This morning (5/21/2019), AZO printed Q3 results with SSS of 3.9% in-line with our 3.7% but ahead of Consensus’ 3.0%. EBIT was in-line and EPS beat on tax-rate (Exhibit 2). Shares were +5% vs S&P +1%.
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We wanted to flag a few highlights in today's Wolfe Research Auto Daily...
- Early Model 3 ASP data looks encouraging. Expect Q1 deliveries of 75k units.
- What if Ford cuts International in half?
- If you live in China, you may be waiting 3 more days to buy your car
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%.
This morning (12/4/18), AZO printed Q1 results with SSS of 2.7% above Consensus of 1.8% and our 1.5%. Adj. EPS $13.47 beat Consensus of $12.21 and our $12.32. AZO also beat on GM, SG&A, and tax (Exhibit 2). AZO shares were up 7% versus S&P 500 -3%.
This AM (9/18/2018) pre-market AZO printed Q4 results with SSS of 2.2% versus Factset of 2.5% and our 1.5%. We think the buy side was initially a 3%, but expectations were lowered towards a 2% on CC data. Adj. EPS $18.54 beat Factset of $17.99 and our $16.83 as GM’s improved and SG&A only grew 3.5% versus initial guidance of +4-5%. AZO shares are down 3%.
Add tariffs and commodity inflation to the growing list of headaches that investors/companies must contend with. We lay out our thoughts and some exhibits to help frame the impact of these macro issues on the auto part retailers and what we have observed to date.
We undertook the unenviable task of reading the proxy for every company under coverage (and one we don’t cover: TSLA).
Using Return on Invested Capital as a lens, we take a look at which companies and sub-industries capture the highest returns within the automotive value chain. We calculate ROIC across 27 companies within industries including dealers, OEMs, parts suppliers, aftermarket retailers, and service providers.
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