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COVID-19 Fueled Demand for Specialized Auto Equipment Despite Headwinds

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US Auto Parts

AutoZone (NYSE: AZO) delivered an upbeat fiscal fourth-quarter earnings report but shares lost their early gains. The quarter reflected DIY demand continued into the summer, but a lack of government aid weighed on sales at the end of the period. Overall, three major industry players did good.

AutoZone

AutoZone earned $30.93 a share on revenue that rose 14% to $4.55 billion. Results exceeded estimates of $25.46 and $4.18 billion, respectively. The same period last year included an extra week, so once adjusted, sales climbed 21% and same-store sales were up 22%. Although this is the largest same-store sales leap in the company’s history, managed notices a slow down during the final four weeks of the quarter which coincides with the end of enhanced unemployment benefits. COVID-19 related costs for the period amounted to $83.9. During the quarter, AutoZone opened 65 new stores across the US, Mexico and Brazil. Following the report, AutoZone shares rose 0.7% but ended up down about 1.3%.

Advance Auto Parts

AutoZone’s stock has lost 1.7% year to date which is better than Advance Auto Parts (NYSE: AAP) which dropped 5 percent. Since its second-quarter earnings were reported one month ago, shares lost about 3.8% during that time and underperformed the S&P 500. But earnings of $2.92 per share for the quarter that ended on July 11th, 2020 marked a 46% increase compared to the same year. Revenue amounted to $2,501 million and exceeded  Zacks Consensus Estimate of $2,360 million. Revenue rose 7.3% from the year-ago quarter. During the second quarter, comparable store sales increased 7.5% year on year. Adjusted operating income climbed 42.2% to $279.3 million on a year-over-year basis.

O’Reilly Automotive

AutoZone’s stock is below the 5% gain for O’Reilly Automotive (NASDAQ: ORLY). However, the performance of the retailer of aftermarket car supplies and tools was not consistent. Shares did manage to double since March lows as business performance was strong throughout the second quarter. Same-stores sales increased 16.2% as O’Reilly serves both the individual DIY as well as the professional DIFM professional customer which improved significantly as the quarter progressed. Analysts find O’Reilly’s dual-market approach is the best developed among its national peers.

What about EV equipment?

There are more competitors to think of as the innovative truck tonneau cover manufacturer Worksport (OTC: WKSP) entered into two agreements well-known electric truck producers which will benefit from its TerraVis™ solar charging system. On September 22nd, Worksport announced it is teaming up with Atlis Motor Vehicles. Electric vehicles come with a whole new set of advanced parts with hefty price tags as compared to their ICE counterparts, so it remains to be seen how will ICE automotive parts players adapt to the electric era.

Outlook

Auto parts stocks were hit by the pandemic because people drove less as they were forced to stay home. Yet at the same time, due the urgent nature of car repairs, followed with economic uncertainty and job losses, more people felt inclined to fix their current cars rather than buy new ones. This latter was stronger this time and AutoZone capitalized on the DIY trend.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

BenzingaEditorial

Specialized Equipment Has a Role in Re-Imagining the Automotive Industry

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GMC News Earnings

As governments across the globe commit to shortening the deadlines on banning the sale of ICE vehicles, and with manufacturers intensifying their electrification efforts to provide vehicles across all price ranges, electrification is indeed just around the corner.

Interest in EVs in the UK has skyrocketed up by 500%, while Europe sales have reached half a million units this year. The automotive industry is being radically reimagined as we speak and EVs are taking center stage. Tesla’s (NASDAQ: TSLA) value topped $500 billion dollars as it will be finally admitted to the S&P 500 this month. Volkswagen (OTC: VWAGY) has built the largest EV production plant in Europe. Moreover, the German giant started delivering its electric ID.3 in September and it became the best-selling electric vehicle on the continent already in October. Meanwhile, General Motor (NYSE: GM) and BMW (OTC: BMWYY) are scaling up their electrification efforts and aiming even higher. Yet, due to their lower maintenance cost of these vehicles, we often forget about specialized equipment that is just as important.

Worksport to present at LD Micro Main Event (XIII) in Los Angeles

Worksport (OTC:WKSP) announced today that 0n December 14th it will present its TerraVis™ system, a novel solar powered light truck bed cover, at the LD Micro Main Event (XIII) (NASDAQ: SRAX) in Los Angeles. LD Main Event. This event gathers world’s largest active base of micro-cap investors estimated at over 1.3 million individuals, with 2 million investors being invited. Timing could not better for Worksport to tell its story as it recently launched a Regulation-A public offering. Each presenter will have 10 min for the exposé while another 10 min will be devoted to Q&A.

