourcing to improve first costs and bring parts to market faster. Assortment management to enhance availability of parts. Pricing and promotions management to improve gross margin. Supply chain Consolidation of distribution centers to operate 13 large facilities by 2026. Opening of 60 market hub locations by mid-2027. Optimization of transportation routes and freight to lower costs and improve productivity. Financial Objectives (Advance Auto Parts continuing operations) The company is introducing new fiscal 2027 financial objectives and providing preliminary fiscal 2025 guidance. Preliminary FY 2025 Guidance (53 weeks) FY 2027 Objectives Net sales ($ in millions) $8,400 - $8,600 Approx. $9,000 Comparable sales growth 0.50% - 1.50% Positive low-single-digit % New store growth 30 new stores 50 to 70 new stores Adjusted operating income margin (1) 2.00% - 3.00% Approx. 7.00% Leverage Ratio (Adj. debt/ Adj. EBITDAR) (1) 3.0x – 4.0x Approx. 2.5x (1) Adjusted operating income margin is based on performance of Advance continuing operations and excludes intercompany margins related to Worldpac. Adjusted operating income margin from continuing operations and Adjusted Debt to Adjusted EBITDAR ratio (“leverage ratio”) are non-GAAP measures. For a better understanding of the company’s non-GAAP adjustments, refer to the reconciliation of non-GAAP financial measures in the accompanying financial tables. The company is not able to provide a reconciliation of these forward-looking non-GAAP measures because it is unable to predict with reasonable accuracy the value of certain adjustments and as a result, the comparable GAAP measures are unavailable without unreasonable efforts. Investor Conference Call The company will detail its results for the third quarter ended October 5, 2024, via a webcast scheduled to begin at 8 a.m. Eastern Time on Thursday, November 14, 2024. The webcast will be accessible via the Investor Relations page of the company's website (ir.AdvanceAutoParts.com). To join by phone, please pre-register online for dial-in and passcode information. Upon registering, participants will receive a confirmation with call details and a registrant ID. While registration is open through the live call, the company suggests registering a day in advance or at minimum 10 minutes before the start of the call. A replay of the conference call will be available on the company's Investor Relations website for one year. About Advance Auto Parts Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installers and do-it-yourself customers. As of October 5, 2024, Advance operated 4,781 stores primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,125 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services and online shopping for parts, accessories and other offerings can be found at www.AdvanceAutoParts.com. Forward-Looking Statements Certain statements herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast, “guidance,” “intend,” “likely,” “may,” “plan,” “position,” “possible,” “potential,” “probable,” “project,” “should,” “strategy,” “target,” “will,” or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about the company’s strategic initiatives, restructuring and asset optimization plans, financial objectives, operational plans and objectives, statements about the sale of the company’s Worldpac business, including statements regarding the benefits of the sale and use of proceeds therefrom, statements regarding expectations for economic conditions, future business and financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect the company’s views based on historical results, current information and assumptions related to future developments. Except as may be required by law, the company undertakes no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. They include, among others, the company’s ability to hire, train and retain qualified employees, the timing and implementation of strategic initiatives, risks associated with the company’s restructuring and asset optimization plans, deterioration of general macroeconomic conditions, geopolitical factors, the highly competitive nature of the industry, demand for the company’s products and services, ongoing risks associated with the disposition of Worldpac, the company’s ability to maintain credit ratings, risks relating to the impairment of assets, including intangible assets