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Genuine Parts Company Announces 2nd Quarter 2018 Earnings Release Date And Conference Call
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By AutoZone
MEMPHIS, Tenn. , Dec. 05, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) today reported net sales of $4.2 billion for its first quarter (12 weeks) ended November 18, 2023 , an increase of 5.1% from the first quarter of fiscal 2023 (12 weeks). Same store sales, or sales for our domestic and
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By Counterman
NTN Bearing Corp. of America is sharing its story of support for a local animal rescue.
On Nov. 16, NTN donated a Mercedes-Benz Sprinter van with its cargo hold full of supplies to Wright-Way Rescue, but it didn’t happen without a bit of good fortune.
In October, Wright-Way Rescue, an animal rescue organization based in Morton Grove, Illinois, had an accident with a van used for its animal-rescue missions. The accident rendered the van a total loss with an insurance payout that would not be sufficient to purchase a replacement vehicle.
With countless animal lives hanging in the balance, Wright-Way put out a call to the community to help raise funds for a replacement vehicle.
Meanwhile, NTN recently had replaced its Technical Training Unit van, and had begun looking for a deserving home for the previous van, a 2011 Mercedes-Benz Sprinter 2500.
Even after 12 years of onsite bearing-training service, the van has been well-maintained and has a lot of useful life left in it, according to NTN. The NTN team contacted multiple charities looking for a cause that could make good use of the van, but had not found the right fit. And that’s when the stars aligned.
Wright-Way’s call for help was picked up by local Chicago media outlets, and the headline “Suburban Rescue in ‘Dire’ Need of New Van to Save Animals from Being Euthanized” came to the attention of the NTN team.
NTN reached out to Christy Anderson, founder of Wright-Way, to see if the van would help get the organization back on the road, and she was thrilled to accept our donation offer. Because of its former duty, the van is equipped with a loading ramp, shelving and a cargo bulkhead, which all will be very useful for its new mission with Wright-Way.
“We were looking for a good home for our technical training van, and we feel fortunate to have found a deserving organization, in urgent need, based less than 10 miles away from our U.S. headquarters,” said Pete Eich, president and CEO. “Wright-Way Rescue fulfills a critical role in our community, saving the lives of dogs and cats on a daily basis, and we are thrilled that our van will go from bearing training duty to animal rescue duty. When we shared this news internally, our employees opened their hearts and filled the van with much needed supplies for Wright-Way, making an even bigger impact. I couldn’t be more proud of the NTN team.”
On Nov. 16, a group of NTN employees delivered the van to Wright-Way’s Morton Grove location. The NTN team was greeted by the grateful team from Wright-Way Rescue to hand off the vehicle, tour their facility and meet some of the animals Wright-Way works so hard to rescue.
At the end of the day, Wright-Way had gained a much-needed vehicle and supplies, and the NTN team had gained the satisfaction that they were able to help a deserving organization in the community. Wright-Way also was left with one less dog to find a home for, as a member of the NTN HR team fell in love with a puppy and had to take her home.
NTN launched a new Community Spirit and Engagement Policy in January 2023, with the purpose of managing the company in a responsible and ethical manner and making a positive impact on the communities in which the company operates. The goals of the policy include maintaining a community involvement program that contributes time and resources to charitable organizations and encourages employees to have an active role within the local community, and making positive contributions to the community and building partnerships with other groups and organizations, according to NTN.
“NTN’s donation of this vehicle to Wright-Way Rescue aligns perfectly with the goals of NTN’s Community Spirit and Engagement Policy,” said Brad Fideli, director, human resources. “The effort of our team to go the extra-mile in collecting needed supplies from our employees and community are a great example of the impact a program like ours can have. We are proud to contribute to our community and build relationships with wonderful organizations like Wright-Way.”
Wright-Way Rescue, a nonprofit 501 (c)(3) animal rescue organization, has multiple locations in the Chicago suburbs and downstate Illinois. To learn more about Wright-Way Rescue and how you can help support its mission, visit
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By Counterman
New Advance Auto Parts CEO Shane O’Kelly served as a U.S. Army captain in the 1990s after graduating from the U.S. Military Academy at West Point.
