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Auto-Wares Names Joe Stewart 2022 Technician Of The Year
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By Counterman
link hidden, please login to view and link hidden, please login to viewhave declared Avery Breneman of Blackfoot, ID, the 2024 Technician of the Year. Breneman is the owner of Avery’s Auto Repair, a Bumper to Bumper Certified Service Center and customer of NPW Companies. Breneman was named the winner during Auto Value and Bumper to Bumper’s Technician of the Year program in Detroit, Michigan, this July. “This recognition is humbling. I deeply appreciate the experience and I am proud to be the 2024 Technician of the Year Champion. The support from Auto Value and Bumper to Bumper has been incredible. I want to thank NPW and our sales rep, Hoss Prestwich, for encouraging me to compete,” said Breneman.
Sixteen top technicians from across the United States and Canada traveled to Detroit to participate in the 2024 Auto Value and Bumper to Bumper Technician of the Year finalist competition. Sponsored by DRiV and Garage Gurus, the annual competition included a custom Automotive Service Excellence examination as well as a series of Garage Gurus’ hands-on skills tests.
“With over 3,700 Certified Service Centers within the Auto Value & Bumper to Bumper network, becoming a technician of the year finalist is no easy task,” said JC Washbish, president at the Aftermarket Auto Parts Alliance, Inc. “The goal of this program is to recognize top technician talent within the industry, bring honor to the trades, and highlight the skills required to be a top tech. This year’s competition did not disappoint. We had a wonderful group of Auto Value and Bumper to Bumper technicians! We’d like to thank DRiV and Garage Gurus for their continued support of this fantastic event.”
The technician finalists were treated to a variety of entertainment and experiences in Metro Detroit including a day at the Henry Ford Museum and Greenfield Village, a tour of the Ford Rouge Factory, racing at the Champion® Motor Speedway in the M1 Concourse and the luxury of a suite at Comerica Park for a Detroit Tigers’ game.
“For Auto Value and Bumper to Bumper to once again partner with Garage Gurus on the technician of the year event is fantastic. The opportunity for our team to interact with top technicians from the certified service center network while representing our Champion, Fel-Pro, Moog, Monroe, Walker, Wagner and Garage Gurus brands is special,” said Mike Hinderer, technical product specialist field manager with Garage Gurus. “To the professional technicians in the industry, we are here, we see you and we support you.”
DRiV and Garage Gurus have been the host sponsor of the Auto Value and Bumper to Bumper Technician of the Year event since 2019.
“Our team at DRiV is very proud of our continued sponsorship and support of the Auto Value and Bumper to Bumper Technician of the Year program,” says Tony Genna, vice president North America sales at DRiV. “Hosting these extremely talented technicians from across North America is really something special and we are always appreciative of our time together. A program like this is important for our industry and no one does it better than the team at Auto Value and Bumper to Bumper.”
The 2024 Auto Value and Bumper to Bumper Technician of the Year Finalists include:
Scott Anderson; Canyon Meadows Auto Repair; Calgary, Alberta, Canada; Central Auto Parts Sean Blakeley; First Choice Automotive Repair; Killeen, TX; 4M Parts Warehouse Rafael Borja; Robertson Automotive; Tyler, TX; ABC Auto Parts Avery Breneman; Avery Auto; Blackfoot, ID; National Performance Warehouse Jeremiah Clark; Clarks Auto Repair and Service; Pleasureville, KY; Moog Louisville Warehouse Bim Gill; Gills Service Center; Harpersville, AL; National Performance Warehouse Michael Golda; Kerners Auto Service; Shelby Township, MI; Auto-Wares Group of Companies Jake Fehr; Chad’s Auto Repair Shop; Winkler, Manitoba, Canada; Piston Ring Service John Kincaid; Grainger Automotive; Bean Station, TN; Hahn Automotive Warehouse Brandon Osman; Square Deal Garage; Pinole, CA; Trimon, Inc. Mike Powers; Joe’s Garage; North Little Rock, AR; Parts Warehouse, Inc. Ryan Radtke; Village Mobil; Waunakee, WI; Automotive Parts Headquarters Inc. Matthew Reitmeier; Travel Care Regina Ltd; Regina, Saskatchewan, Canada; Auto Electric Service Rob Richardson; Maclane’s Automotive; Downingtown, PA; Eastern Warehouse Distributor, LLC Stephen “Chris” Scott; Accelerated Auto Service; Bennington, NE; The Merrill Company Doug Smith; Telle Tire and Automotive; St. Louis, MO; All Car Automotive Warehouse, Inc. The post
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By NAPA
ATLANTA, July 23, 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 second quarter ended June 30, 2024. "I want to thank each of our global GPC teammates for their hard work and dedication to serving our customers," said Will Stengel, President and Chief Executive Officer. "Our quarterly results reflect softer than expected market conditions, which are tempering demand particularly in our Industrial and U.S. and European Automotive businesses. Despite a challenging macro-environment, our teams are operating well and remain focused on executing our long-term strategic initiatives."
