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 11^th, 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 22^nd, 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

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TORONTO – Sept. 22, 2020 — Worksport Ltd (OTC: WKSP) (or the “Company”) has entered into an agreement with Atlis Motor Vehicles, Mesa, Ariz., aimed at configuring the TerraVis^™ solar charging system as an OE accessory for the highly anticipated, technologically advanced Atlis XT electric pickup truck. Atlis and Worksport will begin working together immediately to integrate their engineering and design departments. They will uniquely configure the TerraVis’^™ Solar Truck Bed Power System to provide the Atlis XT Truck with a meaningful source of recharge power from its integrated Solar Panels.

This is the second recent agreement that Worksport has struck with a U.S. based EV Truck manufacturer to become its OEM partner and create a customized TerraVis’^™ solar panel tonneau cover for the company’s forthcoming all-electric pick up truck.

The aggressively priced Atlis XT truck comprises many market-leading features including 15-minute charge time, 500-mile range, and 35,000lb towing capacity with an estimated million mile working life.

“This new collaboration agreement with a market-leading manufacturer continues to prove out our business model and demonstrate our bright future and large upside,” said Worksport CEO Steven Rossi. “It follows closely on our previous announcement to be the OEM partner for a customized solar truck bed power system.”

Worksport recently made the first public disclosure of details about TerraVis^™ , the very first advanced folding truck bed tonneau cover system to be a fusion of cutting edge solar power, storage, and delivery. The platform takes advantage of a standard pick-up truck’s practical capabilities, while also utilizing the power of more sustainable and renewable energy. Proprietary, high efficiency solar panels built into the rugged tonneau cover—the likes of which Worksport^™ has become widely known for—will collect the sun’s rays and store energy in multiple battery banks.

In addition to Atlis, Worksport has been fielding a number of inquiries from other manufacturers, the media and investment community as well as business interest from organizations in Holland, Germany, Australia, Spain, multiple U.S. and Canadian companies.

“TerraVis’^™ Solar Truck Bed Power System introduction not only has rewarded the hard work in developing a technological breakthrough, but it is also transforming the company’s future almost immediately,” Rossi said. “It is a real and meaningful game-changer. However, we wish to assure customers and investors that Worksport will continue to focus on growth as the lead innovator and manufacturer in the Global Automotive Market for tonneau covers for electric and conventional light trucks.”

As it did with its open investor Q&A September 21, the Company 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.

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.worksport.com and www.goterravis.com, to stay up to date on all of the latest news.

About Worksport Ltd.

Worksport Ltd., an innovative manufacturer of high quality, functional, and aggressively priced tonneau/truck bed covers for light trucks like the F150, Sierra, Silverado, Canyon, RAM, and Ford F-Series. For more information please visit www.worksport.com. Currently listed on the OTCQB Market under the trading symbol “WKSP.”

Connect with Worksport:

LinkedIn
Facebook
Twitter
Instagram
YouTube

For further information please contact:

Mr. Steven Rossi
CEO & Director

LinkedIn

Twitter
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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TORONTO – Sept. 18, 2020 – Worksport, Ltd, (OTC:WKSP) (or the “Company) is announcing that it will be holding an open Video Conference and Q&A Session on Monday September 21, 2020 at 5 p.m. Eastern Standard Time. Worksport CEO Steven Rossi will host the Conference and Q&A, which will be presented by YouTube Live. Rossi will be available online to answer questions. All are encouraged to join the open forum discussion and participate by asking questions on YouTube Live or by sending questions in advance to connect@worksport.com. For those who cannot attend, a video recording will be available on the company’s YouTube channel immediately following the presentation. Those wishing to participate are encouraged to follow the link below or access the Worksport’s YouTube channel at the date and time provided below.

“This is an open and unscripted Q&A session that we aim to make a frequent habit as we move forward and grow,” said Rossi. “We encourage anyone and everyone to participate by asking questions in advance or live. We aim to answer any reasonable questions, but as a reminder we cannot answer any questions relating to non-public information.”

Hosted by Mr. Steven Rossi

Monday September 21, 2020

5 p.m. EST

Link: https://www.youtube.com/watch?v=JQ4mWJnCoWs&feature=youtu.be

Email Questions: connect@worksport.com

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.worksport.com and www.goterravis.com, to stay up to date on all of the latest news.

About Worksport Ltd.

Worksport Ltd., an innovative manufacturer of high quality, functional, and aggressively priced tonneau/truck bed covers for light trucks like the F150, Sierra, Silverado, Canyon, RAM, and Ford F-Series. For more information please visit www.worksport.com. Currently listed on the OTCQB Market under the trading symbol “WKSP.”

Connect with Worksport:
LinkedIn
Facebook
Twitter
Instagram

For further information please contact:

Mr. Steven Rossi
CEO & Director

LinkedIn

Twitter
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.

• Author
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