Parts iD reports Q3 EPS (18c), consensus (8c)

Reports Q3 revenue $79.9M, consensus $85.6M. "Despite the challenging operating environment that includes supply chain constraints, high inflation, rising interest rates and softening consumer demand for discretionary goods, we preserved margins and liquidity and achieved positive adjusted EBITDA," said Nino Ciappina, CEO. "With our top-line under pressure, we have taken several cost savings actions including rightsizing headcount, further optimizing advertising spend, and reducing corporate overheard, which helped deliver a slight improvement in third quarter adjusted EBITDA compared with a year ago despite a 22% reduction in net revenue. More recently, we negotiated an improved shipping contract that is projected to yield a 15% net reduction in outbound shipping costs and secured a $5 million term loan to preserve liquidity. Looking ahead, in the short term, until the macroeconomic factors improve, we remain focused on improving our liquidity and profitability by optimizing our margins, expenses and investments."