Second Quarter 2024 Results
Sales were $6.0 billion, a 0.8% increase compared to $5.9 billion in the same period of the prior year. The sales result is attributable to a 2.2% benefit from acquisitions, partially offset by a 0.9% decrease in comparable sales and 0.5% unfavorable impact of foreign currency and other.
Net income was $296 million, or $2.11 per diluted earnings per share. This compares to net income of $344 million, or $2.44 per diluted share in the prior year period.
Adjusted net income was $342 million which excludes a net expense of $46 million of after tax adjustments, or $0.33 per diluted share, in costs related to our global restructuring initiative and the acquisition of Motor Parts and Equipment Corporation. This compares to net income of $344 million for the same three-month period of the prior year, a decrease of 0.9%. On a per share diluted basis, adjusted net income was $2.44, in-line with the same period of the prior 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.
Second Quarter 2024 Segment Highlights
Automotive Parts Group ("Automotive")
Global Automotive sales were $3.7 billion, up 2.0% from the same period in 2023, reflecting a 3.1% benefit from acquisitions, partially offset by a 0.6% decrease in comparable sales and 0.5% unfavorable impact of foreign currency and other. Segment profit of $314 million decreased 4.7%, with segment profit margin of 8.4%, down 60 basis points from last year.
Industrial Parts Group ("Industrial")
Industrial sales were $2.2 billion, down 1.1% from the same period in 2023, with a 0.7% benefit from acquisitions, offset by a 1.6% decrease in comparable sales and 0.2% unfavorable impact of foreign currency. Segment profit of $277 million decreased 2.3%, with segment profit margin of 12.4%, down 10 basis points from the same period of the prior year.
Six Months 2024 Results
Sales for the six months ended June 30, 2024 were $11.7 billion, up 0.6% from the same period in 2023. Net income for the six months was $544 million, or $3.89 per diluted share, compared to $4.58 per diluted share in the prior year period. Adjusted net income increased 0.6% to $652 million in the first half of 2024 compared to net income of $648 million in the prior year period. Adjusted diluted earnings per share was $4.66 compared to $4.58 in the prior year period, an increase of 1.7%.
Balance Sheet, Cash Flow and Capital Allocation
The company generated cash flow from operations of $612 million for the first six months of 2024. Net cash used in investing activities was $762 million, including $259 million for capital expenditures and $580 million for M&A. The company also used $382 million in cash for financing activities, including $272 million for quarterly dividends paid to shareholders and $75 million for stock repurchases. Free cash flow was $353 million for the first six 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 $2.0 billion of total liquidity. Total liquidity comprises of $555 million in cash and cash equivalents and $1.4 billion of our $1.5 billion revolving credit facility available after the effect of $100 million of commercial paper outstanding as of June 30, 2024.
2024 Outlook
The company is revising full-year 2024 guidance previously provided in its earnings release on April 18, 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.
For the Year Ending December 31, 2024
Previous Outlook
Updated Outlook
Total sales growth
3% to 5%
1% to 3%
Automotive sales growth
2% to 4%
1% to 3%
Industrial sales growth
3% to 5%
0% to 2%
Diluted earnings per share
$9.05 to $9.20
$8.55 to $8.75
Adjusted diluted earnings per share
$9.80 to $9.95
$9.30 to $9.50
Effective tax rate
Approximately 24%
Approximately 24%
Net cash provided by operating activities
$1.3 billion to $1.5 billion
$1.3 billion to $1.5 billion
Free cash flow
$800 million to $1.0 billion
$800 million to $1.0 billion
Non-GAAP Information
This release contains certain financial information not derived in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP"). These items include adjusted net income, adjusted diluted earnings per share and free cash flow. We believe that the presentation of adjusted net income, adjusted diluted earnings per share and free cash flow, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provide meaningful supplemental information to both management and investors that is indicative of our core operations. We considered these metrics useful to investors because they provide greater transparency into management's view and assessment of our ongoing operating performance by removing items management believes are not representative of our operations and may distort our longer-term operating trends. For example, for the three and six months ended June 30, 2024, adjusted net income and adjusted diluted earnings per share exclude costs relating to our global restructuring initiative and acquisition of Motor Parts and Equipment Corporation, which are one-time events that do not recur in the ordinary course of our business. We believe these measures are useful and enhance the comparability of our results from period to period and with our competitors, as well as show ongoing results from operations distinct from items that are infrequent or not associated with our core operations. We do not, nor do we suggest investors should, consider such non-GAAP financial measures as superior to, in isolation from, or as a substitute for, GAAP financial information. We have included a reconciliation of this additional information to the most comparable GAAP measure following the financial statements below. We do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the GAAP measures without unreasonable efforts. These items may include acquisition-related costs, litigation charges or settlements, impairment charges, and certain other unusual adjustments.