such as goodwill, access to financing on favorable terms, complexities in the company’s inventory and supply chain and challenges with transforming and growing its business. Please refer to “Item 1A. Risk Factors” of the company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by the company’s subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. Advance Auto Parts, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands) (unaudited) October 5, 2024 December 30, 2023 Assets Current assets: Cash and cash equivalents $ 464,492 $ 488,049 Receivables, net 668,937 609,528 Inventories, net 4,042,200 3,893,569 Other current assets 180,448 180,402 Current assets held for sale 2,137,690 1,205,473 Total current assets 7,493,767 6,377,021 Property and equipment, net 1,479,738 1,555,985 Operating lease right-of-use assets 2,399,630 2,347,073 Goodwill 600,182 601,159 Other intangible assets, net 409,501 419,161 Other noncurrent assets 85,366 85,988 Noncurrent assets held for sale — 889,939 Total assets $ 12,468,184 $ 12,276,326 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 3,498,460 $ 3,526,079 Accrued expenses 641,914 616,067 Other current liabilities 458,343 396,408 Current liabilities held for sale 994,824 768,851 Total current liabilities 5,593,541 5,307,405 Long-term debt 1,788,513 1,786,361 Noncurrent operating lease liabilities 2,018,383 2,039,908 Deferred income taxes 380,118 355,635 Other long-term liabilities 89,949 83,538 Noncurrent liabilities held for sale — 183,751 Total stockholders' equity 2,597,680 2,519,728 Total liabilities and stockholders’ equity $ 12,468,184 $ 12,276,326 Advance Auto Parts, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited) Twelve Weeks Ended Forty Weeks Ended October 5, 2024 October 7, 2023 (1) October 5, 2024 October 7, 2023 (1) Net sales $ 2,147,991 $ 2,218,205 $ 7,098,302 $ 7,194,670 Cost of sales, including purchasing and warehousing costs 1,240,093 1,400,638 4,036,898 4,154,190 Gross profit 907,898 817,567 3,061,404 3,040,480 Selling, general and administrative expenses 907,495 896,145 2,954,707 2,959,238 Operating income (loss) 403 (78,578 ) 106,697 81,242 Other, net: Interest expense (18,805 ) (19,375 ) (62,127 ) (69,948 ) Other income (expense), net 2,393 (305 ) 12,769 232 Total other, net (16,412 ) (19,680 ) (49,358 ) (69,716 ) (Loss) income before provision for income taxes (16,009 ) (98,258 ) 57,339 11,526 Provision for income taxes 9,354 (24,072 ) 34,763 6,360 Net (loss) income from continuing operations (25,363 ) (74,186 ) 22,576 5,166 Net income from discontinued operations 19,349 12,149 56,413 59,696 Net (loss) income $ (6,014 ) $ (62,037 ) $ 78,989 $ 64,862 Basic (loss) earnings per common share from continuing operations $ (0.42 ) $ (1.25 ) $ 0.38 $ 0.09 Basic earnings per common share from discontinued operations 0.32 0.20 0.95 1.00 Basic (loss) earnings per common share $ (0.10 ) $ (1.05 ) $ 1.33 $ 1.09 Basic weighted-average common shares outstanding 59,684 59,474 59,618 59,411 Diluted (loss) earnings per common share from continuing operations $ (0.42 ) $ (1.24 ) $ 0.38 $ 0.09 Diluted earnings per common share from discontinued operations 0.32 0.20 0.94 1.00 Diluted (loss) earnings per common share $ (0.10 ) $ (1.04 ) $ 1.32 $ 1.09 Diluted weighted-average common shares outstanding 59,902 59,630 59,878 59,588 (1) The condensed consolidated statement of operations for the twelve and forty weeks ended October 7, 2023, reflects the correction of non-material errors the company discovered in previously reported results. Advance Auto Parts, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In thousands) (unaudited) Forty Weeks Ended October 5, 2024 October 7, 2023 Cash flows from operating activities: Net income $ 78,989 $ 64,862 Net income from discontinued operations 56,413 59,696 Net income from continuing operations 22,576 5,166 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 217,197 206,658 Share-based compensation 33,810 33,777 (Gain) Loss on sale and impairment of long-lived assets (14,273 ) 1,886 Provision for deferred income taxes 24,289 (27,811 ) Other, net 2,986 2,436 Net change in: Receivables, net (60,383 ) (161,629 ) Inventories, net (152,229 ) (110,871 ) Accounts payable (25,225 ) (77,336 ) Accrued expenses 30,794 171,117 Other assets and liabilities, net 1,477 (71,707 ) Net cash provided by (used in) operating activities