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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 Counterman
Women in Auto Care is introducing its revamped Connection Circle, Women of the World. The event will take place the first Wednesday of every month beginning in May.
“Join Dunya and Ellonyia as they host this engaging connection circle to discuss ways in which women can strengthen their visibility and amplify their roles within the automotive industry! The goal of this connection circle is to break barriers and challenge global stereotypes,” the announcement on LinkedIn said.
The goal is to unite women from every corner of the globe to inspire, support, and network. Together, we’ll amplify voices, break barriers, and forge meaningful connections, Women in Auto Care posted.
link hidden, please login to view will take place on May 1at 12 p.m. CST. The post
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By OReilly Auto Parts
Automotive Shock and Strut Overview | What do they do and why are they important?
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By Counterman
This is always an important topic to discuss, because I consider excellent customer service one of the most important tools you can have to earn trust, respect and repeat business from the customers that come through your door. Whether that customer is do-it-yourselfer from across town or the professional repair shop across the street, your business depends on a solid relationship.
It’s a subject that I am passionate about, and it’s one that many people are losing touch with. Whether you are communicating to someone in person, on the phone or using some type of social media, good customer service and bad can both exist. You can’t afford the latter, so this is the first in a series of topics which can and should be shared from the front of the shop to the back. No matter which role you hold, you represent the shop and yourself. Customer service should be your number one priority.
First on the list is the greeting. From the second a customer walks in the door, they need to know you appreciate them coming in and how important they are to your business. First impressions are everything and here’s the correct way to do it each and every time: look them directly in the eye, smile and say hello!
Of course, you can say “Good morning” or “Welcome to Joe’s Autocare,” but it should be a formal greeting and the most important thing is that you have smiled, looked them in the eye and recognized that they have walked through the door.
You should always retain a formal greeting until you are on a first-name basis with a customer. Only once you have established that level of relationship is it OK to use the less formal greeting of “Hi,” followed by the person’s name.
This greeting does more than just indicate respect and appreciation for someone walking through the door. Most likely there are customers both new and old who are in earshot of your conversation. For newer customers, this continues to build rapport and reinforce their positive view of your shop; they see that you demonstrate respect and treat everyone in the same manner. For repeat customers, even ones that have been coming for years, the greeting is important because the way you treat them is the reason they continue to come.
And when a long-time customer comes in and you greet them with “Hi [First Name],” this indicates your appreciation for them and that you’re glad to see them as a person, more than just a customer. New customers that witness this will see that your repeat customers are comfortable enough to be on a first-name basis, another indication of the trust they have in you.
If you impress someone with remembering their name and what you did last to their car, you just built a skyscraper of rapport.
There are certain situations where you will always greet someone by Mr., Mrs. or Miss., and that is usually after you have seen them often enough to remember their name, but before you know them on a first-name basis. Many people will say, “Just call me [First Name],” letting you know it’s OK, but until then it’s a sign of respect to use a formal greeting. In some cases, you may always use the formal; it can vary from person to person.
When thinking about the greeting, keep in mind that many people are uncomfortable walking into an unknown situation. They are probably already stressed because their car is broken, and they know it’s going to cost them money. And they may have never been to your shop or been there too often. Your greeting puts them immediately at ease and indicates, especially if there are other people waiting (and this is very important), that you have acknowledged they are there. They’ll be comfortable knowing that you’ll get to them as soon as possible.
It’s going to happen, often enough, that you will either be on the phone, right in the middle of explaining something to a customer or have your back turned at the moment someone walks in. If you’re on the phone, it’s easy. Simply smile and wave. That’s all it takes. Don’t use a phone call as an excuse to ignore and not initiate a greeting. You’ll probably even have coworkers that do this, hoping they won’t have to wait on this person. Advice for you: don’t. It’s a sign of weakness.
Once you’re off the phone, be sure to make an audible greeting and let them know how long it will be until you are available to help. If you’re currently talking to a customer when someone walks in, you don’t have to stop abruptly or cut them off to make a greeting, but don’t take too long. Wait just until you finish a thought and squeeze in a quick audible greeting, such as, “I’ll be with you in just a couple minutes, sir.”
One of my favorite tricks as a service writer is to always be alert and pay attention to cars as they pull up. Try to jot down the license if possible. There’s a good possibility that you will recognize cars before you remember someone’s name. You may remember that the car was in and you may recognize the person, but that’s it. If you’re quick on the fingers, before they get in the door, you can do a license plate search and bring up their name and also see what was done last.
If you impress someone with remembering their name and what you did last to their car, you just built a skyscraper of rapport. They’ll never know you “cheated.”
Heres’ another trick, even if you only had time to jot down the license number and you greeted someone, “Welcome to Joe’s Autocare, I’ll be right with you,” this indicates to someone that you are finishing something up and will let them know when you are ready. Even if you buy yourself 10 seconds, you can look up the license plate, then you can say, “I can help you now Mr. Smith. We did brakes just last month, right?”
Perhaps the most critical is that you always smile and greet your customers, no matter what. I don’t care how bad a day you are having, or if you had a difficult situation with the last customer. It doesn’t matter. Let it go and concentrate on whomever just walked in the door.
Your greeting is your first impression. Just like a strong handshake, dressing nicely and being on time for a job interview, this is your chance. Don’t blow it. You are, for all practical purposes, walking into a job interview. You are looking for a job and your customer is doing the hiring.
Customer service. That’s how it’s done.
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By Rade
Hello, does anyone know name of company who put that sticker on goods?
Via that company can order every part from OE for Vw Audi Skoda Seat Bmw Mercedes Porsche Land Rover and same..
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