Comparable Sales
Comparable sales is a key metric that refers to period-over-period comparisons of our sales excluding the impact of acquisitions, foreign currency and other. Our calculation of comparable sales is computed using total business days for the period. The company considers this metric useful to investors because it provides greater transparency into management's view and assessment of the company's core ongoing operations. This is a metric that is widely used by analysts, investors and competitors in our industry, although our calculation of the metric may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate this metric in the same manner.
Conference Call
Genuine Parts Company will hold a conference call today at 8:30 a.m. Eastern Time to discuss the results of the quarter. A supplemental earnings deck will also be available for reference. Interested parties may listen to the call and view the supplemental earnings deck on the
link hidden, please login to view. The call is also available by dialing 800-836-8184. A replay of the call will be available on the company's website or toll-free at 888-660-6345, conference ID 93997#, two hours after the completion of the 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. Forward-Looking Statements
Some statements in this release, as well as in other materials we file with the Securities and Exchange Commission (SEC), release to the public, or make available on our website, constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in the future tense and all statements accompanied by words such as "expect," "likely," "outlook," "forecast," "preliminary," "would," "could," "should," "position," "will," "project," "intend," "plan," "on track," "anticipate," "to come," "may," "possible," "assume," or similar expressions are intended to identify such forward-looking statements. These forward-looking statements include our view of business and economic trends for the remainder of the year, our expectations regarding our ability to capitalize on these business and economic trends and to execute our strategic priorities, and the revised full-year 2024 financial guidance provided above. Senior officers may also make verbal statements to analysts, investors, the media and others that are forward-looking.
We caution you that all forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information, you are cautioned not to place undue reliance on our forward-looking statements. Actual results or events may differ materially from those indicated as a result of various important factors. Such factors may include, among other things, changes in general economic conditions, including unemployment, inflation (including the impact of tariffs) or deflation, financial institution disruptions and geopolitical conflicts such as the conflict between Russia and Ukraine, the conflict in the Gaza strip and other unrest in the Middle East; volatility in oil prices; significant cost increases, such as rising fuel and freight expenses; public health emergencies, including the effects on the financial health of our business partners and customers, on supply chains and our suppliers, on vehicle miles driven as well as other metrics that affect our business, and on access to capital and liquidity provided by the financial and capital markets; our ability to maintain compliance with our debt covenants; our ability to successfully integrate acquired businesses into our operations and to realize the anticipated synergies and benefits; our ability to successfully implement our business initiatives in our two business segments; slowing demand for our products; the ability to maintain favorable supplier arrangements and relationships; changes in national and international legislation or government regulations or policies, including changes to import tariffs, environmental and social policy, infrastructure programs and privacy legislation, and their impact to us, our suppliers and customers; changes in tax policies; volatile exchange rates; our ability to successfully attract and retain employees in the current labor market; uncertain credit markets and other macroeconomic conditions; competitive product, service and pricing pressures; failure or weakness in our disclosure controls and procedures and internal controls over financial reporting, including as a result of the work from home environment; the uncertainties and costs of litigation; disruptions caused by a failure or breach of our information systems, as well as other risks and uncertainties discussed in our Annual Report on Form 10-K for 2023 and from time to time in our subsequent filings with the SEC.
Forward-looking statements speak only as of the date they are made, and we undertake no duty to update any forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K and other reports filed with the SEC.
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By Counterman
link hidden, please login to viewannounced the 12-year anniversary of its Jobber Management System, the Positrak Pro. Since 2012, the company said it has sold and installed more than 430 systems for independent jobbers across the country. “Positrak has a 40-year legacy of happy, healthy jobbers,” said Positrak Vice President Jay Douglas. “Our commitment to customer service and doing the job right the first time is what has brought us to this point, and that will further our success in the coming years.”
According to a news release from the company, Positrak’s Jobber Management Systems include point of sale and inventory solutions, integrated cataloging, integrated credit card processing, and B2B connectivity.
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By Counterman
There are just a few weeks left for you to nominate someone for the 2024 Counter Professional of the Year award. Counterman has proudly honored the winner of this award every year since 1986.
link hidden, please login to view, a long-time sponsor of the award, is once again sponsoring the Counter Professional of the Year for 2024. The winner receives an all-expenses paid trip to Las Vegas, where he or she will be honored in-person at
link hidden, please login to view, scheduled for November 5-7. The Counter Professional of the Year will also enjoy a VIP experience at the Babcox Media/WIX Filters recognition program. The winner also will be featured in the cover story in the December 2024 issue of AMN/Counterman. The Counter Professional of the Year award recognizes America’s most trusted “go-to” men and women behind the parts counter. The 2023 winner was
link hidden, please login to view, an assistant manager at an O’Reilly Auto Parts store in Chicago. link hidden, please login to view “I wanted to do parts. That was always my main thing,” said Shambro. “I enjoyed it. Back in the day, I had part numbers memorized, so I could pick them up right off the shelf without looking anything up.”
If you know a counter professional with the dedication, passion and knowledge similar to Shambro’s, visit our
link hidden, please login to view and fill out the form. We will continue to accept nominations through August 16. The post
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