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Full Synthetic GM Dexos Oil Changes $39.99
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By NAPA
ATLANTA, April 18, 2024 /
link hidden, please login to view/ -- Genuine Parts Company (NYSE: GPC), a leading global distributor of automotive and industrial replacement parts, announced today its results for the first quarter ended March 31, 2024. "Our performance in the quarter highlights the value of our business mix paired with our geographic diversity as our teams delivered profits that were ahead of our expectations," said Paul Donahue, Chairman and Chief Executive Officer. "We did this by staying focused on both our near- and long-term strategic initiatives to improve our business and drive profitable growth. I want to take a moment to thank our GPC teammates across the globe for their hard work and dedication to delivering value for our customers."
First Quarter 2024 Results
Sales were $5.8 billion, a 0.3% increase compared to $5.8 billion in the same period of the prior year. The sales result is attributable to a 1.9% benefit from acquisitions, offset by a 0.9% decrease in comparable sales and 0.7% unfavorable impact of foreign currency and other.
Net income was $249 million, or $1.78 per diluted earnings per share. This compares to net income of $304 million, or $2.14 per diluted share in the prior year period.
Adjusted net income, which excludes a net expense of $62 million after tax adjustments, or $0.44 per diluted share, in non-recurring costs related to our global restructuring, was $311 million. This compares to net income of $304 million for the same three-month period of the prior year, an increase of 2.3%. On a per share diluted basis, adjusted net income was $2.22, an increase of 3.7% compared to diluted earnings per share of $2.14 last year. Refer to the reconciliation of GAAP net income to adjusted net income and GAAP diluted earnings per share to adjusted diluted earnings per share for more information.
First Quarter 2024 Segment Highlights
Automotive Parts Group ("Automotive")
Global Automotive sales were $3.6 billion, up 1.9% from the same period in 2023, reflecting a 0.2% increase in comparable sales and a 2.8% benefit from acquisitions, partially offset by 1.1% unfavorable impact of foreign currency and other. Segment profit of $273 million increased 3.2%, with segment profit margin of 7.6%, up 10 basis points from last year.
Industrial Parts Group ("Industrial")
Industrial sales were $2.2 billion, down 2.2% from the same period in 2023, with a 0.5% benefit from acquisitions, offset by a 2.6% decrease in comparable sales and 0.1% unfavorable impact of foreign currency. Segment profit of $271 million increased 3.4%, with segment profit margin of 12.3%, up 70 basis points from the same period of the prior year.
"We are pleased with the start to 2024, which was highlighted by operating discipline that delivered improved overall earnings against a backdrop of low sales growth," said Will Stengel, President and Chief Operating Officer. "In Industrial, sales decreased low-single-digits, in-line with our expectations, as we were up against our most difficult comparative period for the year. In Automotive, the actions taken in our U.S. Automotive business are gaining traction, and we are encouraged by the sequential improvement in performance. This improvement, coupled with the solid performance of our other businesses, is reflected in our reaffirmed sales growth and improved earnings outlook for 2024."
Balance Sheet, Cash Flow and Capital Allocation
The company generated cash flow from operations of $318 million for the first three months of 2024. We used $178 million in cash for investing activities, including $116 million for capital expenditures and $135 million for M&A. We also used $175 million in cash for financing activities, including $133 million for quarterly dividends paid to shareholders and $38 million for stock repurchases. Free cash flow was $203 million for the first three months of 2024. Refer to the reconciliation of GAAP net cash provided by operating activities to free cash flow for more information.
The company ended the quarter with $2.5 billion in total liquidity, consisting of $1.5 billion availability on the revolving credit facility and $1.0 billion in cash and cash equivalents.
2024 Outlook
The company is updating full-year 2024 guidance previously provided in its earnings release on February 15, 2024. The company considered its recent business trends and financial results, current growth plans, strategic initiatives, global economic outlook, geopolitical conflicts and the potential impact on results in updating its guidance, which is outlined in the table below.
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By Mighty Auto Parts
The post
link hidden, please login to view appeared first on link hidden, please login to view. When filters bulge, gaskets blow, or filters dislodge from their mounted position on the engine, the oil filter is almost always blamed. Some install the second or third filter still convinced the filter is the cause. The filter is the victim, as over pressurization is the reason for the event and these issues have plagued […]
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By Counterman
AMSOIL has added a new 0W-40 viscosity to its line of OE 100% synthetic motor oil to better meet the emerging demands of advanced automotive technology.
The new OE 0W-40 is primarily for newer RAM HD trucks equipped with the 6.4-liter Hemi engine, AMSOIL noted.
AMSOIL OE 100% synthetic motor oil is specifically designed to deliver maximum wear protection, fuel economy and emissions control for the longer drain intervals recommended by OE manufacturers, according to the company.
The motor oil is licensed by the American Petroleum Institute (API) to meet and exceed the requirements commonly found in owner’s manuals. AMSOIL OE 100% synthetic motor oil also is friendly toward modern emissions-control systems to promote proper operation of catalytic converters for optimum service life and low exhaust emissions, according to
link hidden, please login to view. Low-speed pre-ignition (LSPI) is a common issue found in today’s advanced engines and is much more destructive than typical pre-ignition. OE 100% synthetic motor oil achieved 100% protection against low-speed pre-ignition (LSPI), based on testing required by the GM dexos 1 Gen 2 specification.
The motor oil provides 47% more wear protection than required by the GM dexos 1 Gen 2 specification, based on independent testing cited by AMSOIL.
“AMSOIL OE 100% synthetic motor oil has a 100% synthetic, pure chemical structure engineered to remove harmful contaminants and provide long-lasting engine protection and performance,” AMSOIL said in a news release. “It features an advanced detergent and dispersant additive package designed to protect against sludge and deposits to deliver maximum engine cleanliness.”
AMSOIL OE 100% synthetic motor oil is available in the following viscosities: 0W-16, 0W-20, 5W-20, 5W-30, 10W-30 and 0W-40.
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