from continuing operations 81,019 (28,314 ) Net cash provided by operating activities from discontinued operations 76,917 57,148 Net cash provided by operating activities 157,936 28,834 Cash flows from investing activities: Purchases of property and equipment (129,714 ) (174,186 ) Proceeds from sales of property and equipment 13,232 2,001 Net cash used in investing activities of continuing operations (116,482 ) (172,185 ) Net cash used in investing activities of discontinued operations (7,988 ) (13,015 ) Net cash used in investing activities (124,470 ) (185,200 ) Cash flows from financing activities: Borrowings under credit facilities — 4,805,000 Payments on credit facilities — (4,990,000 ) Borrowings on senior unsecured notes — 599,571 Dividends paid (44,882 ) (194,322 ) Purchases of noncontrolling interests (9,101 ) — Proceeds from the issuance of common stock 2,995 3,045 Repurchases of common stock (5,601 ) (14,237 ) Other, net (1,143 ) (5,010 ) Net cash (used in) provided by financing activities (57,732 ) 204,047 Forty Weeks Ended October 5, 2024 October 7, 2023 Effect of exchange rate changes on cash 11,766 (1,932 ) Net (decrease) increase in cash and cash equivalents (12,500 ) 45,749 Cash and cash equivalents, beginning of period 503,471 270,805 Cash and cash equivalents, end of period $ 490,971 $ 316,554 Summary of cash and cash equivalents: Cash and cash equivalents of continuing operations, end of period $ 464,492 $ 308,804 Cash and cash equivalents of discontinued operations, end of period 26,479 7,750 Cash and cash equivalents , end of period $ 490,971 $ 316,554 (1) The condensed consolidated statement of cash flows for the forty weeks ended October 7, 2023, reflects the correction of non-material errors the company discovered in previously reported results. Restatement of Previously Issued Financial Statements During the fiscal year ended December 30, 2023, the company identified errors primarily impacting cost of sales, selling, general and administrative costs and other income/expenses, net, incurred in prior years but not previously recognized. The company evaluated the errors and determined that the related impacts were not material to the previously issued consolidated financial statements for any prior period. A summary of the corrections to the impacted financial statement line items in the company's Condensed Consolidated Statement of Operations for the twelve and forty weeks ended October 7, 2023, and the company's Condensed Consolidated Statement of Cash Flows for the forty weeks ended October 7, 2023, included in the company's previously filed Annual Report on Form 10-K are presented below: Condensed Consolidated Statement of Operations October 7, 2023 Twelve Weeks Ended (in thousands) As Previously Reported Adjustments As Corrected Discontinued Operations As Corrected, after Discontinued Operations Cost of sales $ 1,732,420 $ 16,379 $ 1,748,799 $ 348,161 $ 1,400,638 Gross profit 986,659 (16,379 ) 970,280 152,713 817,567 Selling, general and administrative expenses 1,030,355 878 1,031,233 135,088 896,145 Operating (loss) income (43,696 ) (17,257 ) (60,953 ) 17,625 (78,578 ) (Loss) Income before provision for income taxes (64,319 ) (17,257 ) (81,576 ) 16,682 (98,258 ) Provision for income taxes (15,686 ) (3,853 ) (19,539 ) 4,533 (24,072 ) Net (loss) income $ (48,633 ) $ (13,404 ) $ (62,037 ) $ 12,149 $ (74,186 ) Basic (loss) earnings per share $ (0.82 ) $ (0.23 ) $ (1.05 ) $ 0.20 $ (1.25 ) Diluted (loss) earnings per common share $ (0.82 ) $ (0.22 ) $ (1.04 ) $ 0.20 $ (1.24 ) Condensed Consolidated Statement of Operations October 7, 2023 Forty Weeks Ended (in thousands) As Previously Reported Adjustments As Corrected Discontinued Operations As Corrected, after Discontinued Operations Cost of sales $ 5,220,200 $ 29,877 $ 5,250,077 $ 1,095,887 $ 4,154,190 Gross profit 3,602,538 (29,877 ) 3,572,661 532,181 3,040,480 Selling, general and administrative expenses 3,407,445 2,272 3,409,717 450,479 2,959,238 Operating income (loss) 195,093 (32,149 ) 162,944 81,702 81,242 Income (loss) before provision for income taxes 124,894 (32,149 ) 92,745 81,219 11,526 Provision for income taxes 34,649 (6,766 ) 27,883 21,523 6,360 Net income (loss) $ 90,245 $ (25,383 ) $ 64,862 $ 59,696 $ 5,166 Basic earnings (loss) per share $ 1.52 $ (0.43 ) $ 1.09 $ 1.00 $ 0.09 Diluted earnings (loss) per common share $ 1.51 $ (0.42 ) $ 1.09 $ 1.00 $ 0.09 Condensed Consolidated Statement of Cash Flows Forty Weeks Ended October 7, 2023 (in thousands) As Previously Reported Adjustments As Corrected Discontinued Operations As Corrected, after Discontinued Operations Net income $ 90,245 $ (25,383 ) $ 64,862 $ 59,696 $ 5,166 Provision for deferred income taxes (33,059 ) 5,248 (27,811 ) — (27,811 ) Other, net 1,499 937 2,436 — 2,436 Net change in: Receivables, net (170,371 ) (9,519 ) (179,890 ) (18,261 ) (161,629 ) Inventories, net (41,025 ) 15,442 (25,583 ) 85,288 (110,871 ) Accounts payable (191,871 ) 28,500 (163,371 ) (86,035 ) (77,336 ) Accrued expenses 145,704 21,521 167,225 (3,892 ) 171,117 Other assets and liabilities, net (45,015 ) (38,316 ) (83,331 ) (11,624 ) (71,707 ) Net cash provided by (used in) operating activities 30,404 (1,570 ) 28,834 57,148 (28,314 ) Other, net (1) (4,073 ) (937 ) (5,010 ) — (5,010 ) Net cash provided by financing activities 204,984 (937 ) 204,047 Effect of exchange rate changes on cash (1,942 ) 10 (1,932 ) Net increase (decrease) in cash and cash equivalents 48,246 (2,497 ) 45,749 Cash and cash equivalents, beginning of period 269,282 1,523 270,805 50,670 220,135 Cash and cash equivalents, end of period $ 317,528 $ (974 ) $ 316,554 $ 7,750 $ 308,804 (1) The summary of corrections table above inadvertently omitted disclosure for proceeds from the issuance of common stock as follows: $3.0 million as previously reported, $0 adjustments and $3.0 million as corrected. Reconciliation of Non-GAAP Financial Measures The company's financial results include certain financial measures not derived in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Non-GAAP financial measures, including Adjusted Net income, Adjusted EPS, Adjusted SG&A Margin, and Adjusted Operating Income, should not be used as a substitute for GAAP financial measures, or considered in isolation, for the purpose of analyzing our operating performance, financial position or cash flows. The company has presented these non-GAAP financial measures as the company believes that the presentation of the financial results that exclude (1) transformation expenses under the company’s turnaround plan, (2) other significant costs and (3) nonrecurring tax expense are useful and indicative of the company's base operations because the expenses vary from period to period in terms of size, nature and significance. These measures assist in comparing the company’s current operating results with past periods and with the operational performance of other companies in the industry. The disclosure of these measures allows investors to evaluate the company’s performance using the same measures management uses in developing internal budgets and forecasts and in evaluating management’s compensation. Included below is a description of the expenses the company has determined are not normal, recurring cash operating expenses necessary to operate the company’s business and the rationale for why providing these measures is useful to investors as a supplement to the GAAP measures. Transformation Expenses — Costs incurred in connection with the company's turnaround plan and specific transformative activities related to asset optimization that the company does not view to be normal cash operating expenses. These expenses primarily include: Distribution network optimization — Costs primarily relating to the conversion of the stores and DCs to market hubs, including temporary labor, team member severance, long-lived asset write off charges and incremental depreciation, as a result of accelerating depreciation of long-lived assets over a shorter useful life as a result of the optimization plans. Third-party professional services — Costs relating to non-recurring services rendered by third-party vendors assisting with the turnaround initiatives. Other Expenses — Costs incurred by the company that are not viewed as normal cash operating expenses and vary from period to period in terms of size, nature, and significance, including but not limited to executive turnover and incremental costs associated with remediating the company's previously-disclosed material weaknesses in internal control over financial reporting. Nonrecurring Tax Expense — Income tax incurred by the company from the book to tax basis difference in the Worldpac Canada stock directly resulting from the sale of Worldpac. The