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Wood Scores First Top-Five Finish of Season at Sonoma
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By NAPA
Chase Elliott and the No. 9 link hidden, please login to view team qualified fourth for Sunday’s NASCAR Cup Series race at Sonoma Raceway, leading the Hendrick Motorsports contingent. The 28-year-old driver finished stage one in fourth and followed that up with a 31st-place result in stage two after short pitting. In the final stage, Elliott took over the lead on lap 81 during the pit cycle prior to visiting pit road on lap 84 for four tires and fuel. Rejoining the race in the 12th position, he battled back to fourth before the checkered flag waved. The Dawsonville, Georgia, native advanced to second in the driver points standings and is now just 14 markers behind the leader. Chase Elliott and the No. 9 NAPA Gold Filters team qualified fourth for Sunday’s NASCAR Cup Series race at Sonoma Raceway, leading Hendrick Motorsports’ four-car contingent. Elliott’s No. 9 NAPA Gold Filters Chevrolet Camaro ZL1 showed speed from the drop of the green flag. He maintained his fourth-place running position in the opening laps. When the caution flag was displayed on lap three, Elliott relayed to crew chief Alan Gustafson that the NAPA Gold Filters Chevy’s handling wasn’t bad. Opting to restart from the outside lane in the third row, the 28-year-old driver retook the fourth position on lap seven and remained there until the yellow flag waved again on lap 16. Staying out under the caution, he restarted from third on lap 19 and was scored in fourth when another incident brought out the caution the very same lap. The No. 9 team opted not to pit, and Elliott took the green flag from the second row on lap 23. With the remainder of the stage going caution-free, the 2020 Cup Series champion took the green-and-white checkered flag in the fourth position at the conclusion of lap 25.
Elliott remained on the track during the stage break, lining up third to start the second segment of the race on lap 30. After initially holding onto the third position, Elliott got loose and slipped to fourth before the caution came out on lap 32. Once again, the team opted not to pit under the yellow. This time, Elliott chose the outside lane for the lap-35 restart. He was scored fifth when another incident slowed the race just one lap later. Staying out, Elliott lined up fifth on lap 40. A chaotic restart triggered another caution, with the driver of the No. 9 Chevy being scored seventh at the time of the yellow flag. As part of the team’s strategy, Elliott again did not visit pit road. He restarted seventh on lap 43 and improved to sixth before coming to pit road under the green flag on lap 51 for four tires and fuel. He re-entered the track and laid down the fastest lap of the race before ending stage two in the 31st position on lap 55.
“I feel like my balance is pretty good here. Just have to put it together,” was the report from Elliott under the stage-ending caution. He took the green flag for the final stage from the 25th position on lap 60 and improved to 15th before teams began making their final pit stops of the race on lap 68. Elliott remained on the track and took over the lead on lap 81. Just three laps later, Gustafson called his driver to pit road for four fresh tires and fuel. Elliott rejoined the race in the 12th position and re-entered the top 10 with 23 laps to go. He continued to press forward and was up to seventh with four laps remaining. He gained three more positions to earn a fourth-place result when the checkered flag waved.
The result was Elliott’s fourth top-five finish at Sonoma in the Cup Series and his sixth top-five of the 2024 season. A strong points day moved Elliott up to second in the driver points standings, just 14 markers behind the leader.
“It was a normal road course race,” Elliott said. “I felt like we were on the right strategy, I just lost too much time there early in the race. I fell back a few rows and felt like our group that we were racing against were who we were probably going to be racing for the win. Fell behind there early; lost a couple of rows and just never could get it back. I’m not sure I had the pace Kyle (Larson, race winner) had, but thought we were a solid top-three to five car and that’s where we finished. We’ll try again next week.”
Start / Finish: 4 / 4
Points Standing / Total: 2nd / 547 pts. (-14)
Next Race: Sunday, June 16, Iowa Speedway
How to Watch or Listen: USA, MRN or SiriusXM
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By NAPA
Chase Elliott and the No. 9 link hidden, please login to view team qualified 17th for Sunday’s NASCAR Cup Series race at WWT Raceway. The 28-year-old driver advanced to 10th to end the first stage before finishing the second stage in the fourth position. During the final stage, pit strategy came into play. After pitting for right-side tires and fuel on lap 208, Elliott took the checkered flag to earn a 13th-place finish. The Dawsonville, Georgia, native advanced to third in the driver points standings, just 27 markers behind the leader. Chase Elliott and the No. 9 NAPA Auto Parts team qualified 17th for Sunday’s NASCAR Cup Series race at WWT Raceway. The 28-year-old driver’s No. 9 NAPA Auto Parts Chevrolet Camaro ZL1 showed speed from the drop of the green flag. At a track that was difficult to pass on, Elliott advanced to 15th by lap two and was scored 16th when the first caution of the race came out on lap three. Staying out, Elliott restarted from the 16th position and improved to 14th before another yellow flag waved on lap 17. The Dawsonville, Georgia, native radioed to crew chief Alan Gustafson that the No. 9 NAPA Chevy had “a little more build to the right rear than I’d like to have.” The team ultimately made the call not to pit and Elliott lined up 13th for the lap-23 restart. From there, he pressed forward and entered the top 10 for the first time of the race on lap 26. He remained there until the green-and-white checkered flag waved to end the first stage on lap 45.