Early in Advance’s third-quarter conference call on Nov. 15 – during which the company reported an operating loss of $43.7 million – O’Kelly said his time in the military taught him the importance of aligning an organization “around fewer measurable goals while ensuring while ensuring discipline and accountability in the process to achieve those goals.”
O’Kelly, who replaced Tom Greco as CEO on Sept. 11, then outlined five “decisive actions” that Advance is taking “to help stabilize the company and return to profitable growth.”
The headliner was the company’s decision to divest its most prized asset: Worldpac.
Advance acquired Worldpac and Carquest in 2014 through its acquisition of General Parts International Inc. At the time, Advance boasted that the transaction created the largest provider of aftermarket parts in North America.
Centerview Partners, an investment-banking and advisory firm, will assist with the sale process, according to the company.
“Worldpac is a high-performing business and as you know, is very different than our core blended-box model,” O’Kelly said during the conference call. “As we get back to the fundamentals of servicing our professional and DIY customers, we view now as the right time to simplify our model. The Worldpac business still operates relatively independently from Advance, and we believe that the sale process will not create a distraction.”
In a separate sales process, Advance plans to divest its business in Canada. Advance’s Canadian business – which goes to market under the Carquest banner – predominantly serves DIFM customers.
As part of its operational review launched in August, Advance also announced a cost-cutting program that the company expects to generate at least $150 million in annualized savings. While Advance’s Q3 net sales were up 3% to $2.7 billion, the company reported negative cash flow through the first three quarters of 2023 – an outflow of $156.8 million.
The cost-reduction program “will be primarily driven by simplifying our organizational structure, minimizing duplicative efforts and eliminating investments that are not core to supporting our frontline team members and customers,” O’Kelly said.
O’Kelly noted that Advance plans to reinvest approximately $50 million from the cost-cutting program “to improve the retention of our frontline teams and ensure we have experienced team members to serve our customers.”
“In fact, we began making changes to our frontline compensation structure in Q3 and are already seeing a reduction in turnover in targeted frontline roles,” he added.
Advance Appoints New CFO
Coinciding with its third-quarter earnings announcement, Advance announced the appointment of Ryan Grimsland as executive vice president and chief financial officer, effective Nov. 27.
Tony Iskander, who has served as interim chief financial officer since August, will continue in his role as senior vice president, finance and treasurer.
Grimsland, 46, brings more than 20 years of experience in corporate finance, treasury, financial planning and retail strategy and transformation.
Most recently, Grimsland served as senior vice president, strategy and transformation at Lowe’s Companies. During his 17-year tenure at Lowe’s, he held leadership roles across all aspects of the finance organization, including senior vice president, corporate finance and treasurer; vice president, corporate financial planning and analysis; and vice president, stores finance.
During Advance’s Nov. 15 conference call, O’Kelly said Grimsland “has a strong track record of driving organizational improvements while implementing best practices to resolve complex issues.”
“In addition to our CFO announcement, we’ve taken action to streamline our management structure,” O’Kelly added. “We have reorganized parts of my leadership team and transitioned responsibilities for our marketing, merchandising and e-commerce functions to the appropriate leaders in our organization who will drive enhanced collaboration and accountability.”
As part of that reorganization, Advance announced that it is eliminating the position of executive vice president, merchandising, marketing and e-commerce, currently held by Jason McDonell. McDonell will depart from the company effective Dec. 1.
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By partsman
Advance Auto Parts announced today, as part of their Q3 earnings release, that they are initiatiating the sale of their Worldpac and Canadian businesses (operates under Carquest).
Strategic Review Update
The company has initiated separate sale processes for the potential divestiture of Worldpac and the company’s Canada business. Worldpac, a leading automotive wholesale distributor of original equipment and aftermarket parts for all makes/all models, is highly recognized for its world class technology, catalog, product brand assortment and training. The company's Canadian business, which predominantly serves commercial customers, goes to market under the Carquest banner.
The company has engaged Centerview Partners to assist in the sale processes. The company has not set a timetable for the conclusion of the sale processes and does not intend to comment on or provide updates regarding these matters unless and until the processes are concluded or it determines that further disclosure is appropriate or required.
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