following tables include reconciliations of this information to the most comparable GAAP measures: Reconciliation of Adjusted Net Income and Adjusted EPS: Twelve Weeks Ended Forty Weeks Ended (in thousands, except per share data) October 5, 2024 October 7, 2023 October 5, 2024 October 7, 2023 Net (loss) income from continuing operations (GAAP) $ (25,363 ) $ (74,186 ) $ 22,576 $ 5,166 Selling, general and administrative adjustments: Transformation expenses: Distribution network optimization 8,909 — 13,943 — Third-party professional services 3,582 50 5,301 320 Other charges: Executive turnover 87 3,799 1,561 5,360 Material weakness remediation 1,293 429 3,649 429 Other significant costs (1) 2,394 — 3,491 — Provision for income taxes on adjustments (2) (4,066 ) (1,070 ) (6,986 ) (1,527 ) Nonrecurring tax expense 10,000 — 10,000 — Adjusted net (loss) income (Non-GAAP) $ (3,164 ) $ (70,978 ) $ 53,535 $ 9,748 Diluted (loss) earnings per share from continuing operations (GAAP) $ (0.42 ) $ (1.24 ) $ 0.38 $ 0.09 Adjustments, net of tax 0.38 0.05 0.52 0.08 Adjusted EPS (Non-GAAP) $ (0.04 ) $ (1.19 ) $ 0.90 $ 0.17 (1) During the twelve and forty weeks ended October 5, 2024, the Company recorded expense of $2.4 million and $3.5 million for costs incurred following a cybersecurity incident that occurred over these periods. (2) The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate in effect for the respective non-GAAP adjustments. Reconciliation of Adjusted Selling, General and Administrative Expenses Twelve Weeks Ended Forty Weeks Ended (in thousands) October 5, 2024 October 7, 2023 October 5, 2024 October 7, 2023 SG&A (GAAP) $ 907,495 $ 896,145 $ 2,954,707 $ 2,959,238 SG&A adjustments 16,265 4,278 27,945 6,109 Adjusted SG&A (Non-GAAP) $ 891,230 $ 891,867 $ 2,926,762 $ 2,953,129 Reconciliation of Adjusted Operating Income: Twelve Weeks Ended Forty Weeks Ended (in thousands) October 5, 2024 October 7, 2023 October 5, 2024 October 7, 2023 Operating income (GAAP) $ 403 $ (78,578 ) $ 106,697 $ 81,242 SG&A adjustments 16,265 4,278 27,945 6,109 Adjusted operating income (Non-GAAP) $ 16,668 $ (74,300 ) $ 134,642 $ 87,351 NOTE: Adjusted SG&A, Adjusted SG&A as a percentage of Net sales, Adjusted operating income and Adjusted operating income margin (calculated by dividing Adjusted operating income by Net sales) are non-GAAP measures. Management believes these non-GAAP measures are important metrics in assessing the overall performance of the business and utilizes these metrics in its ongoing reporting. On that basis, management believes it is useful to provide these metrics to investors and prospective investors to evaluate the company’s operating performance across periods adjusting for these items (refer to the reconciliations of non-GAAP adjustments above). These non-GAAP measures might not be calculated in the same manner as, and thus might not be comparable to, similarly titled measures reported by other companies. Non-GAAP measures should not be used by investors or third parties as the sole basis for formulating investment decisions, as they may exclude a number of important cash and non-cash recurring items. Reconciliation of Free Cash Flow: (1) Forty Weeks Ended (in thousands) October 5, 2024 October 7, 2023 Cash flows provided by operating activities of continuing operations $ 81,019 $ (28,314 ) Purchases of property and equipment (129,714 ) (174,186 ) Free cash flow $ (48,695 ) $ (202,500 ) Adjusted Debt to Adjusted EBITDAR: (1) Four Quarters Ended (In thousands, except adjusted debt to adjusted EBITDAR ratio) October 5, 2024 December 30, 2023 Total GAAP debt $ 1,788,513 $ 1,786,361 Add: Operating lease liabilities 2,711,578 2,660,827 Adjusted debt $ 4,500,091 $ 4,447,188 GAAP Net income $ 50,819 $ 29,735 Depreciation and amortization 309,566 306,454 Interest expense 80,559 88,055 Other expense, net (16,174 ) (5,525 ) Provision for income taxes 23,843 2,112 Rent expense 638,232 613,859 Share-based compensation 46,557 45,647 Other charges (2) 40,091 12,419 Transformation related charges 27,131 29,719 Adjusted EBITDAR $ 1,200,624 $ 1,122,475 Adjusted Debt to Adjusted EBITDAR 3.7 4.0 (1) The four quarters ended October 5, 2024, includes the correction of non-material errors the company discovered in previously reported results. (2) The adjustments to the four quarters ended October 5, 2024, and December 30, 2023, include