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‘AMN Drivetime’: Creating Parts That Customers Need
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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 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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By Counterman
On modern vehicles, overheating is a rare occurrence thanks to high-quality hoses, thermostats and better engine management. Unfortunately, the weak point is still the coolant. Whether it’s a 100,000-mile or 150,000-mile coolant, eventually it will break down and lose the ability to protect the components with which it comes into contact.
Coolant at 100,000 miles may look the same as coolant with zero miles, as the real difference between good and bad coolant can’t be seen with the naked eye; it is in the chemistry and based on mileage.
Coolant contains additives called buffers that keep it at a neutral pH but these buffers are meant to last forever. When these chemicals become depleted, the pH can’t be controlled. It rises dramatically in a short period of time the moment the buffers are fully depleted. This is why replacing the coolant at the recommended interval is critical.
Coolant has two specifications that can be used to justify replacement — the condition of the additive package and the freezing point.
The additive package is the secret sauce for a coolant. Its main function is to control corrosion. Other components of the additive help with heat transfer and cavitation reduction. Some additive packages use seal conditioners to extend the life of the gaskets and plastic carriers.
The freezing point is measured by the overall specific gravity of the coolant, which has a direct relationship to the coolant/water mixture. This test can help spot coolant that has been compromised by the owner topping off with water. This measurement works well on systems that do not have pressurized reservoirs.
The strength or freezing point of coolant can be measured with a simple hydrometer. This device uses a calibrated float or plastic balls (not as accurate) to show the specific gravity of the coolant. This, in turn, shows how much freezing/boiling protection the coolant offers. You must remember to compensate for temperature because the specific gravity (density) of the coolant is lower when the coolant is hot.
The more professional tool for this purpose is an optical refractometer because it is very accurate and automatically compensates for temperature. Be aware: these are not simple, inexpensive tools. A refractometer can cost up to $300 or more because of the precision optics in its lens. Ethylene glycol (EG) and polyethylene glycol (PG) antifreeze have slightly different densities, so you have to use a hydrometer or refractometer with the appropriate scale (or one with a dual scale) for accurate test results.
Color-coded chemical test strips that are dipped into the coolant can be used to quickly and easily reveal the condition of the coolant. These strips of coated capillary paper react to the presence of certain dissolved minerals in the coolant and change color to give a good, marginal or bad indication of the coolant’s pH condition. Some test strips also show the concentration of antifreeze in the coolant.
The added benefit of test strips is that the results can be shared with the owner by attaching the used strip to the inspection form.
But, mileage is the gold standard for any coolant replacement recommendation. Engineers and chemists spend a lot of time formulating the coolant to match the engine and interval.
If you are performing a water pump, heater core or hose repair, recommend a full coolant flush. Just topping off the coolant can lead to a mixed bag when measuring the pH and freezing point. Also, check the specific gravity before a repair. Many customers know how to top off their coolant with water that could dilute the coolant concentration.
Selling any fluid maintenance service is difficult these days. But, if you document and educate customers on the importance of coolant, it becomes more than just an “add on” service.
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