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First Brands Opens 2023 Racing-Sponsorship Application
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By NAPA
Jack Wood delivered his best performance of the 2024 season on Friday afternoon at Sonoma Raceway and earned a fifth-place finish. The driver of the No. 16
link hidden, please login to view Chevrolet SS gained a position in the ARCA Menards Series West standings and now resides third in points after four events. The effort in California’s wine county marked his first top-five finish of the season and his third top-five result at Sonoma. Wood started the 200-mile showdown from the eighth position and immediately went forward at the drop of the green flag. The Loomis, Calif. driver vaulted himself into the top five on the opening lap to assert himself as a contender. The race’s first restart came on lap 10 and Wood settled into sixth position as he preserved his tires, since no tire changes were permitted during the 67-lap event.
He came to the attention of the NAPA Auto Care team for his only pit stop of the afternoon during a lap 23 caution for a chassis adjustment and fuel. He restarted seventh on lap 27 and worked his way into fourth by lap 36. He would consistently run inside the top five for the balance of the event and claimed third position on a lap 47 restart.
Over the final 10 circuits, Wood found himself in a heated battle for third and ran fourth with two laps to go when a caution flag waved to set up a one-lap overtime restart. Wood restarted fourth and took the checkered flag in fifth for his first top-10 result of his 2024 campaign.
“It definitely feels good to get a top-five today,” Wood said. “We had a real consistent NAPA Auto Care Chevrolet today and it’s nice to come out of here with a good finish. All these guys at BMR brought some good speed here. We were a little bit off of race-winning speed, but proud of the effort and feel like we executed a solid day from start to finish.”
Start / Finish: 8 / 5
Points Standing / Total: 3rd / 140 pts. (-19)
Next Race: Thursday, July 4, Irwindale Speedway
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By Counterman
link hidden, please login to view announced it was recently recognized as a top global supplier of 2023 by General Motors during the automaker’s annual Supplier of the Year event in Miami, Florida. This is the fourth time Schaeffler has been honored with this award. Emphasizing shared values between GM and global suppliers, the rigorous selection process distinguishes those who align closely with GM’s principles, Schaeffler said. These values, rooted in performance, innovation, cultural alignment, and commitment to GM’s ambitious goals, serve as the foundation of the selection criteria.
The selection process is guided by the GPSC Priority Wheel, which prioritizes the customer in every aspect of supply chain decision-making. The framework’s core values of safety, inclusion and relationships serve as the foundation for other priorities such as sustainability, innovation, execution, resilience, and profitability.
“Receiving this prestigious award from General Motors is a testament to our relentless dedication to delivering outstanding quality and performance,” said Klaus Rosenfeld, CEO of Schaeffler AG. “We are honored to be recognized as a top global supplier and look forward to further advancing our partnership with GM in the pursuit of automotive excellence.”
Jon Jameson, senior vice president and GM global key account manager, Schaeffler added, “At Schaeffler, we are immensely proud of our continued partnership with General Motors. This recognition underscores our commitment to innovation and excellence, driving us to exceed expectations in every aspect of our collaboration.”
Photo from left: Pratik Shah, Schaeffler key account manager; Klaus Rosenfeld, Schaeffler CEO; Peter Layer, GM purchasing, executive director of chassis propulsion structures; Jon Jameson, Schaeffler senior vice president global key account manager; and Allen Pervo, Schaeffler key account manager.
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By Counterman
In this second installment, Jason Stahl from BodyShop Business and Mark Thomas, North American training manager with U-POL, discuss the application methods for U-POL’s Raptor Product System and its versatility as a two-coat texture replacement product.
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By Advance Auto Parts
RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, announced its financial results for the first quarter ended April 20, 2024.
“Our team continues to execute against our decisive actions, including commencing our supply chain consolidation and making meaningful progress toward the potential sale of Worldpac,” said Shane O’Kelly, president and chief executive officer. “While the industry experienced a slower start to 2024 compared with our expectations, the actions we began in the back half of last year will help us streamline our operations for the long term. Our leadership team and I continue to focus on improving the core fundamentals of our business while reducing costs, which is reflected in our year-over-year SG&A reduction. As previously announced, we are reinvesting a portion of the savings back into the foundation of our business, including frontline compensation and training. We also made progress on our other decisive actions, including beginning three of our DC to market hub conversions.
“We continue to work on improving our overall performance by removing complexities and distractions to increase our value proposition and deliver shareholder value. We recognize we still have significant work ahead of us, however the actions we're taking will put us on the path to delivering improved results. I want to thank all our team members for their continued commitment to serving our customers as we navigate through this pivotal year for Advance.”
First Quarter 2024 Results (1,2)
First quarter 2024 net sales totaled $3.4 billion, a 0.3% decrease compared with the first quarter of the prior year. Comparable store sales decreased 0.2%.
The company's gross profit decreased 2.2% to $1.4 billion. Gross profit margin of 42.0% decreased 82 basis points compared with the first quarter of the prior year. This was primarily driven by increased costs that were not fully covered by pricing actions. These were partially offset by supply chain productivity.
SG&A expenses were $1.3 billion, which improved to 39.4% of net sales compared with 39.9% in the first quarter of 2023. This was primarily driven by the cost control efforts initiated at the end of 2023, including reduced corporate expenditures from the decrease in headcount and significant reduction of marketing expenses as well as a net gain on asset sales. These were partially offset by the reinvestment in field wages and training as well as typical expense inflationary pressure.
The company's operating income was $86.0 million, or 2.5% of net sales, compared with 2.9% in the first quarter of 2023.
The company's effective tax rate was 33.2%, compared with 28.5% in the first quarter of 2023. The higher effective income tax rate was due to a discrete charge for share-based compensation. The company's diluted EPS was $0.67 compared with $0.81 in the first quarter of 2023.
Net cash provided by operating activities was $2.7 million through the first quarter of 2024 versus $382.5 million of cash used in operating activities in the same period of the prior year. Free cash flow through the first quarter of 2024 was an outflow of $46.3 million compared with an outflow of $472.5 million in the same period of the prior year.
Capital Allocation
On May 21, 2024, the company declared a regular cash dividend of $0.25 per share to be paid on July 26, 2024 to all common stockholders of record as of July 12, 2024.
__________________________________ (1) All comparisons are based on the same time period in the prior year. Comparable store sales include locations open for 13 complete accounting periods and exclude sales fulfilled by distribution centers to independently owned Carquest locations.
(2) As reported in the company’s fourth quarter and full year 2023 earnings release, the company corrected non-material errors in certain previously reported financials. All comparisons are based on the corrected historical results as presented in the company’s prior earnings release dated February 29, 2024.
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