expenses associated with the company's material weakness remediation efforts and executive turnover. NOTE: Management believes its Adjusted Debt to Adjusted EBITDAR ratio (“leverage ratio”) is a key financial metric for debt securities, as reviewed by rating agencies, and believes its debt levels are best analyzed using this measure. The company’s goal is to maintain an investment grade rating. The company's credit rating directly impacts the interest rates on borrowings under its existing credit facility and could impact the company's ability to obtain additional funding. If the company was unable to maintain its investment grade rating, this could negatively impact future performance and limit growth opportunities. Similar measures are utilized in the calculation of the financial covenants and ratios contained in the company's financing arrangements. The leverage ratio calculated by the company is a non-GAAP measure and should not be considered a substitute for debt to net earnings, as determined in accordance with GAAP. The company adjusts the calculation to remove rent expense and to add back the company’s existing operating lease liabilities related to their right-of-use assets to provide a more meaningful comparison with the company’s peers and to account for differences in debt structures and leasing arrangements. The company’s calculation of its leverage ratio may not be calculated in the same manner as other companies, and thus may not be comparable to similarly titled measures used by other companies. Store Information During the forty weeks ended October 5, 2024, 23 stores were opened and 29 were closed, resulting in a total of 4,781 stores as of October 5, 2024, compared with a total of 4,786 stores as of December 30, 2023. The below table summarizes the changes in the number of company-operated stores during the twelve and forty weeks ended October 5, 2024: Twelve Weeks Ended AAP CARQUEST Total July 15, 2024 4,484 292 4,776 New 9 — 9 Closed (2 ) (2 ) (4 ) Converted 1 (1 ) — October 5, 2024 4,492 289 4,781 Forty Weeks Ended AAP CARQUEST Total December 30, 2023 4,484 302 4,786 New 23 — 23 Closed (17 ) (12 ) (29 ) Converted 2 (1 ) 1 October 5, 2024 4,492 289 4,781 View the full article

When it comes to keeping your vehicle running smoothly and efficiently, investing in the right auto parts is crucial. Whether you're a car enthusiast, a professional mechanic, or simply a vehicle owner who takes pride in proper maintenance, the quality of your parts can make all the difference. At Clifford Auto Parts, we understand the importance of using high-quality automotive components, and that's why we're committed to providing the best products and services to our customers. The Importance of Using High-Quality Auto Parts Imagine this: You're driving down the highway, and suddenly your car begins to sputter and lose power. More often than not, this is caused by failing or low-quality parts that just couldn't handle the wear and tear. By choosing high-quality, durable parts, you’re not just maintaining your vehicle; you’re investing in its performance and longevity. Here’s why using premium auto parts is essential: ✓ Improved Fuel Efficiency: High-quality Engine Control Modules (ECMs) and Powertrain Control Modules (PCMs) ensure that your engine operates at optimal levels, helping to maintain fuel efficiency and reduce emissions. ✓ Extended Vehicle Lifespan: Investing in quality parts reduces the risk of sudden breakdowns and costly repairs. Regularly replacing worn-out components with durable ones can extend the life of your vehicle. ✓ Enhanced Safety: Faulty parts can compromise the safety of your vehicle. By using reliable components from trusted suppliers like Clifford Auto Parts, you ensure your car remains safe on the road. Why Choose Clifford Auto Parts? At Clifford Auto Parts, we specialize in providing a wide range of automotive components, including: Engine Control Modules (ECMs) Powertrain Control Modules (PCMs) Transmission Control Modules (TCMs) We cater to major brands like Chevrolet, Dodge, Ford, GMC, and Chrysler, and many more. ensuring that you get the exact parts you need for your vehicle. Here’s what sets us apart: 1. Uncompromised Quality We understand that your vehicle deserves the best. All of our parts are rigorously tested to meet or exceed OEM standards. When you purchase from Clifford Auto Parts, you’re not just buying a product; you’re investing in quality that you can trust. 