Why CarParts.com Stock Is Stepping On The Gas After Hours

CarParts.Com Inc (NASDAQ: PRTS) shares are accelerating higher in extended trading Tuesday after the company reported strong revenue results for the fourth quarter.

What Happened: CarParts.com reported fourth-quarter revenue of $154.52 million, which beat consensus estimates of $151.18 million, according to data from Benzinga Pro. The company's top-line results were up 12% on a year-over-year basis.

CarParts.com reported a fourth-quarter loss of 11 cents per share, which was in line with estimates.

"2022 was a record-breaking year for us, marking our third consecutive year of double-digit revenue growth. Since 2019, we have more than doubled our revenues and returned the company to profitability by leveraging our positive unit economics," said David Meniane, CEO of CarParts.com. 

"I'm also excited to announce we've built up a robust balance sheet which reinforces our confidence that we can continue to self-fund our future growth without reliance on outside capital."

CarParts.com will host a conference call to discuss these results at 5 p.m. ET.

See Also: Why CrowdStrike Stock Is Surging After Hours

PRTS Price Action: CarParts.com shares are up 3.93% after hours at $6.35 at the time of publication, according to Benzinga Pro.

Photo: Mimzy from Pixabay.