General Motors disclosures should remind investors that GM has an interesting SOTP angle. While the 10K dropped language related to timing of Cruise Commercialization (we still expect this w/in the next 12-months), the company is clearly preparing for bigger things. Cruise employees and management are receiving Stock Options and RSUs that vest upon an IPO. On the negative side, GM also continues to disclose potential residual risks related to the bankruptcy of old GM (Plaintiffs want 30 MM additional shares for the GUC trust; GM will fight this at a March 11 hearing); The Takata recall could cost $1.2 bn (though GM is still seeking to avoid a recall).
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This AM (2/28/19) LKQ reported Q4 18 results including Organic growth of +3% versus our +2.4% and Adj. EPS of $0.48 just missed a lowered Cons of $0.49/ our $0.50. LKQ issued slightly soft FY2019 organic revenue guidance with EPS of $2.34 - $2.46 coming in below consensus. Shares +2%.
This morning (2/26/19), AZO printed Q2 results with SSS of 2.6% above Consensus of 2.2% but below our 2.7%. Adj. EPS $11.49 beat Consensus of $9.95 and our $9.70. AZO also beat on GM, SG&A, and tax. AZO shares were up 5% versus S&P 500 +0%.
Friday AM (2/22/2019), AN reported total rev growth of -4.8% missing Cons of -1.0% and but beat our -5.5%. EPS of $1.02 missed Cons of $1.15 and our $1.10 with greater than expected asset sales offsetting restructuring expenses. AN shares were -3% vs S&P +0.5%.
Copart reported FQ2 ‘19 results this morning (02/21/19). Total revenue of $485m was just below Cons. $489m & our $487m. Adj. EPS of $0.52 was just above Cons. $0.51 & our $0.50. Shares were up 6% vs. flat S&P 500.
KAR reported Q4 on 2/19 with a call 2/20. Total rev of $929m missed cons. of $936m and our $944m. Adj. EBITDA of $207m beat cons. $205m but was slightly below our $208m. KAR full-year adj. EBITDA guide of $935-$975m was in-line. Shares fell 13% on three key issues.
This morning (02/19/19), AAP reported Q4 SSS of 3.4% vs Cons. of 3.6%/our 3.5%. EBIT margins of 6.0% beat Cons. 5.8%/our 5.7%. Adj. EPS of $1.17 beat Cons. of $1.13/our $1.09. FY SSS guide was in-line, while margin guide was 30bps below Cons. AAP shares -1.7% vs S&P +0.1%.
This morning (02/19/19), GPC reported Q4 2018 earnings. Total revenue growth of +9.4% was 120bps above Consensus. Adj. EPS of $1.35 beat Cons. of $1.32 and our $1.31. Organic revenue was strong, and margins improved y/y for Industrial but contracted for Auto. Shares were up 1.5% versus flattish for the S&P 500.
Wednesday (02/06/19), after the market closed, ORLY reported Q4 results. SSS of 3.3% missed consensus of 3.8% and Wolfe 4.0%. EPS of $3.72 missed consensus of $3.75 and our $3.79. Q1 and FY comp guidance of 3-5% was strong vs. Cons. 3.3% and our 3.5%.
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