Advance Auto Parts, an automotive aftermarket parts distributor in North America, announced that for the first quarter ended April 22, 2023, its net sales stood at $3.4 billion, up 1.3% compared with the first quarter of the prior year, primarily driven by new store openings, according to a press release dated May 31. The company's operating income was $90.0 million or 2.6% of net sales, compared with 6.0% in the first quarter of 2022, the release added. Significance: Commenting on the res...

US-based retailer of aftermarket automotive parts and accessories AutoZone has reported net sales of $4.1 billion for its third quarter ended May 6, 2023, an increase of 5.8% from the third quarter of fiscal 2022, according to a press release dated May 23. Domestic same-store sales, or sales for stores open at least one year, increased 1.9% for the quarter, the company said. Net income for the quarter increased 9.3% over the same period last year to $647.7 million, the company said. Signif...

XPEL, a US-based provider of aftermarket automotive products, including automotive surface and paint protection, ceramic coatings, headlight protection and automotive window films, has announced that for the quarter ended March 2023, the company’s revenues increased 19.5% to $85.8 million, according to a press release dated May 9. Net income grew 46.5% to $11.4 million, or $0.41 per share, compared to $7.8 million, or $0.28 per share, in the same quarter of 2022, the release added...

Holley Inc. (Holley), a US-based manufacturer of high-performance aftermarket products for car and truck enthusiasts, announced results for the first quarter ended April 2, 2023, according to a press release dated May 11. The company said its net sales decreased 13.9% year over year to $172.2 million and gross profit decreased 18.1% year over year to $67.7 million compared to the prior year's first quarter. The company’s net income stood at $4.3 million, or $0.04 per diluted share...

Global automotive supplier of electric mobility and powertrain components Vitesco Technologies announced that sales for the first quarter of 2023 came in at €2.31 billion, up 2.5% over €2.26 billion in the same quarter last year, according to a press release dated May 12. The company said its focus on the electrification business was again strengthened in January when it reorganized its four business units into two new divisions: Powertrain Solutions and Electrification Solutions. Th...

Valvoline Inc. (Valvoline), specializing in preventive automotive maintenance, reported financial results for its second fiscal quarter ended March 31, 2023, as per a press release May 10. Sales from continuing operations of $344.5 million grew 16% and 19% on an adjusted basis, while system-wide same store sales (SSS) increased 13.5%. Reported income from continuing operations of $32.9 million grew 43% and adjusted EBITDA of $87.1 million increased 26%. Valvoline completed the sale of it...

Continental AG (Continental) started 2023 with solid results, in line with its expectations, with consolidated sales of $11.3 billion (first quarter of 2022: $10.2 billion, up 11.1%), the company announced in a press release May 10. The technology company anticipates a further improvement in earnings over the course of the year, in particular due to rising production figures for passenger cars and light commercial vehicles, inflation-related price adjustments and cost discipl...

American Axle & Manufacturing Holdings Inc. (AAM), has reported a loss in its financial results for the first quarter of 2023, as reported in a press release May 5. "AAM's financial performance in the first quarter reflects customer production shutdowns and continued supply chain volatility. That stated, we are managing what we can control,” said AAM’s Chairman and CEO, David C. Dauch. “Our cutting-edge electric propulsion technology and our heritage in beam axles continue to p...

Global automotive and industrial supplier Schaeffler AG (Schaeffler Group) has published its figures for the first three months of 2023, as reported in a press release dated May 9. In the reporting period, sales amounted to $4,549 million (previous year: $4,118 million). This corresponds to an increase in sales of 10.4%, to which all divisions and regions contributed. The Automotive Technologies, Automotive Aftermarket and Industrial divisions increased their sales by 6%, 25.7% and 13.4% resp...

The board of directors of Apollo Tyres Ltd. (Apollo Tyres) approved the company’s audited financial results for the fourth quarter (January to March) and the financial year 2022–23. Consolidated revenues from operations across geographies for the fourth quarter grew 12% to close at $761 million, whereas for the full year of financial year 2023, it grew more than 17% to close at $2,992 million. Both Indian Operations' and European Operations’ revenue grew 9% each, in the f...

Net sales were $4,180 million for the first quarter of 2023, an increase of 8% compared with $3,874 million for the first quarter of 2022, as reported in a company press release May 4. Net earnings for the first quarter of 2023 were $217 million, or $0.93 per diluted share, compared with net earnings of $200 million, or $0.84 per diluted share, for the first quarter of 2022. Adjusted net earnings per diluted share for the first quarter of 2023 were $1.09, up from adjusted net earnings per ...

DENSO, a leading mobility supplier, announced global financial results for its fiscal year ending March 31, 2023, according to a company press release on April 27. Revenue for the fiscal year ending March 21, 2023, totaled $59.5 billion. In Japan, revenue increased to ¥3,705.8 billion (about $27.8 billion), up 5.4% from the previous year, and operating profit was ¥215.6 billion, a 14.1% rise from the previous year. In North America, revenue increased to ¥1,504.1 billio...

