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First Brands Opens 2023 Racing-Sponsorship Application
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By Counterman
Genuine Parts Co. (GPC) reported full-year 2023 sales of $23.1 billion, a 4.5% year-over-year increase.
Net income was $1.3 billion, or $9.33 per diluted share, an increase of 12.3%.
Full-year net sales in the Automotive Parts Group, which includes NAPA Auto Parts, were $14.25 billion, up from $13.67 billion in 2022.
Fourth-quarter automotive sales were up nearly 1% to $3.5 billion.
While GPC’s international automotive businesses posted positive sales growth in local currency, the U.S. automotive segment saw a dip in sales, GPC President and COO Will Stengel noted during the company’s Feb. 15 conference call.
“In North America, while results fell short of our expectations, we remain focused on our strategic initiatives and continue to make solid progress,” GPC Chairman and CEO Paul Donahue said during the call. “We’ve undertaken a comprehensive review of the NAPA business to identify key issues, and we have taken action to improve the performance at NAPA. We are confident we are focused on the right initiatives to positively impact our performance in the quarters ahead.”
Coinciding with the release of its full-year and fourth-quarter 2023 financial results, GPC said the company is launching a global restructuring “to better align the company’s assets and further improve the efficiency of the business.”
The restructuring includes a voluntary retirement offer in the United States, along with “a rationalization and optimization of certain distribution centers, stores and other facilities,” according to the company.
Through the restructuring, GPC said it expects to realize approximately $20 million to $40 million of savings in 2024, and approximately $45 million to $90 million on an annualized basis. The company also expects to incur costs of approximately $100 million to $200 million related to the restructuring efforts in 2024 and will report the restructuring costs as a non-recurring expense.
“The primary objective of the global program is to continue to simplify and streamline our operations consistent with our overall business strategy,” Stengel explained during the conference call. “When we simplify, we increase the speed of local service, deliver operational productivity, improve the efficiency of our teams and reduce our overall cost to serve.”
Stengel noted that the restructuring initiative “is a similar playbook to our previous GPC program implemented in fall 2019 that delivered positive results.”
“Aspects of the restructuring are already in flight, and some will take place in the months ahead,” Stengel added.
Focus on NAPA
Stengel talked at length about efforts to revitalize GPC’s NAPA Auto Parts business.
GPC has identified three areas of improvement for NAPA: improving fill rates in key product categories, “operational rigor in our stores” and capitalizing on commercial growth opportunities, Stengel explained.
Adjustments to “certain key suppliers to improve fill rates” boosted fourth-quarter “category trends,” Stengel said, adding that “we’re encouraged by the positive momentum.”
“Second, our in-store service levels measured by on-time delivery to customers have significantly improved as a result of increased focused on last-mile operating disciplines,” Stengel said.
Stengel noted that efforts to improve commercial sales growth are “ongoing.” GPC recently appointed Tom Skov to the newly created role of executive vice president, sales & store operations, North America.
“He’s an automotive-parts expert and has a deep understanding of our customers field sales and store operations,” Stengel asserted. “We’re excited for the strong leadership Tom will bring to our sales and store operations field teams.”
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By Counterman
Photo caption: Devonte Wilson, a Congressional aide for U.S. Rep. Jeff Jackson, visits MANN+HUMMEL’s manufacturing plant in Gastonia, North Carolina.
MANN+HUMMEL’s North American aftermarket brands – WIX Filters, Purolator Filters and MANN-FILTER – announced support for the Right-to-Repair campaign.
Spearheaded by the Auto Care Association, the initiative is focused on the passage of H.R. 906, the “Right to Equitable and Professional Auto Industry Repair (REPAIR) Act.” This bipartisan legislation provides the right for independent repair shops and aftermarket businesses to access critical information, tools and equipment needed to maintain and repair vehicles at a fair and reasonable cost.
Ultimately, the bill helps ensure the preservation of consumer choice, a fair marketplace and the continued safe operation of the nation’s 292 million registered passenger and commercial motor vehicles, 70% of which are maintained by independent repair facilities.
To support the campaign, representatives from MANN+HUMMEL’s North American leadership recently met with the legislative staff for U.S. Rep. Jeff Jackson of North Carolina’s 14th Congressional District to encourage passage of the legislation, which currently has 49 sponsors.
“Consumer choice is the pounding heartbeat of the aftermarket industry, and competition in the marketplace drives improved service and affordability,” said Daryl Benton, VP of sales & marketing – Aftermarket North America for MANN+HUMMEL. “The Right to Repair maintains a level playing field for independent repair shops and do-it-yourselfers as vehicle systems become increasingly complex and the cost of regular service and maintenance escalates.”
The Right-to-Repair movement has gained momentum in recent years. In November 2020, Massachusetts voters approved a ballot measure supporting a Right-to-Repair initiative with 75% of the vote, and Maine voters approved a similar ballot measure in November 2023 with over 80% of the vote.
In May 2021, the Federal Trade Commission published its “Nixing the Fix” report, which supported reinvigorated regulatory options and consumer education to provide consumers and independent repair shops with appropriate access to replacement parts, instructions, and diagnostic software.
Additionally, President Joe Biden issued an executive order on “Promoting Competition in the American Economy” in July 2021 to encourage the FTC to use its statutory authority in addressing anti-competitive repair restrictions.
To learn more about the Right-to-Repair campaign and access tools to engage with elected officials, visit
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By OReilly Auto Parts
Fourth quarter comparable store sales growth of 3.4%, full-year increase of 7.9% 11% increase in fourth quarter diluted earnings per share to $9.26, full-year increase of 15% to $38.47 Completed previously announced Leadership Succession Plan SPRINGFIELD, Mo., Feb. 07, 2024 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, today announced record revenue and earnings for its fourth quarter and full-year ended December 31, 2023. The results represent 31 consecutive years of comparable store sales growth and record revenue and operating income for O’Reilly since becoming a public company in April of 1993
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By NAPA
TLANTA, Jan. 25, 2024 /
link hidden, please login to view/ -- Genuine Parts Company (NYSE: GPC), a leading global distributor of automotive and industrial replacement parts, plans to release fourth quarter and full-year financial results on February 15, 2024. Following the release, management will host a conference call at 8:30 a.m. ET. The public may access the webcast and supplemental earnings materials on the link hidden, please login to view. The call is also available by dialing 1-800-836-8184. A replay of the call will be available on the company's website or toll-free at 1-888-660-6345, ID 30941#, two hours after completion of the conference call. About Genuine Parts Company
Founded in 1928, Genuine Parts Company is a global service organization engaged in the distribution of automotive and industrial replacement parts. The company's Automotive Parts Group distributes automotive replacement parts in the U.S., Canada, Mexico, Australasia, France, the U.K., Ireland, Germany, Poland, the Netherlands, Belgium, Spain and Portugal. The company's Industrial Parts Group distributes industrial replacement parts in the U.S., Canada, Mexico and Australasia. In total, the company serves its global customers from an extensive network of more than 10,000 locations in 17 countries and has approximately 58,000 employees. Further information is available at
link hidden, please login to view. SOURCE Genuine Parts Company
For further information: Investor contact: Timothy Walsh, (678) 934-5349, Senior Director - Investor Relations; Media contact: Heather Ross, (678) 934-5220, Vice President - Strategic Communications
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