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LKQ Corporation Announces Results for Third Quarter 2021
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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 NAPA
In one of the closest Funny Car races in four-wide drag racing history, three-time world champion Ron Capps finished third in the NHRA Four-Wide Nationals final round Sunday afternoon at The Strip at Las Vegas Motor Speedway. Driving the link hidden, please login to view Toyota GR Supra, Capps laid down a weekend-best 3.902-second pass at 333.00 MPH to come up just thousandths of a second short in a four-wide photo finish.
Capps and crew chief Dean ‘Guido’ Antonelli worked their way through qualifying, steadily improving in each session. After a pair of 4-second passes on Friday, Capps laid down a 3.988 E.T. at 324.67 MPH to step up in the third session on Saturday. A consistent but slightly quicker 3.980 E.T. in the final session put Capps in the No. 11 position going into Sunday eliminations.
The first quad of Funny Car eliminations was a tricky one, but Capps came out on top. He and fellow Toyota driver J.R. Todd left first with identical .059 reaction times, then Capps held on to win with a 4.289 E.T. at 222.88 MPH over Todd, Dave Richards, and Daniel Wilkerson. Capps was first off of the starting line again in the second round, an advantage that helped him and his 3.932 E.T. finish ahead of Matt Hagan’s 3.938 E.T., Todd’s 3.951-second effort, and Jason Rupert’s 4.055 E.T.
Appearing in his 148th career final round, Capps cut his best light of the day, .056, and charged to his best performance of the weekend to reach the finish line third behind winner Bob Tasca III and runner-up Austin Prock. Capps finished less than a thousandth of a second behind Prock and just nine thousandths behind Tasca.
“What a drag race to watch as a fan,” said Capps, who’s won six times in Las Vegas. “I can’t tell you how ecstatic I am with our NAPA Auto Care team and what they’ve done with a brand-new car and a lot of the new parts that they’ve had to get used to. It usually takes teams a lot longer than this. I’m pretty bummed that we couldn’t win that round. I’m so happy we have our race car back, especially getting on a swing here where Guido is getting comfortable. I’m so happy about the car, but I’m so bummed at the same time. It’s going to take a little bit to digest.”
No. 6-ranked Capps and the Ron Capps Motorsports Funny Car team will get another shot at four-wide glory in two weeks at the East Coast edition of the NHRA Four-Wide Nationals, April 26-28, at zMAX Dragway in Concord, N.C.
Start / Finish: No. 11 / def. in Final Round
Points Standing / Total: No. 6 / 242 pts.
Next Race: April 26-28, Concord, N.C., NHRA Four-Wide Nationals
How to Watch or Listen: FS1,
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By NAPA
Chase Elliott and the No. 9 UniFirst team qualified third for Sunday’s NASCAR Cup Series race at Martinsville Speedway The 28-year-old driver finished stage one in the third position and followed that up with a fourth-place result in stage two Elliott took the lead for the first time of the race in the final stage, pacing the field for a total of 64 laps After an overtime finish, Elliott ultimately took the checkered flag in the third position – part of a 1-2-3 finish for Hendrick Motorsports during the organization’s 40th anniversary weekend at Martinsville The 2020 premier series champion is now sixth in the Cup Series points standings, only 51 points behind the leader Chase Elliott and the No. 9 UniFirst team qualified third for Sunday’s NASCAR Cup Series race at Martinsville Speedway during a special 40th anniversary weekend for Hendrick Motorsports. Driving the ruby red No. 9 UniFirst Chevrolet Camaro ZL1, Elliott held steady inside the top five throughout the entirety of the caution-free first stage. He took the green-and-white checkered flag in the third position at lap 80, collecting eight valuable stage points in the process.
During the stage break, the 28-year-old driver reported that his UniFirst Chevrolet fired off tighter than he anticipated. To help, the team made an air-pressure adjustment during its pit stop for four tires and fuel. He lined up fourth to start the second stage and continued to run inside the top five. Elliott was scored in the fifth position when the caution came out on lap 113. He relayed to crew chief Alan Gustafson that his Chevrolet was a little better than the last run. The team opted not to pit, and Elliott restarted from the fifth spot on lap 119. He remained there until he made the pass for fourth with three laps left in stage two. That’s where the Dawsonville, Georgia, native would finish the second stage, collecting an additional seven stage points.