Driven Brands Holdings Inc. reported financial results for the first quarter ended April 1, 2023, according to a press release on May 3. For the first quarter, Driven Brands delivered revenue of $562.5 million, up 20% versus the prior year. System-wide sales were $1.5 billion, up 19% versus the prior year driven by 9% same-store sales growth and 7% net store growth. Net income decreased 14% versus the prior year to $29.7 million or $0.17 per diluted share. Adj...

O’Reilly Automotive, a US-based automotive aftermarket-parts retailer, has announced record revenue and earnings for its first quarter ended March 31, 2023. In a press release dated April 26, it said sales for the first quarter increased $412 million, or 12%, to $3.71 billion from $3.30 billion for the same period one year ago. The company’s operating income for the first quarter increased 7% to $717 million from $670 million for the same period one year ago. Net income for the first quar...

MAHLE, a Stuttgart-based global supplier of powertrain and thermal components in Germany, announced in a press release dated April 25 that in the 2022 financial year, its sales grew by 14% to €12.4 billion. The company said it is reorienting itself in the light of the transformation in the automotive industry, and electrification and thermal management are the core of the corporate strategy MAHLE 2030+. The company believes its sales potential in connection with electric cars to be three ...

Valeo has reported a 15% year-over-year increase in first-quarter net sales at €5.48 billion, according to a filing by the company on April 25. Original equipment sales were up 13% like for like on an adjusted basis. Valeo secured new orders for around €4 billion, including for Valeo 800V Silicon Carbide (SiC) inverter technology. Christophe Périllat, Valeo’s CEO, said, “Our first-quarter sales, up 15% to 5.5 billion euros, reflect a solid start to 2023 for Valeo. "This ...

Group 1 Automotive, Inc., an automotive retailer with dealerships located in the US and UK, has reported financial results for the first quarter of 2023 with total revenues at $4.1 billion, up 7.4% increase compared to $3.8 billion for the first quarter of 2022, according to a press release dated April 26. Net income from continuing operations for the current quarter was $158.8 million, a 21.1% decrease compared to $201.1 million for the prior year quarter, the release added. The firs...

US-based automotive parts distributor Genuine Parts Company has announced its results for the first quarter ending on March 31, 2023, according to a press release dated April 20. The company reported sales at $5.8 billion, an 8.9% increase compared to $5.3 billion in the same period of the prior year. The growth in sales is attributable to an increase in comparable sales and a benefit from acquisitions, partially offset by a net unfavorable impact of foreign currency, the release added. ...

Technology supplier ZF has announced that in 2022, its aftermarket and electric drives areas developed successfully. On the back of more digital solutions and services, the ZF Aftermarket Division increased its sales by 6% to €3.2 billion in 2022, according to a press release dated March 16. In e-mobility, the order backlog for electrified drives for passenger cars and commercial vehicles now amounts to more than €30 billion, the company said, adding that this enables ZF to make the trans...

German automotive supplier HELLA, which operates under the umbrella brand FORVIA, announced that in the short fiscal year 2022 (June 1 to December 31, 2022), in the Lifecycle Solutions business group, sales amounted to €0.6 billion, according to a press release dated March 21. It said one factor here was the success of the spare parts business in key country markets, such as Mexico and the US. In the commercial vehicle business, all relevant customer segments recorded high demand,...

Hengst Filtration, a Germany-based specialist in liquid and air filtration, has announced that it booked worldwide sales of €655 million in 2022 and that further investments in transformation and internationalization are on the agenda for 2023, according to a press release dated March 31. The sales figure constitutes an increase of 13% over the previous year and has almost doubled in the last five years, the company said. This growth was primarily based on business in the independent a...

Cazoo Group Ltd., a UK-based online car retailer, has provided an update on its business performance since the start of the year 2023 and its progress with the business restructuring announced in January, according to a press release dated March 7. The company’s January and February retail sales volumes and revenues were in line with expectations as it focused on unit economics. It said it continues to improve its retail GPU or Gross Profit per Unit which is tracking at aroun...

MEKO (previously Mekonomen Group), an automotive spare-parts distributor based in Sweden, announced that its company management has presented adjusted financial targets, and explained in more detail how it plans to strengthen its position as a market leader in the independent vehicle aftermarket in northern Europe, according to a press release dated March 21. The updated financial targets indicate that a net sales corresponding to approximately 19 billion Swedish kronor (around US$1...

Myers Industries, Inc., a manufacturer of a wide range of polymer and metal products, and distributor for the tire, wheel, and under-vehicle service industry, announced results for the the fourth quarter and full year ended 31 December 2022, via a press release dated 1 March.  The key highlights of the financial results were: Net sales were USD213 million, up 7% versus prior year period in the fourth quarter of 2022 and net sales stood at USD900 million, up 18% ...

German automotive and industrial component supplier Schaeffler AG announced that its automotive aftermarket division’s revenue rose to more than EUR2.038 billion (around USD2.19 billion) in 2022, up from EUR1.848 billion (around USD1.98 billion) in 2021, according to a press release dated 7 March. At constant currency, the revenue growth stood at 7%. The rise was mainly driven by favorable price realization and a significant part of the considerable increase in procurement costs was pa...

