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By AutoZone
MEMPHIS, Tenn. , Aug. 28, 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 fourth quarter ended Saturday, August 31, 2024 , before market open on Tuesday,
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By Counterman
The
link hidden, please login to view is calling on its members and the wider auto care community to take immediate action in the fight for the right to repair with the launch of the “#RighttoRepair, RIGHT NOW” challenge. The initiative encourages every member to send a new letter to their legislator, demanding swift action on Right to Repair legislation. The challenge is designed to amplify the voices of consumers and industry professionals alike, ensuring that their message reaches the halls of Congress. As part of the challenge, participants are asked not only to urge their legislators to pass H.R. 906, “The REPAIR Act,” but also to spread the word by tagging three colleagues, friends or industry peers on social media, urging them to do the same.
Here’s how to participate in the #RighttoRepair, RIGHT NOW challenge in three steps:
Send a New Letter: Visit repairact.com to send our updated letter to your legislator. Take a Selfie: Take a selfie featuring a message that you took action. Post about your action on social media, using the hashtag #RighttoRepair. Tag More People: Challenge three others to do the same by tagging them directly in your post. “As summer comes to a close and Congress picks back up from its August recess, it is now a critical moment for us to make as much noise as possible on the right to repair issue to capture the attention of our elected officials,” said Bill Hanvey, president and CEO,
link hidden, please login to view. “We want to make sure Congress knows how important right to repair is to the American people, and one of the best ways to capture their attention is through grassroots efforts like the ‘#RighttoRepair, RIGHT NOW’ challenge. In the shadow of an election that is less than 100 days away, I ask that all members of our industry partake in this social media campaign with us to keep this fight for the right to repair alive on Capitol Hill.” The Auto Care Association provides all the resources necessary to participate in this campaign, including letter templates, legislator contact information, and
link hidden, please login to view. You can get started by visiting link hidden, please login to view today and sending a new letter. The post
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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 second quarter ended July 13, 2024.
“Our team delivered positive comparable sales growth while navigating a challenging demand environment during the second quarter. I would like to thank the team for their hard work and dedication to serving our customers,” said Shane O’Kelly, president and chief executive officer. “We continue to make progress on our decisive actions with an increased focus on the Advance blended box. This morning, we announced the sale of Worldpac for $1.5 billion. This transaction is a critical milestone in our turnaround as it enables us to strengthen our balance sheet and streamline our focus. The next chapter of our strategic and operational review will now focus on the remaining Advance business, with the goal of improving our sales trajectory and the productivity of all our assets to deliver stronger returns for our shareholders.”
Second Quarter 2024 Results (1,2)
Second quarter 2024 net sales totaled $2.7 billion, which was flat compared with the second quarter of the prior year. Comparable store sales increased 0.4%.
The company's gross profit decreased 2.3% to $1.1 billion. Gross profit margin was 41.5% compared with 42.5% in the second quarter of the prior year. This was primarily due to the company's strategic pricing investments and higher product costs.
SG&A expenses were $1.0 billion, or 38.9% of net sales compared with 37.8% in the second quarter of 2023. This increase was primarily due to wage investments in frontline team members and an increase in professional fees, including costs associated with the implementation of the company's strategic plan and the remediation of the company’s previously-disclosed material weaknesses. This was partially offset by a reduction in marketing expenses.
The company's operating income was $71.8 million, or 2.7% of net sales compared with 4.7% in the second quarter of 2023.
The company's effective tax rate was 27.5%, compared with 26.4% in the second quarter of 2023. The company's diluted EPS was $0.75, compared with $1.32 in the second quarter of 2023.
Net cash provided by operating activities was $87.8 million through the second quarter of 2024 versus $167.1 million of cash used in operating activities in the same period of the prior year. Free cash flow through the second quarter of 2024 was an outflow of $4.6 million compared with an outflow of $312.0 million in the same period of the prior year.
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By Counterman
link hidden, please login to view, reveals 109 parts in its third quarter announcement, covering nearly 900,000 vehicles in operation (VIO) across the United States and Canada. “Delphi remains committed to delivering the parts that fit the needs of the market environment,” said Russ Stebbins, vice president and general manager (VPGM) of North America Aftermarket. “Our team is already hard at work for our next parts launch later this year. We’ll have plenty of new parts to showcase in the coming months.”
link hidden, please login to view Fuel Management line adds one new fuel pump module assembly, covering more than 500,000 VIO. Sparta, Delphi’s specialty fuel line for earlier model and high-mileage vehicles, introduced five new part numbers. These parts include two electric fuel pumps and three fuel pump module assemblies fitting a variety of applications, the company said.
The Steering and Suspension line introduced 72 new part numbers, mostly consisting of various alignment parts, tie rod ends, and control arm and ball joint assemblies. The 72 part numbers announced, which consist of 14 unique part types, represent more than 163 million VIO.
Thirty-one part numbers debuted for the Vehicle Electronics line, mainly made up of ABS wheel speed sensors, ignition knock (detonation) sensors, and vehicle speed sensors. The eight part types announced cover more than 58.7 million VIO, according to Delphi.
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