U.S. Auto Parts Network (NASDAQ: PRTS) reported Q1 EPS of ($0.03), $0.03 worse than the analyst estimate of $0.00. Revenue for the quarter came in at $87.8 million versus the consensus estimate of $82.95 million.

GUIDANCE:

Net sales through the first five weeks of Q2 were up more than 40%.

"The momentum from last year has carried into 2020, as reflected by our record sales in the first quarter and by nearly achieving the same amount of adjusted EBITDA as we did for all of 2019," said Lev Peker, CEO of U.S. Auto Parts. "Our turnaround strategy is working, and the actions we took last year to create a lean and efficient operating model have dramatically improved profitability, even amid the new COVID-19 environment.

"Since the outset of the pandemic, our top priority has been to ensure the health and safety of our employees and the continuity of operations for our customers. Our three distribution centers are operational as they have been deemed an essential service, and our corporate teams are working from home. We are proud to be operating at full strength.

"Our data suggests that there has been an influx of auto parts consumers entering the online market, many of whom are new hobbyists or customers that previously shopped at brick-and-mortar stores. We continue to experience significant growth in Q2 despite the stay at home order and believe we are well-positioned to operate in this new environment.

"Looking ahead, we are currently on pace to generate strong sales and adjusted EBITDA growth in the second quarter. Through the first five weeks of the quarter, even with miles driven down 50% across the nation, our net sales are up more than 40% and our higher-margin e-commerce business is significantly outpacing our marketplace business."

For earnings history and earnings-related data on U.S. Auto Parts Network (PRTS) click here.