Garrett Motion, a Switzerland-based autoparts maker and provider of turbocharging, electric boosting, and automotive software solutions, has announced its financial results for the quarter and year ending on 31 December 2022, according to a press release dated 14 February. The company’s net sales for the fourth quarter of 2022 were USD898 million, up 4% compared with USD862 million in the fourth quarter of 2021. The increase in net sales was driven by successful recoveries on inflation...

CarParts.com, a US-based e-commerce provider of automotive parts and accessories, has reported its results for the fourth quarter and fiscal year ending on 31 December 2022, according to a press release dated 7 March. Net sales in fiscal year 2022 were USD661.6 million, up 14% from USD582.4 million in fiscal year 2021.  Net loss during the year stood at USD1 million, compared to a net loss of USD10.3 million in fiscal year 2021, the release added. For the fourth quarter of 2022, ...

Dorman Products, a US-based aftermarket supplier of OE dealer exclusive parts, has announced its financial results for the fourth quarter and full year ending on 31 December 2022, according to a press release dated 28 February. The company reported fourth quarter net sales of USD501.3 million, up 25.9% compared to net sales of USD398.2 million in the fourth quarter of 2021. Dorman said the results reflected a continuation of favorable underlying industry dynamics across all customer...

Advance Auto Parts, an automotive aftermarket parts distributor in North America, has announced its financial results for the fourth quarter and full year ended 31 December 2022, according to a press release dated 28 February.  For the full year 2022, the company's net sales stood at USD11.2 billion, an increase of 1.4% compared to 2021. The company's full year gross profit was USD5 billion, or 44.5% of net sales, which decreased 33 basis points compared with the prio...

US-based independent manufacturer and distributor of automotive replacement parts, Standard Motor Products (SMP), has reported its consolidated financial results for the three and 12 months ended 31 December 2022, a press release dated 22 February read. Consolidated net sales for the 12 months ended 31 December 2022 were USD1.37 billion, compared to consolidated net sales of USD1.30 billion during the comparable period in 2021. Earnings from continuing operations ...

Brazilian parts manufacturer, Fras-le, has announced that it has achieved a new record result with increasing, balanced, and positive performance in all operations in Brazil and worldwide, according to a press release dated 27 February. The company's consolidated net revenue for fiscal 2022 was BRL3.1 billion (USD586 million), an increase of 18% compared to 2021. EBITDA reached BRL453 million in the year 2022, an increase of 17%, while the recorded EBITDA margin was 14.8%.  Reven...

Driven Brands, a US-based automotive aftermarket repairing and servicing company, has reported its financial results for the fourth quarter and fiscal year ended 31 December 2022, via a press release dated 22 February.  For the fiscal year, Driven Brands reported revenue of USD2 billion, up 39% versus the prior year. Systemwide sales of the company stood at USD5.6 billion, up 24% versus the prior year with 14% same-store sales growth and 9% net store growth.  ...

US-based distributor of replacement parts, components, and systems, LKQ Corporation, has reported fourth quarter 2022 financial results in which its revenue stood at USD3 billion, a decrease of 5.8% as compared to USD3.2 billion in the fourth quarter of 2021, according to a press release dated 23 February. The company’s total parts and services revenue decreased 4.8% and its other revenue fell 20.1% in the fourth quarter, primarily due to weaker commodity prices relative to the same period ...

US-based automotive parts distributor Genuine Parts Company has announced its results for the fourth quarter and twelve months ending on 31 December 2022, according to a press release dated 23 February. The company reported sales of USD5.5 billion, a 15% increase compared to USD4.8 billion in the same period of the prior year. Net income was USD252 million as against USD256 million in the prior year period. Within its Automotive Parts Group, global automotive sales were USD3.4 billion in the ...

Canada-based automotive aftermarket parts supplier Uni-Select has reported its financial results for the fourth quarter and full year that ended in December 2022, according to a press release dated 17 February. In the fourth quarter, the company reported consolidated sales of USD424.8 million, up USD24.6 million or 6.2% year-on-year (y/y). Net earnings stood at USD12.1 million, up USD3.1 million from the fourth quarter of 2021. For the full year 2022, the company reported consolidated sales o...

US-based The Timken Company, a global manufacturer in engineered bearings and industrial motion products, reported fourth-quarter 2022 sales, in a press release dated 6 February, of USD1.08 billion, up 7.4% from the same period a year ago. Fourth-quarter sales were up 10.2% versus the prior year, with volume and pricing both contributing meaningfully. Timken posted net income in the fourth quarter of USD97.2 million or USD1.32 per diluted share. This compares to net income of USD62.9 million ...

US-based manufacturer and distributor of automotive aftermarket parts, Motorcar Parts of America, has reported results for its fiscal 2023 third quarter ending in December 2022, via a press release dated 9 February. Net sales for the fiscal 2023 third quarter were USD151.8 million compared with USD161.8 million in the prior year, the release added. Net sales for the fiscal 2023 nine-month period were USD488.3 million, up 3.2% compared with USD473.1 million in the prior year. Net loss for the ...