2. Fast & Free Shipping Across the U.S. We know how important it is to get your car back on the road quickly. That’s why we offer fast, reliable shipping throughout the United States, free of charge. Order today, and we’ll have your parts at your doorstep in no time. 3. Lifetime Warranty on All Parts We stand behind the quality of our products, which is why we offer a lifetime warranty on all parts. If something goes wrong, we’ve got you covered. 4. Dedicated Customer Support Not sure which part you need? Our experienced team is here to assist you. Whether you have questions about compatibility or need help troubleshooting an issue, we’re just a call away. Top-Selling Products at Clifford Auto Parts Here’s a look at some of our best-selling products: 🚗 Chevrolet Engine Control Modules (ECM) Ensure your Chevy runs smoothly with our top-rated ECMs, designed to optimize engine performance and fuel efficiency. 🚚 Dodge Powertrain Control Modules (PCM) Experience smooth gear shifts and improved performance with our Dodge PCMs, specifically designed to enhance the driving experience. 🚙 Ford Transmission Control Modules (TCM) Our Ford TCMs are engineered to provide precise control over your vehicle’s transmission, ensuring reliability and longevity. Customer Testimonials "Clifford Auto Parts has been a game-changer for me. The lifetime warranty and free shipping made it an easy decision to choose them over other suppliers. My car's performance has never been better!" – David S., New York "I was impressed by the fast shipping and the quality of the parts I received. The customer support team was very helpful in guiding me to the right ECM for my Dodge Ram." – Sarah P., California Join the Clifford Auto Parts Community Are you tired of dealing with subpar auto parts that leave you stranded on the side of the road? It's time to make the switch to Clifford Auto Parts. Our parts are designed to keep your vehicle performing at its best, ensuring you get the most out of every drive. Visit our website today at www.cliffordautoparts.com to browse our full range of automotive components. Engage with Us We’re always here to help and love connecting with automotive enthusiasts. If you have any questions or need advice on choosing the right parts for your vehicle, don’t hesitate to reach out to us. Let's keep your car running smoothly! 🔧 Clifford Auto Parts – Driving quality, performance, and satisfaction.

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Federated Auto Parts has announced the start of its annual Facebook diecast contest. Now through Dec. 5, fans can enter for a chance to win an exclusive limited-edition Federated diecast collectible. Five winners will be announced each Friday on the Federated Facebook pages beginning Nov. 15, with the final winners announced Dec. 13. “The Federated diecast contest is a way to express our gratitude to loyal Federated Facebook followers and give some lucky winners a little extra holiday cheer,” said John Marcum, director of marketing at Federated Auto Parts. “We know the contest winners will enjoy these unique Federated diecast vehicles. They make for a special gift for collectors, a fantastic stocking stuffer or even an ideal present for yourself.” Those interested in entering the contest can visit Federated Auto Parts and Federated Car Care on Facebook and click on the mobile link in the first post to fill in the entry form. Extra entries can be earned by sharing the contest with Facebook friends. The post Federated Diecast Contest Begins on Facebook appeared first on Counterman Magazine. View the full article

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Hi everyone, I have a 2019 Silverado 5.3L, and I've been looking up spark plug wires on RockAuto. I found two part numbers listed: 1. Part number 12716289, which is said to fit 2014-2024 Silverado 1500. 2. Part number 9241829A, which is said to fit 2000-2022 Silverado 1500. Since these two parts overlap for the years 2014-2022, does this mean that the spark plug wires for Silverado 1500 models from 2000-2024 are interchangeable? Additionally, I searched on Amazon and found that these part numbers seem to be the same as 19431551 and 9748HH. I appreciate any insights or experiences you might have with these part numbers. Thanks!