Under the stage-ending caution, Elliott relayed that his UniFirst Chevrolet was tighter to start that run. A fast stop for four tires and fuel gained the driver of the No. 9 two spots on pit road, allowing Elliott to fire off for the final stage from the front row. Taking the green flag in second on lap 193, the 2020 Cup Series champion powered to the lead and remained there through the lap-204 caution. Elliott continued to hold point for several laps until the No. 11 caught up to him. The two battled side-by-side until Elliott settled into the second position on lap 258. He held steady in the runner-up spot until green-flag pit stops got under way. After pitting for four tires and fuel on lap 298, Elliott worked his way by the No. 11 as green-flag stops continued, putting himself in position to assume the lead once the field cycled through pit stops. However, Hendrick Motorsports teammate William Byron passed Elliott prior to pit stops concluding. Byron eventually took over the top spot with Elliott not far behind in second. An incident on the track with less than five laps remaining brought out the yellow flag and sent the race into overtime. Elliott lined up beside Byron for the final restart of the race. He gave it his all in the final two laps, ultimately taking the checkered flag in the third position – Elliott’s second consecutive top-five finish.
Elliott’s result was also part of a 1-2-3 finish for Hendrick Motorsports. Byron won the race with Kyle Larson finishing second. Following the third-place finish, Elliott and the No. 9 team are sixth in the Cup Series points standings, just 51 markers behind the leader.
“Congrats to William (Byron) and everyone at Hendrick Motorsports. Rick and Linda (Hendrick), Jeff (Gordon), Jeff (Andrews), Chad (Knaus) and all the people that put this together for us,” Elliott said. “They have an unbelievable program and I think we are all proud to call it home. It was awesome hosting over 1,000 people from Hendrick today – employees and their families. Glad one of us could get it done. Obviously, I wish we could have got it done, selfishly, like anybody would. But it is nice to have a good couple of solid weeks and be in contention for a win. We haven’t been in contention to win one for a while, so (it was) kind of nice to get to that last restart when it actually mattered. So, enjoyed that aspect and certainly hungry for more.”
Start / Finish: 3 / 3
Points Standing / Total: 6th / 258 pts. (-51)
Next Race: Sunday, April 14, Texas Motor Speedway
How to Watch or Listen: 3:30 p.m. ET on FS1, PRN or SiriusXM
NAPA:
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By OReilly Auto Parts
SPRINGFIELD, Mo., April 01, 2024 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, announces the release date for its first quarter 2024 results as Wednesday, April 24, 2024, with a conference call to follow on Thursday, April 25, 2024.
The Company’s first quarter 2024 results will be released after 3:30 p.m. Central Time on Wednesday, April 24, 2024, and can be viewed, at that time, on the Company’s website at link hidden, please login to view by clicking on “Investor Relations” and then “News Room.”
Investors are invited to listen to the Company’s conference call discussing the financial results for the first quarter of 2024, on Thursday, April 25, 2024, at 10:00 a.m. Central Time, via webcast on the Company’s website at link hidden, please login to view by clicking on “Investor Relations” and then “News Room.” Interested analysts are invited to join the call. The dial-in number for the call is (888) 506-0062 and the conference call identification number is 193896. A replay of the conference call will be available on the Company’s website through April 24, 2025.
About O’Reilly Automotive, Inc.
O’Reilly Automotive, Inc. was founded in 1957 by the O’Reilly family and is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States, serving both the do-it-yourself and professional service provider markets. Visit the Company’s website at link hidden, please login to view for additional information about O’Reilly, including access to online shopping and current promotions, store locations, hours and services, employment opportunities, and other programs. As of December 31, 2023, the Company operated 6,157 stores across 48 U.S. states, Puerto Rico, and Mexico.
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By NAPA
ATLANTA, March 28, 2024 /
link hidden, please login to view/ -- Genuine Parts Company (NYSE: GPC), a leading global distributor of automotive and industrial replacement parts, plans to release first quarter financial results on April 18, 2024. Following the release, management will host a conference call at 8:30 a.m. ET. The public may access the webcast and supplemental earnings materials on the link hidden, please login to view. The call is also available by dialing 1-800-836-8184. A replay of the call will be available on the company's website or toll-free at 1-888-660-6345, ID 28852#, two hours after completion of the conference call. About Genuine Parts Company
Established in 1928, Genuine Parts Company is a leading global service organization specializing in the distribution of automotive and industrial replacement parts. Our Automotive Parts Group operates across the U.S., Canada, Mexico, Australasia, France, the U.K., Ireland, Germany, Poland, the Netherlands, Belgium, Spain and Portugal, while our Industrial Parts Group serves customers in the U.S., Canada, Mexico and Australasia. We keep the world moving with a vast network of over 10,700 locations spanning 17 countries supported by more than 60,000 teammates. Learn more at
link hidden, please login to view. SOURCE Genuine Parts Company
For further information: Investor contact, Timothy Walsh, (678) 934-5349, Senior Director - Investor Relations; Media contact, Heather Ross, (678) 934-5220, Vice President - Strategic Communications
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