Auto part supplier Aptiv Plc has announced financial results for its fourth quarter ending in December 2022, according to a press release dated 2 February. The company reported revenue of USD4.6 billion, up 12% from the prior year period. Its net income stood at USD233 million compared to USD15 million in the prior year. The results are as per the Generally Accepted Accounting Principles (GAAP or US GAAP). For the full year ending in December 2022, the company reported revenue of USD17.5 bill...

Gentex Corporation, a US-based supplier of automatic-dimming rearview mirrors and electronics to the automotive industry, reported financial results for the fourth quarter and calendar year that ended December 2022. In a release dated 27 January, the company stated that for the fourth quarter of 2022, the net sales were USD493.6 million, up 18% year-on-year (y/y). Light vehicle production increased by 7% quarter-over-quarter in the company's primary markets of North America, Europe, and Japan...

O’Reilly Automotive, a US-based automotive aftermarket parts retailer, has announced record revenue and earnings for its fourth quarter and full year ending December 2022, according to a press release dated 8 February. Sales for the fourth quarter increased USD353 million, or 11%, to USD3.64 billion from USD3.29 billion for the same period one year ago. The company’s net income increased USD10 million, or 2%, to USD529 million from USD519 million in the year ago period. For the fu...

Holley Inc., a US-based manufacturer of high-performance aftermarket products for car and truck enthusiasts, announced results for the quarter and year ended December 2022, according to a press release dated 6 February. The company said its results were preliminary and the audit by the independent auditor was still underway at the time the release was published. The company's net sales were in the range of USD153–USD155 million compared to USD180 million in the fourth quarter 2021, and its ...

Moto-Profil, a Poland-based importer and distributor of automotive spare parts and accessories, announced that it recorded an increase in revenue in 2022 compared to the previous year and also saw its network expanding, according to a press release dated 2 February. The company, however, did not reveal revenue figures. Moto-Profil said its ProfiAuto network closed the year with over 240 shops and wholesalers as well as more than 2,150 car service workshops in Poland, Czechia, and Slovakia. Th...

Bosch has reported a 12.3% year-on-year (y/y) increase in fiscal 2022 revenue at EUR88.4 billion (USD96.95 billion), according to a company press release dated 3 February. EBIT (earnings before interest and taxes) from operations came in at EUR3.7 billion compared to EUR3.2 billion a year earlier. “The difficult 2022 business year once again demonstrated that Bosch is crisis-proof while possessing tremendous innovative strength. In an environment that remains challenging, we are securing ou...

Asbury Automotive Group, a US-based automotive retail and service company has reported its fourth quarter 2022 revenue at USD3.7 billion, up 40% year-on-year and a net income of USD353 million, an increase of 151% from the prior year quarter, according to a press release dated 2 February. For the full year 2022, the company reported a net income of USD997 million compared to USD532 million in the prior year. The company’s total revenue for the full year 2022 was USD15.4 billion, up USD5.6 b...

Sweden-based SKF, a supplier of rolling bearings, seals, mechatronics and lubrication systems, announced that it is strengthening its value chain in North America with investments of SEK700 million (around USD67 million) towards locating engineering and manufacturing capabilities in a new, greenfield facility in Monterrey, Mexico, according to a press release dated 2 February. The factory will produce products for “the fast-growing and strategically important” electric vehicle drivetrain ...

CapGrid, an India-based B2B cloud manufacturing startup for precision parts and components, announced that it has raised USD7 million in its latest funding round, led by Nexus Venture Partners, according to a press release dated 30 January. The round also saw participation from existing investors Axilor and Anicut Capital, the release added. CapGrid is building a digital supply network with an advanced technology infrastructure, partnering with hundreds of tier-2 manufacturers to get pre...

Lookers, a UK-based automotive retail and aftersales service company, announced that its aftersales revenues grew 7.5% year-on-year in the fourth quarter ending December 2022, according to a press release dated 11 January. The company said the UK new retail car market grew by 1.0% in fourth quarter (third quarter 2022: -1.5%) and stated that it outperformed the market by approximately 3.1%, “benefiting from a strong focus on its operational optimization strategic priority and omni...

CarMax, a US-based retailer of used cars, has announced that in the third quarter ending November 2022, its net revenue stood at USD6.5 billion, down 23.7% compared with the prior year third quarter, according to a press release dated 22 December. It also announced that the total retail used units sold decreased 20.8% to 180,050 and total wholesale units sold decreased 36.7% year-on-year to 118,757. Despite a decrease of USD165 per unit from the record prior year third quarter, wholesale...

German automotive supplier HELLA, which operates under the umbrella brand FORVIA, announced that its Lifecycle Solutions business group increased sales by 6.5% to EUR500 million (around USD541 million) in the first six months of the fiscal year 2022 (1 June to 30 November 2022), according to a press release dated 13 January. The Lifecycle Solutions business group had posted sales of EUR469 million (around USD507 million) during the first half of fiscal 2021. The company said under Lifecycle S...

