These Analysts Cut Their Forecasts On CarParts.com Following Q2 Loss

Author: Avi Kapoor | July 31, 2024 02:07pm

CarParts.com, Inc. (NASDAQ:PRTS) reported a loss for the second quarter on Tuesday.

CarParts.com (NASDAQ:PRTS) reported a quarterly loss of 15 cents per share, compared to market expectations for a loss of 10 cents per share. The company reported quarterly sales of $144.270 million which missed the analyst consensus estimate of $155.717 million.

“Last quarter we discussed our emphasis on financial discipline and profitability by focusing on driving gross and net margins, accelerating efficiency and effectiveness to quickly deliver improved profitability; and achieving sustainable growth with strong long-term free cash flow…In the second quarter, we made significant progress on gross margin and efficiencies, which reinforces our confidence that we’re on the right track. We are confident in our roadmap and our opportunity as a leading online retailer in a highly fragmented $400 billion automotive aftermarket market,” said David Meniane, CEO.

CarParts.com shares fell 13.8% to trade at $1.0350 on Wednesday.

These analysts made changes to their price targets on Benchmark following earnings announcement.

• RBC Capital analyst Steven Shemesh downgraded CarParts.com from Outperform to Sector Perform and lowered the price target from $2 to $1.3.
• Lake Street analyst Ryan Meyers maintained CarParts.com with a Buy and lowered the price target from $3 to $2.

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Posted In: PRTS