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BBB’s Kim Nolan Named Auto Care Woman Of The Year
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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 Counterman
Women in Auto Care is introducing its revamped Connection Circle, Women of the World. The event will take place the first Wednesday of every month beginning in May.
“Join Dunya and Ellonyia as they host this engaging connection circle to discuss ways in which women can strengthen their visibility and amplify their roles within the automotive industry! The goal of this connection circle is to break barriers and challenge global stereotypes,” the announcement on LinkedIn said.
The goal is to unite women from every corner of the globe to inspire, support, and network. Together, we’ll amplify voices, break barriers, and forge meaningful connections, Women in Auto Care posted.
link hidden, please login to view will take place on May 1at 12 p.m. CST. The post
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By Counterman
The Auto Care Association recently announced the addition of Jacki Lutz as director of content to its communications team.
As the director of content, Lutz will be tasked with leading a cross-functional and multimedia content strategy, development and execution across all platforms. Lutz also will be responsible for shaping and driving content initiatives to meet the association’s business objectives; enhancing brand presence; and engaging with current and prospective members.
With more than a decade of marketing and communications experience in the automotive aftermarket, “Lutz’s mastery of telling brands’ stories in a clear and compelling way will enable the association to expand the reach of its mission to more industry professionals both across the supply chain and up and down the business ladder,” the association said in a news release.
“The Auto Care Association has spent the past several years working on building an organization that meets its members’ needs of today with solutions that can carry them into the industry of tomorrow,” said Bill Hanvey, president and CEO. “A vital part of being that kind of a dependable association for its members means being able to connect with them – all of them – and that begins with great communication. The addition of Jacki Lutz to our communications team will help the Auto Care Association to grow its connections with our members and share their stories in an impactful way with the entire auto care industry.”
Prior to joining the Auto Care Association, Lutz served as the senior manager of global corporate marketing communications for Sensata Technologies, where she created and executed a new centralized marketing communication strategy for all of its business units, including aerospace, automotive, heavy-duty, clean energy and aftermarket. Since 2013, Lutz previously held additional roles within Sensata Technologies, including global head of communications, training and e-commerce, auto and aftermarket; global head of marketing and communications, aftermarket; and marketing and communications manager, NA aftermarket.
Lutz has been an active member of the Auto Care Association, participating in and providing leadership to the association’s Marketing and Communications Committee; the Young Auto Care Network Group (YANG); the AWDA Manufacturer’s Advisory Council; and the Women in Auto Care Executive Board.
Lutz has contributed to several other prominent industry organizations throughout her career. She served as president of the Automotive Communications Council and has contributed her expertise to the boards of MEMA Aftermarket’s Marketing Executive Council and the Automotive Aftermarket Charitable Foundation.
Lutz’s remarkable contributions have been recognized with prestigious accolades, including the Auto Care Impact Award, SEMA’s 35 under 35 distinction, membership in Babcox’s Women at the Wheel and induction into Tire Review’s esteemed Club 3633.
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