UK-based manufacturer of aftermarket hot end emissions products, BM Catalysts, has announced that it has registered a successful year of growth in 2022 and strengthened its position as a manufacturer of aftermarket catalytic converters, DPFs and front pipes, according to a press release dated 3 January. The aftermarket specialist said it experienced ongoing high demand throughout the year but has not revealed any financial figures. The company said in order to meet rising demand, it opened it...

REV Group, a US-based designers and manufacturers of specialty vehicles and related aftermarket parts and services, announced financial results for the fourth quarter ended October 2022, according to a press release dated 14 December. The company caters to its customer base through three segments: Fire & Emergency, Commercial, and Recreation. Consolidated net sales stood at USD623.6 million, up 5.7% compared to USD589.9 million for fourth quarter 2021, primarily driven by an increase in...

myTVS, an India-based independent automobile aftermarket player, has announced that it has raised INR2.03 billion (around USD24.5 million) from Lingotto, a wholly owned subsidiary of Exor NV, an investment holding company based in the Netherlands, according to a press release dated 15 December. According to the company, the funds will be used to scale up its online-to-offline (O2O) business model, expand its network, invest in technology to enhance its services and spares platform, and expand...

The Indian aftermarket industry's turnover in the first half of fiscal year (FY) 2022–23 stood at INR420 billion (around USD5.4 billion), registering 8% growth from INR389 billion (around USD5.3 billion) in the first half of 2021–22, the country's auto components body Automotive Component Manufacturers Association of India (ACMA) reported on 21 December 2022 in a press release while disclosing its findings of the industry performance review. The auto component manufacturing industry’s t...

US-based retailer of aftermarket automotive parts and accessories AutoZone announced that for the first quarter ended 19 November, it registered sales of USD4 billion, up 8.6% from the first quarter of 2021, according to a press release dated 6 December. Domestic same store sales increased 5.6% for the quarter. The company’s net income for the quarter decreased 2.9% over the same period last year to USD539.3 million, while diluted earnings per share increased 6.9% to USD27.45 from USD25.69 ...

India headquartered Apollo Tyres has announced its unaudited financial results for the second quarter (July to September) and first half (Apr to Sept) for the financial year 2022–23, according to a press release dated 14 November. For the quarter ended 30 September, Apollo Tyres on a consolidated level, registered a revenue of INR5956 crores (around USD720 million), an increase of 17% over the same period last fiscal. For the six months of the fiscal (April–September), the company’...

Brazilian parts manufacturer Fras-le has announced that it has achieved a new record result with positive performance in the third quarter of 2022 with the company registering sales of BRL823.9 million (around USD157 million) in consolidated net revenue, up 25% compared to the same period last year and up 5% compared to the previous quarter of this year, according to a press release dated 9 November. The company said its EBITDA touched BRL137.9 million (around USD26.26 million) in the third q...

Valvoline, a US-based supplier of lubricants and automotive services, has reported financial results for its fourth fiscal quarter and fiscal year ended 30 September 2022. According to a press release dated 15 November, for the full year the company reported a net income of USD424.3 million, up 1% year-on-year. Continuing operations net revenues stood at USD1.2 billion, up 19% and the reported net income was USD109.4 million, down 45%. In the fourth quarter, the company reported a net...

US-based automotive undercar repair and tire services player, Monro, has announced its financial results for its second quarter ended 24 September 2022, via a press release dated 26 October. The key financial highlights for second quarter fiscal 2023 are: Sales for the second quarter of the fiscal year ending 25 March 2023 decreased 5.1% to USD329.8 million, as compared to USD347.7 million for the second quarter of the fiscal year ended March 26, 2022. Gross margin decr...

Gentex Corporation, a US-based supplier of automatic-dimming rearview mirrors and electronics to the automotive industry, announced its financial results for the three and nine months ended 30 September 2022, via a press release dated 28 October.  The key highlights of the financial results for third quarter FY 2022 are: Net sales of USD493.6 million, a 24% increase compared to USD399.6 million in the third quarter of 2021. Gross profit margin of 29.8% co...

Holley Inc., a US-based manufacturer of high performance aftermarket products for car and truck enthusiasts, announced financial results for its third quarter ended 2 October 2022, via a press release dated 14 November. The key highlights of the financial results for third quarter 2022 are: Net sales decreased 3.1% to USD154.8 million as compared to USD159.7 million in the prior year's third quarter. Gross profit decreased 25.8% to USD48.4 million compared to USD65.2 million in t...

Dana Inc, the Ohio-based global supplier of drivetrain and propulsion systems as well as aftermarket solutions, has announced its financial results for third quarter FY 2022, via a press release dated 27 October. The key highlights of the financial results for third quarter 2022 are: Sales stood at USD2.54 billion, compared with USD2.20 billion in the same period of 2021. Adjusted EBITDA was USD192 million, compared with USD210 million for the same p...

