Why Are Shares Of CarParts.com Trading Higher Today?

Shares of CarParts.com Inc PRTS were one of the top winners during Friday's trading session. The company reported a Q2 beta and announced a buyback plan.

CarParts.com reported Q2 EPS of $0.04, beating the analyst consensus estimate of a $(0.04) per share loss. Sales also beat at $157.5 million, versus the analyst estimate of $133.4 million.

The company announced a $30 million buyback plan.

CarParts.com CEO, Lev Parker, said, "A large contributor to our revenue growth was due to an increase in DC capacity since Grand Prairie was fully operational. I'm proud to announce that we are expanding the space there by 156k square feet and we have also signed a lease to open a new 180k square foot Jacksonville, Florida distribution center. Once these two facilities are added to our network, our total DC square footage will exceed 1.2 million square feet."

The company's COO, David Meniane, appeared on Benzinga's mid-day YouTube show, "Power Hour." Click here to see the interview.

Meniane highlighted the company's best-ever quarter. He also noted the company will enter the electric vehicle market, and sees EVs as a "big opportunity" for the company to grow.

Shares of CarParts.com traded up nearly 18% to around $19.94.