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Reif Finishes 12th at Phoenix in First Start for BMR
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By AutoZone
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,
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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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