US tire manufacturer, The Goodyear Tire & Rubber Company, announced in a press release dated 31 October its financial results for the third quarter 2022.  The key highlights of the financial results for third quarter 2022 are:  Net sales was USD5.31 billion, representing an increase of 7.6% year-over-year (y/y) from the USD4.93 billion in the precious corresponding period. Net sales grew 8% compared with third quarter of 2021, 15% excluding foreign currency. Uni...

Advance Auto Parts, an automotive aftermarket parts distributor in North America, has announced its financial results for the third quarter ended 8 October 2022, via a press release dated 15 November. The key highlights of the financial results for third quarter 2022 are: Net sales increased 0.8% to USD2.64 billion in Q3 2022, from USD2.62 billion in third quarter FY 2021. Gross profit decreased 0.2% to USD1179 million from USD1182 million,and adjusted gross profit incr...

XPEL, Inc., a global provider of protective films and coatings, today announced results for the third quarter and nine months ended 30 September 2022, via a press release dated 9 November.  The key highlights of the financial results for third quarter 2022 are: Net revenue stood at USD89.8 million, up by 31%  as compared to USD68.5 million in the third quarter of the prior year. Gross margin percentage improved to 39.8% in the third quarter, a new high for the company, ...

American Axle & Manufacturing Holdings, Inc. (AAM) has announced its financial results for the third quarter of 2022, according to a press release dated 4 November.  The key highlights for the third quarter 2022 are: Net revenue stood at USD1.54 billion as compared to USD1.21 billion in the third quarter of 2021. Net income was USD26.5 million as compared to a net loss of USD(2.4) million in the third quarter of 2021. AAM's net cash provided by operating...

Continental posted a 29.3% year-on-year (y/y) increase in third quarter revenue to EUR10.4 billion (USD10.44 billion), according to a press filing on 10 November 2022. Net loss was EUR211 million compared to a profit of EUR309 million a year earlier. Research and Development expenses for the quarter were EUR753.1 million compared to EUR657.2 million last year. The company stated in a statement, “Against a persistently challenging macroeconomic backdrop, Continental ended the third quarter o...

Myers Industries, Inc, a leading manufacturer of a wide range of polymer and metal products and distributor for the tire, wheel, and under-vehicle service industry, announced results for the third quarter ended 30 September 2022, according to a press release dated 27 October. The key highlights of the financial results for third quarter of FY 2022 are: Net sales increased 14% to USD228.1 million, compared with USD200.1 million for the third quarter of 2021. On an organic basis, n...

In view of the rapidly changing market environment and the accelerating transition taking place in the drive technologies segment, the Board of Managing Directors of Schaeffler AG has decided on additional restructuring measures aimed primarily at further boosting competitiveness in the Automotive Technologies division as well as reducing fixed costs and overcapacity. These measures are to be largely implemented by the end of 2026. Matthias Zink, CEO Automotive Technologies, commented as follows...

The board of directors of The Timken Company, a global leader in engineered bearings and industrial motion products, today declared a quarterly cash dividend of 31 cents per share. The dividend is payable on 2 December 2022, to shareholders of record as of 21 November 2022. Significance: The Timken Company designs a growing portfolio of engineered bearings and industrial motion products. With more than a century of knowledge and innovation, they continuously improve the reliability and e...

US-based car wash company, Mister Car Wash announced its financial results for the quarter ended 30 September 2022, via a press release dated 10 November.  Key highlights of the financial results of third quarter fiscal 2022 are Net revenue increased 12% to USD217.6 million from USD194.3 million in the third quarter of 2021. Comparable stores sales increased 2.9% compared to a 21.3% increase in the third quarter of 2021. Adjusted net income and diluted ...

CarParts.com, a US-based e-commerce provider of automotive parts and accessories announced its results for third quarter ended 1 October 2022, a press release dated 9 November read.  The key highlights of the financial results for third quarter of FY 2022 are: Net sales stood at USD164.8 million vs USD141.85 million in the prior period.  Gross profit increased 19% to USD56.1 million compared to USD47.3 million in the year-ago quarter, with gross marg...

US-based digital commerce platform for the automotive aftermarket, PARTS iD, Inc, has announced its results for the third quarter ended 30 September 2022, via an official press release dated 9 November.  The highlights of the company's financial results for the third quarter of 2022 are: Net revenue was USD79.9 million as compared to USD102.6 million in the last year. Net revenue in the first nine months of 2022 was USD279 million as compared to USD342.1 million...

US-based manufacturer and distributor of automotive aftermarket parts, Motorcar Parts of America, has reported results for its fiscal 2023 second quarter ended 30 September 2022, via a press release dated 9 November. According to the company, the results reflects a solid demand for aftermarket hard parts, offset by customers delaying orders and supply chain disruptions for critical components. The key highlights of the financial results of second quarter fiscal year 2023 are: Net s...

Driven Brand Holdings, a US-based automotive service company, has announced that according to its financial results for the third quarter ended 24 September, the company’s revenue increased 39% versus the prior year to USD516.6 million, according to a press release dated 26 October. System-wide sales increased 22% versus the prior year to USD1.5 billion, with 9% net store growth and an increase in consolidated same-store sales of 11.9%, the release added. The company said that its net incom...

