Shares of CarParts.com, Inc. (NASDAQ: PRTS) jumped over 5% during the extended trading session on January 6, after the company reported robust preliminary revenues for the fourth quarter and full-year 2021.
CarParts.com is a U.S.-based online provider of automotive parts and accessories, including collision parts, engine parts, and performance parts and accessories.
Record Q4 and FY2021 Revenue
Ahead of its upcoming earnings for the fourth quarter and full-year results on March 7, 2022, the company stated that its revenues continue on its growth trajectory for the eighth consecutive quarter.
The company stated that the fourth quarter ending January 1, 2022, included 13 weeks compared to 14 weeks in the prior-year quarter. Likewise, the fiscal year ended January 1, 2022, included 52 weeks versus 53 weeks in the prior year.
For the full year 2021, CarParts.com expects revenue to grow 31% year-over-year to nearly $582 million. The growth is 33% when excluding an extra week in 2020.
For Q4, revenues are expected to grow 15% year-over-year to $138 million. Excluding an extra week in 2020, the growth is 23%.
Management Commentary
CarParts.com CEO, Lev Peker, commented, “By executing on our strategy of Right Part, Right Place, Right Time, we were able to deliver our 8th consecutive quarter of year over year growth”.
He further added, “As we look towards the remainder of 2022, we are excited about opening two new distribution facilities and feel confident in our ability to drive continued revenue growth.”
Wall Street’s Take
Following the preliminary results, Roth Capital analyst Darren Aftahi reiterated a Buy rating on the stock with a price target of $18 (61.9% upside potential).
The Wall Street community is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 2 Buys. The average CarParts.com stock forecast of $19 implies 65.5% upside potential to current levels.
Bloggers Weigh In
TipRanks data shows that financial blogger opinions are 100% Bullish on PRTS stock, compared to a sector average of 73%.
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