Auto-Wares announced the hiring of James Bannister as the company’s new director of training. The company said he will lead training efforts and focus on empowering employees and customers through comprehensive learning and development programs. Auto-Wares added Bannister’s role is essential in ensuring its teams across stores, warehouses, and corporate functions have the skills, knowledge, and tools needed to meet Auto-Wares’ strategic goals. According to the company, Bannister brings over 20 years of experience in leadership and process optimization. His career spans roles in operations and training. Auto-Wares added that he’s known for crafting innovative training programs that drive growth and develop teams across industries, including Fortune 500 companies. After starting his career as a technician and achieving ASE Master Certification, Bannister has also worked as a technical product specialist, shop foreman and operations manager. Auto-Wares emphasized he has consistently demonstrated his ability to lead, mentor and develop impactful training programs, backed by his Automotive Technology degree from Lincoln Technical Institute. The post Auto-Wares Announces New Director of Training appeared first on Counterman Magazine. View the full article

Dayco, a supplier of engine products and drive systems for the automotive, industrial and aftermarket industries, is expanding its timing chain kit line with 41 part numbers to cover another 49 million vehicles in operation (VIO). Additionally, the company is introducing the next generation of its AutoPartIQ inventory assessment tool—with new features for a more productive customer experience. New Parts Bring Timing Chain Kit Coverage to 120+ Million Dayco’s aftermarket team launched the line in 2022 due to the car parc shift from timing belts to timing chains at the OE level. The timing chain kits, which feature OE-quality components, cover high-volume light-duty engine applications. They include all the necessary components for a thorough and complete repair, building on Dayco’s mission of recommending system replacement as a best practice. Dayco says the kits include: Timing and secondary chains that prevent stretch for the life of the kit – and address the no. 1 replacement issue; Precision-machined cam and crank sprockets for quiet, noise-free performance; Direct fit OE-quality, high-grade plastic guides, as well as VVT solenoids and cam phasers when the application calls for it; and Packaging that features a QR code that links directly to detailed installation instructions. Dayco backs its entire timing chain kit line with an industry-leading two year or 60,000 mile (96,000 kilometer) parts and labor warranty, whichever occurs first, giving technicians confidence in what they’re installing. Three of the new part numbers are already available, and the remaining 38 are scheduled for Q1 or Q2 2025. “We entered the timing chain kit market to meet the needs of our customers. The line continues to grow with sales increasing year over year and we are supporting our high-quality product line with important investments in warranty and training material,” said Tom Tecklenburg, Vice President, Aftermarket, Dayco North America. “We encourage our customers as well as shop owners to reach out to our tech team to schedule virtual training and to learn more about this line if they aren’t already stocking it.” The post Dayco Expands Timing Chain Kit Line appeared first on Counterman Magazine. View the full article

Mevotech announced the introduction of its TTX Brakes, which it said is a premium lineup of purpose-designed brake pads for the commercial vehicle segment features five customized formulations, including CeraPhite and SuperMet. “Each design offers advanced friction technology to deliver a premier level of performance matched to vehicle usage,” the company said. The program will be available in early 2025 to meet the automotive needs of the underserved commercial and fleet market, and is on display at AAPEX, at the Mevotech booth #A3038. “We’re excited to launch the TTX Brakes category, showcasing our commitment to the design and development of products customized for the individual needs of high-usage commercial vehicles and working trucks. As a brand, it’s an important milestone in expanding our TTX product category that has become synonymous with extreme strength and durability for a market segment that relies on optimal performance without compromise,” said Todd Hack, EVP sales and marketing, Mevotech. Mevotech said all TTX Brake pads come with a comprehensive installation kit to facilitate a more seamless install that saves up to 30 minutes. Installation boxes include caliper mounting hardware. The post Mevotech Launches TTX Brakes Line appeared first on Counterman Magazine. View the full article

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