Auto Care Association, a US-based industry body representing independent manufacturers, distributors, and repair shops, announced in a press release dated 1 November that online automotive aftermarket sales reached about USD37.6 billion in 2022; it predicts e-commerce adoption will continue expanding by more than 8% each year through 2025 to USD47.4 billion in total online sales. The data was part of the 2022 Joint E-commerce Trends and Outlook Forecast commissioned by the Automotive Aftermarket...

Elgin Industries, a US-based manufacturer of engine and chassis components, has announced that it has partnered with Main Street Capital Corporation to help fund the company’s long-term growth strategy, according to a press release dated 26 October. Main Street, which has acquired an equity position in Elgin, is a leading principal investment firm that partners with entrepreneurs, business owners, and management teams operating in diverse industry sectors. Significance: Through this...

US-based independent manufacturer and distributor of automotive replacement parts, Standard Motor Products (SMP), has reported its consolidated financial results for the three and nine months ended 30 September 2022, via a press release.  Net sales for the third quarter of 2022 were USD381.4 million, compared to consolidated net sales of USD370.3 million during the comparable quarter in 2021. Earnings from continuing operations for the third quarter of 2022 were USD23.1 million, com...

US-based distributor of replacement parts, components, and systems, LKQ Corporation, has reported third quarter 2022 financial results in which its revenue stood at USD3.1 billion, a decrease of 5.9% as compared to USD3.3 billion in the third quarter of 2021, according to a press release dated 27 October. Net income for the quarter was USD261 million as compared to USD284 million for the same period in 2021, according to the company, with diluted earnings per share for the quarter at USD0.95 ...

O’Reilly Automotive, US-based automotive aftermarket parts retailer has announced revenue and earnings for its third quarter ended 30 September, according to a press release dated 26 October. The company said sales for the third quarter increased 9% to USD3.80 billion from USD3.48 billion for the same period a year ago. The company’s net income increased 5% to USD585 million from USD559 million year-on-year. Meanwhile, sales for the first nine months of 2022 increased 7% to USD10.77 billi...

Spanish electric vehicle (EV) charging startup Zunder has raised EUR100 million (over USD97 million) from French sustainable investment manager Mirova, which is also an affiliate of Natixis Investment Managers, in a bid to accelerate its roll-out of ultra-fast EV charging stations across Southern Europe, Mirova said in a note on 10 October 2022. According to a statement released by Mirova, the latest investment round will speed up Zunder’s plan to surpass 4,000 ultrafast charging points acr...

US-based automotive parts distributor Genuine Parts Company announced its results for the third quarter ended 30 September 2022 via a press release dated 20 October.  The company's sales stood at USD5.7 billion in third quarter FY 2022, a 17.8% increase compared to USD4.8 billion in the same period of the prior year. The sales growth reflects a 12.7% increase in comparable sales and a 9.1% benefit from acquisitions, partially offset by a 4.0% net unfavorable impact of foreign cur...

Dorman Products, a US-based aftermarket company has reported third quarter 2022 net sales of USD413.5 million, up 19% compared to net sales of USD348.4 million in the third quarter of 2021 via a press release dated 24 October. The other key highlights of the report are: Gross profit was USD131.9 million in third quarter 2022 (31.9% of net sales), compared to USD116.9 million (33.5% of net sales) for third quarter 2021. Adjusted gross margin was 32.% in third quarter&nbs...

US-based paints, coatings, and specialty materials manufacturer PPG has announced that its third quarter 2022 net sales stood at USD4.5 billion, up 2% year-on-year and 8% in constant currencies, according to a press release dated 19 October. The company said sales volumes were impacted by further softening demand in Europe and less sequential quarterly demand recovery in China than was expected due to a resumption of certain pandemic-related restrictions. These factors, along with worsening f...

US-based retailer of aftermarket automotive parts and accessories AutoZone announced that for the fiscal year (FY) ended 27 August 2022, it registered sales of USD16.3 billion, up 11.1% from the prior year, according to a press release dated 19 September. For FY 2022, net income increased 11.9% to USD2.4 billion and diluted earnings per share increased 23.1% to USD117.19 from USD95.19, the release added. For its fourth quarter, the company reported net sales of USD5.3 billion, up 8.9% from th...

German automotive supplier HELLA, which operates under the umbrella brand FORVIA, announced that its Lifecycle Solutions business group increased sales by 6.4% to EUR240 million (around USD235 million) in the first quarter (1 June to 31 August 2022) of the fiscal year 2022, according to a press release dated 29 September. The group had posted sales of EUR225 million (around USD220 million) during the same period in the previous fiscal. Earlier this year, HELLA announced the formation of the L...

Italy-based National Association of the Automotive Industry Supply Chain (ANFIA) has announced that its Aftermarket Barometer, a statistical survey within the ANFIA Components Group, has revealed that the aftermarket turnover of the association’s group companies grew 13.6% in the first half of 2022 compared to the same period of 2021, according to a press release dated 28 September. The aftermarket turnover is considered as the turnover of component manufacturers towards the independent afterm...