Slow and steady can still win the race

Despite their lower maintenance costs, EVs will still need replacement parts. Autozone (NYSE: AZN) that just reported earnings already supplies several parts for Tesla’s such as brake pads, windshield wipers, headlights, cabin air filters and mirror replacement glass, among others.

Autozone earned $18.61 a share from revenue that rose nearly 13% to $3.154 billion, exceeding analyst estimates of $17.82 and $3.147 billion respectively. Domestic same-store sales rose 12.3% in the first quarter after climbing 3.4% in the year-earlier period with 39 new store openings in the U.S. and two in Brazil during the quarter. But gross-profit margin narrowed down 62 basis points from last year. Gross margin shrank due to one-time factors such as the impact of the pandemic on costs and increase in loyalty rewards shopping by current customers. Although this feared investors as stock dropped after the report, COVID-related factors are already declining, and loyalty programs are always a good sign that customers are coming back. Operating expense as a percentage of sales reduced to 33.6% from 35.8% a year earlier. But the Memphis-based company will take a $50 million second-quarter charge to enhance employee benefits.

Most importantly, company has a long history of growing faster than its peers. Additionally, it has opportunities for continued domestic and international growth as well as a superior customer service that puts it ahead of titans such as Amazon (NASDAQ: AMZN) and Walmart (NASDAQ: WMT). AutoZone has grown its revenue each year over the past 22 years. While it has the largest number of stores, its average store size is smaller than of its competitors O’Reilly Automotive (NYSE: ORLY) and Advance Auto Parts’ (NYSE: AAP) stores. In this case, smaller seems to be better as Forbes reported AutoZone generates more revenue per square foot of store space than its two competitors. AutoZone’s superior profitability is behind the consistent growth in core earnings. Over the past decade, the company has grown core earnings by 9% compounded annually.

Outlook

Whatever the future holds, Autozone is positioned to benefit from rising used car sales and rising average age of cars on the road whereas Worksport’s technology can enhance any pickup, the best-selling vehicle, and make it more sustainable with its solar technology. Moreover, during a recession, people are reluctant to make large purchases and are more likely to enhance their existing vehicles. Therefore, both companies are set to benefit from upcoming trends as the industry continues to evolve. We are entering an era which will be marked by one of the greatest and greenest technological advances in human history with a massive shift happening within the next few years.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you’re interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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Worksport to Present December 14 at the LD Micro Main Event (XIII) in Los Angeles

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LD Microcap Investors Conference

TORONTO – December 9th, 2020 — Worksport Ltd (OTCQB: WKSP) (or the “Company”), is pleased to announced that CEO Steven Rossi will be presenting to a live virtual audience at the 13th annual LD Micro Main Event on Wednesday, December 14 at 9 a.m. PST / noon EST.

Register here: ve.mysequire.com/

The Main Event will feature a new and unique format, with companies presenting for 10 minutes, followed by 10 minutes of Q&A by a panel of investors and analysts.

“The time has finally come to do something different in the virtual conference world. Let’s see if we can pull off something that can be enjoyed by both executives and investors alike,” stated Chris Lahiji, Founder of LD, now a wholly owned subsidiary of SRAX, Inc.

The Main Event will take place on December 14th and 15th, exclusively on the Sequire Virtual Events platform

“We are honored to have Worksport as a first-time presenter,” said LD Micro president Chris Lahiji. “We look forward to having our community learn more about its TerraVis™ system, a novel solar powered light truck bed cover.”

Worksportvconference

“Worksport is so pleased to be invited to the LD Main Event, which now has access to the world’s largest active base of micro-cap investors estimated at over 1.3 million individuals, with 2 million investors invited. Timing could not better as we recently launched our Regulation-A Public Offering” said Worksport CEO Steven Rossi. “We are very excited about telling our story to virtual micro-cap investors worldwide. We encourage any interested investors to invest directly in our growth at www.invest.worksport.com

 

Anyone can attend the online presentation by visiting the link below:

https://www.ldmicro.com/profile/wksp

Wednesday December 14th, 2020

9AM PST / Noon EST

 

About LD Micro/SEQUIRE

LD Micro began in 2006 with the sole purpose of being an independent resource to the microcap world. What started as a newsletter highlighting unique companies, has transformed into the pre-eminent event platform in the space. For more information, please visit ldmicro.com.

The upcoming Main Event will be highlighting a new format that will benefit both executives and the investors tuning in from all over the globe.