Under the stage-ending caution, Elliott relayed that he didn’t think the No. 9 NAPA Chevy was in a bad place. Gustafson called his driver to pit road for four tires, fuel and an air-pressure adjustment. With some teams opting not to pit and others pitting for only two tires, Elliott took the green for stage two from the 17th position on lap 55. During a chaotic opening lap, the 2020 Cup Series champion was battling four-wide for position when the NAPA Chevrolet was forced up into the wall. Elliott was able to stay out on the track but reported that the contact knocked the toe out. Still, he continued to advance his position, moving into the top 10 on lap 56 and improving to sixth by lap 72. As a long green-flag run ensued, pit stops got under way on lap 91 with Elliott pitting from the third position on lap 96. Gustafson made the call for right-side tires and fuel. Elliott re-entered the track in the 24th position and improved to 15th before a caution slowed the race at lap 112. Opting not to pit under the yellow, Elliott restarted from the second position on lap 120. He continued to race in the runner-up spot until the closing laps of the stage when cars on fresher tires caught up to him. The Hendrick Motorsports driver held his own and remained inside the top-five running order to finish stage two in the fourth position on lap 140.
Elliott brought the NAPA Chevrolet to the attention of his crew for four tires and fuel during the stage break. With teams on varying pit strategies, the driver of the No. 9 lined up 14th to start the final stage on lap 149. Elliott continued to battle inside the top 20 and was scored 13th when the first of the teams started making pit stops on lap 174. Having pitted more recently than some of the field, Elliott remained on the track and reported to his team that the NAPA Chevrolet was “tighter with the front end and loose with the back.” Gustafson called Elliott to pit road from the second position on lap 208 for right-side tires and fuel. He was running in 12th once the pit cycle was completed on lap 225. When the checkered flag waved on lap 240, Elliott crossed the line to finish 13th.
Elliott improved one position in the driver points standings and is now third, only 27 markers behind the leader.
Start / Finish: 17 / 13
Points Standing / Total: 3rd / 507 pts. (-27)
Next Race: Sunday, June 9, Sonoma Raceway
How to Watch or Listen: 3:30 p.m. ET on FOX, PRN or SiriusXM
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By NAPA
Christian Eckes finished second on Saturday afternoon for the third-straight season at World Wide Technology Raceway. The driver of the No. 19 Gates Hydraulics Chevrolet Silverado RST led for the 12th-straight race this season and delivered a 53-point performance, tied for the most of all drivers in the field. Eckes now holds a 31-point advantage in the NASCAR CRAFTSMAN Truck Series (NCTS) standings after 12 races with four remaining in the regular season.
Eckes was near the front of the field for the entire weekend in St. Louis. On Friday afternoon, he posted the second-quickest lap in practice and qualified second. After cloudy and rainy skies gave way to bright sunshine on Saturday afternoon, Eckes fired off in the second position and threatened for the lead. A restart on lap 16 gave him the opportunity to briefly claim the race lead in the 12th event this season. While he battled a tight handling condition, Eckes maintained the second position for the balance of Stage 1 to earn nine points on lap 35.
Crew chief Charles Denike elected to put four tires on Eckes’ Gates Hydraulics Chevrolet during the stage caution as varying strategies developed. Eckes restarted 12th on lap 42, but swiftly made his way back towards the front. He restarted eighth on lap 55 after a quick yellow and immediately rejoined the top five on lap 56. The balance on his Chevrolet was improved but a tight condition still lingered. He took the third spot on lap 64 and reclaimed second on lap 67. He collected another nine points at the end of Stage 2 on lap 70.
During the second stage caution, Eckes took another set of fresh tires, but an issue on the left front relegated him to restart 12th on lap 78. Despite the setback, Eckes locked in and drove forward yet again to blitz his way back into the top five on lap 91. A long green flag run set up a cycle of green flag pit stops beginning at lap 118. Eckes pitted for the final time on lap 122 under green for four tires and a minor adjustment. He narrowly unlapped himself before the race’s final caution flew on lap 130. Eckes cycled to third for the event’s final restart on lap 137. He seized control of a podium position on the restart and moved into second on lap 150. Eckes began to reel in the leader in the waning laps but took the checkered flag in second position for his sixth top-five finish of the season.
“The whole weekend was second,” Eckes said. “We practiced in second. We qualified second. Second in both stages and second in the race. Consistent on that, but just definitely let one slip there. I felt like we should have won that race and felt like we had the best truck, but just got behind on track position and never could get it back up. Just super hard to pass and here we are running second. Can’t thank Gates Hydraulics, NAPA, Chevrolet, and everybody enough, and Sparks Tire & Auto.”
Start / Finish: 2 / 2
Points Standing / Total: 1st / 506 pts. (+31)
Next Race: Friday, June 28, Nashville Superspeedway
How to Watch or Listen: FS2, MRN or SiriusXM
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By NAPA
Jack Wood drove to a 12th-place finish at Portland International Raceway after a hail-mary pass for the lead on the final restart went awry and he ran off the track. Wood qualified the No. 16
link hidden, please login to view Chevrolet SS in the fourth position, then quickly overtook the third-place position, where he remained for most of the ARCA Menards West Series race on Friday afternoon. During the halfway stage break, Wood visited pit road for fuel and service from crew chief Kevin Bellicourt and his crew. Following the break, Wood maintained his third-place position, fending off challenges from several different drivers on the 1.98-mile course.
On the final restart, Wood launched himself from the second row, passing both the second- and first-place competitors, but miscalculated, and was unable to maintain the lead, sliding off-track. He was able to keep his Chevrolet SS undamaged and continued as the last vehicle on the lead lap. In the final five laps, Wood was able to improve his position from 15th to 12th, where he finished the 57-lap race.
“Our NAPA Auto Care Chevrolet ran up front all day,” Wood said. “Proud of the speed that we had and all the work these BMR guys put into our car. We definitely should have run in the top three, but just got into the corner too deep on that last restart and it got away. It’s a shame to not get the finish we should have, but we’ll go to Sonoma and try to have the same speed there next week.”
Start / Finish: 4 / 12
Points Standing / Total: 4th / 101 pts. (-16)
Next Race: Friday, June 7, Sonoma Raceway
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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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