Holley Inc., a US-based manufacturer of high-performance aftermarket products for car and truck enthusiasts, announced financial results for its second quarter ended 3 July 2022, in a press release dated 11 August. The company says that its net sales decreased 7.1% to USD179.4 million in the second quarter of 2022 compared to USD193.0 million in the second quarter of 2021. The decline was due to reduced unit volumes, destocking from our resellers, and reduced consumer demand in certain c...

German automotive components supplier ElringKlinger AG has posted 9.4% year-on-year (y/y) growth in second-quarter revenue even as supply chain constraints offset favorable exchange rates, according to a company press release dated 4 August. Revenue came in at EUR430.6 million (USD437.9 million) compared with EUR393.6 million a year earlier. Net loss for the quarter was EUR94.1 million compared with a profit of EUR7.9 million last year. The EBIT margin was -22.5% versus 5.9%. “The difficult...

Advance Auto Parts, an automotive aftermarket parts distributor in North America, has announced its financial results for the second quarter ended 16 July 2022 via a press release.  The highlights are the financial results are: Net sales stood at USD2.66 billion, an increase of 0.6% compared with the second quarter of the prior year which was USD2.64 billion Gross profit decreased by 0.3% to USD1.185 billion from the second quarter of previous year, which...

Milan-based supplier of air and cooling, filtration and suspensions products, Sogefi, has announced its financial results for the first half of FY 2022 as on 30 June. The highlights of the release are: Revenue of the first half of 2022 came in at EUR756 million(USD776.2 million) and were up by 12.3% compared to the same period of 2021 which was EUR673.4 million. Net income in the first half of 2022 stood at EUR20.8 million as compared to EUR21.4 million during the first...

HELLA, the automotive supplier operating under the FORVIA umbrella brand, has announced its full financial results for the fiscal year 2021–22 (1 June 2021 to 31 May 2022) via a press release dated 18 August, confirming the preliminary key figures published on 20 July 2022. The highights of the release are: Consolidated sales declined by 0.8%t to EUR6.3 billion in the reporting period vs EUR6.4 billion in the prior year. Adjusted EBIT amounted to EUR279 million in the past fisc...

South Korean tire manufacturer, Hankook tire, has reported second quarter 2022 net sales at KRW2.03 trillion (USD1.61 billion), up 12.77% year-on-year (y/y) from KRW1.80 trillion in the previous year for the second quarter of 2021, according to a filing by the company on 2 August. Operating income for the quarter was reported at KRW175.2 billion, compared to KRW187 billion from the previous year. Significance: According to Hankook Tire’s financial report, sales of 18” or hi...

Motorcar Parts of America, a manufacturer and distributor of automotive aftermarket parts based in the United States, has reported results for its fiscal 2023 first quarter ended 30 June 2022, via a press release dated 9 August.  The highlights of company financials are: Net sales reached a fiscal first-quarter record of USD164 million, an increase of 10% year over year, from $149.0 million in the prior-year period. Gross profit for the fiscal 2023 f...

Continental posted a 13% year-on-year increase in second-quarter revenue to EUR9.44 billion (USD9.62 billion), according to a press filing on 9 August. Net loss was EUR250.7 million compared with a profit of EUR545.3 million a year earlier. Research and Development expenses for the quarter was EUR738.5 million compared with EUR706.1 million last year. “The current headwind is rather like a hurricane and will not subside any time soon. Given this environment, we have performed well...

US tire manufacturer Goodyear announced Q2 2022 net sales at USD5.21 billion, up 31% year on year from USD3.97 billion in Q2 2021 for the three months ended 30 June, via a press release dated 5 August.  The highlights from the financial release are: Net income stood at USD166 million for Q2 2022. Adjusted net income was USD131 million for Q2 FY 2022. Net income was USD262 million (91 cents per share) compared with net income of USD79 million (...

German automotive supplier ZF Friedrichshafen has announced its financial results for the first half of 2022 ending 30 June via a press release dated 3 August. The highlights of the release are: Sales of the ZF Group for the first half of FY 2022 stood at EUR21.2 billion compared with EUR19.3 billion for the same period in 2021, representing an increase of about 9.7% (5% adjusted for currency effects). Adjusted EBIT totaled EUR851 million in the first hal...

PARTS iD, the owner and operator of, among other verticals, “CARiD.com,” a leading digital commerce platform for the automotive aftermarket, today announced results for the second quarter ended 30 June 2022 via a press release dated 8 August.  The financial highlights of the release are: Net revenue for second quarter 2022 was USD104.3 million, a decrease of 20.1% as compared to second quarter 2021 and an increase of 9.9% as compared to first quarter 2022. Gros...

Cooper Standard has reported second quarter 2022 net sales at USD605.91 million, up 13.64% year-on-year (y/y) from USD533.18 million in the previous year for the second quarter of 2021, according to a filing by the company on 4 August. Operating loss for the quarter was reported at USD8.73 million. Net loss for second quarter 2022 was reported at USD34.15 million. Jeffrey Edwards, chairman and CEO, Cooper Standard, said, “We began to see some improvement in global market conditions and...