In September 2020, LD Micro. Inc. was acquired by SRAX, Inc., a financial technology company that unlocks data and insights for publicly traded companies. Through its premier investor intelligence and communications platform, Sequire , companies can track their investors’ behaviors and trends and use those insights to engage current and potential investors across marketing channels. For more information on SRAX, visit srax.com and mysequire.com.

About Worksport

Celebrating 10 years of designing and manufacturing the highest quality tonneau covers for pick-up trucks, Worksport attributes its success to continuous hands-on R&D, which has led the company to simple but practical advancements of the most popular truck accessory. Worksport’s latest innovation, however, is anything but simple. Looking to the EV trucks on the horizon, Worksport has developed a product that will allow current and future EV truck owners alike, the ability to harness the power of renewable energy by integrating mobile solar generation and battery banks into its most advanced tonneau cover yet, TerraVis™.

 

Connect with Worksport

Any interested investors or shareholders are encouraged to follow the company’s social media accounts on Twitter, Facebook, LinkedIn, and Instagram, as well as sign up for the company’s newsletters on both www.invest.worksport.com and www.goterravis.com, to stay up to date on all of the latest news. Worksport will continue to update shareholders, supporters, and investors to maintain the highest level of disclosure and information dissemination as Worksport continues to grow and develop at a very rapid pace.

 

Connect with Worksport:

LinkedIn

Facebook

Twitter

Instagram

 

For further information please contact:

Mr. Steven Rossi
CEO & Director

Worksport, Ltd

T: 1-888-554-8789
E: srossi@worksport.com

 

Forward-Looking Statements

This document may contain forward-looking statements, relating to Worksport, Ltd. operations or to the environment in which it operates, which are based on Franchise Holdings International Inc. operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Worksport, Ltd.’s ’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Worksport, Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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BenzingaPRs

Worksport Announces Participation in the Benzinga Global Small Cap Conference

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Worksport Benzinga Conference

TORONTO – December 3rd, 2020 – Worksport (OTC:WKSP) will be presenting at the Benzinga Global Small Cap Conference taking place on December 8-9, 2020. We invite our shareholders and all interested parties to explore small cap investment opportunities through two days of networking, dealmaking and discovery.

“Worksport is so pleased to be invited to the Benzinga SmallCAP Conference, which has a rapidly growing base of micro-cap. Timing could not better as we recently launched our Regulation-A Public Offering” said Worksport CEO Steven Rossi. “We are very excited about telling our story to virtual micro-cap investors worldwide. We encourage any interested investors to invest directly in our growth at www.invest.worksport.com

Sign up to get a free spectator pass for the event: https://www.benzinga.com/events/small-cap/

Worksport will be presenting on Tuesday December 8th, 2020 at 4:15PM EST

About the Benzinga Global Small Cap Conference

The Benzinga Global Small Cap Conference bridges the gap between Small Cap companies, investors, and traders. Learn about small cap investing with clearly defined educational modules, take a look at a curated group of small cap investment opportunities, and connect with the global small cap audience in an intimate, virtual setting.

For more information and/or to register for the conference please visit: https://events.benzinga.com/registration-page

We look forward to seeing you there.

About Worksport

Celebrating 10 years of designing and manufacturing the highest quality tonneau covers for pick-up trucks, Worksport attributes its success to continuous hands-on R&D, which has led the company to simple but practical advancements of the most popular truck accessory. Worksport’s latest innovation, however, is anything but simple. Looking to the EV trucks on the horizon, Worksport has developed a product that will allow current and future EV truck owners alike, the ability to harness the power of renewable energy by integrating mobile solar generation and battery banks into its most advanced tonneau cover yet, TerraVis™.

Connect with Worksport

Any interested investors or shareholders are encouraged to follow the company’s social media accounts on Twitter, Facebook, LinkedIn, and Instagram, as well as sign up for the company’s newsletters on both www.invest.worksport.com and www.goterravis.com, to stay up to date on all of the latest news. Worksport will continue to update shareholders, supporters, and investors to maintain the highest level of disclosure and information dissemination as Worksport continues to grow and develop at a very rapid pace.

Connect with Worksport:

LinkedIn

Facebook

Twitter

Instagram

 

For further information please contact:

Mr. Steven Rossi
CEO & Director

Worksport, Ltd

T: 1-888-554-8789
E: srossi@worksport.com

 

Forward-Looking Statements

This document may contain forward-looking statements, relating to Worksport, Ltd. operations or to the environment in which it operates, which are based on Franchise Holdings International Inc. operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Worksport, Ltd.’s ’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Worksport, Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

 

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