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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 OReilly Auto Parts
SPRINGFIELD, Mo., April 01, 2024 (GLOBE NEWSWIRE) -- O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq: ORLY), a leading retailer in the automotive aftermarket industry, announces the release date for its first quarter 2024 results as Wednesday, April 24, 2024, with a conference call to follow on Thursday, April 25, 2024.
The Company’s first quarter 2024 results will be released after 3:30 p.m. Central Time on Wednesday, April 24, 2024, and can be viewed, at that time, on the Company’s website at link hidden, please login to view by clicking on “Investor Relations” and then “News Room.”
Investors are invited to listen to the Company’s conference call discussing the financial results for the first quarter of 2024, on Thursday, April 25, 2024, at 10:00 a.m. Central Time, via webcast on the Company’s website at link hidden, please login to view by clicking on “Investor Relations” and then “News Room.” Interested analysts are invited to join the call. The dial-in number for the call is (888) 506-0062 and the conference call identification number is 193896. A replay of the conference call will be available on the Company’s website through April 24, 2025.
About O’Reilly Automotive, Inc.
O’Reilly Automotive, Inc. was founded in 1957 by the O’Reilly family and is one of the largest specialty retailers of automotive aftermarket parts, tools, supplies, equipment, and accessories in the United States, serving both the do-it-yourself and professional service provider markets. Visit the Company’s website at link hidden, please login to view for additional information about O’Reilly, including access to online shopping and current promotions, store locations, hours and services, employment opportunities, and other programs. As of December 31, 2023, the Company operated 6,157 stores across 48 U.S. states, Puerto Rico, and Mexico.
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By NAPA
ATLANTA, March 21, 2024 /
link hidden, please login to view/ -- Genuine Parts Company (NYSE: GPC), a leading global distributor of automotive and industrial replacement parts, announced today that its board of directors has appointed James F. Howe to the position of President, Motion, the company's industrial business, effective April 1, 2024. With nearly three decades of dedicated service to the company, Mr. Howe brings a wealth of experience and expertise to his new role. Genuine Parts Company - James Howe Most recently, Mr. Howe served as the Executive Vice President and Chief Commercial and Technology Officer, where he played a pivotal role in shaping the corporate trajectory of Motion. His leadership in overseeing eCommerce, strategic pricing, sales excellence, corporate accounts and human resources has been instrumental in driving the company's success.
In his new capacity, Mr. Howe will continue to report to Randy Breaux, Group President, GPC North America.
"James has an impressive history, having served in numerous executive roles during his long career at Motion," said Paul Donahue, Chairman and CEO. "His extensive experience makes him an excellent choice to lead Motion. We feel confident that under James's leadership, our talented and experienced Motion team will continue to achieve great results."
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. 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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By Counterman
Northwood University recently announced its 2024 Class of 20 Under 40 honorees.
Established last year, the 20 Under 40 program recognizes NU alumni who are ambitious professionals doing great things in their careers, organizations or communities.
“Last year’s inaugural 20 Under 40 event was a phenomenal success in terms of alumni engagement and participation, and most importantly, in recognizing the impact NU alumni are making locally and around the world,” stated Julie Adamczyk, senior alumni and engagement officer. “This year, we received more than 230 nominations. This is a testament of how many alumni are deserving of this recognition — narrowing it down to 20 was a difficult job.”
The 2024 Class of 20 Under 40 includes the following individuals along with their town of residence (located within Michigan unless otherwise noted); graduation year; and current professional roles:
Nick Andres of Atlanta, 2019, MBA 2020, strategic planning senior analyst – electric vehicles, Cox Automotive Yan Bowers, of Okemos, 2012, senior manager, Plante Moran Ethan Bregger, of New Boston, 2011, MBA 2017, sales manager – retail, Tenneco Inc. Jackie Brooks, of Denver, 2006, CEO, Loudr Corey Ferris, of Midland, 2006, director of asset management, Hantz Financial Services Inc. Lane Fortinberry, of Clarkston,2008, founder/owner, Formatic Digital Lauren Griewski, of Cornwall, New York, 2007, senior vice president of strategic partnerships and global agencies, Rokt Andrew Hanagan, of Oak Park, 2015, realtor, Good Company Realty Tony Johnson, of Valrico, Florida, 2015, MBA 2016, director of operations, Domino’s Nathan Lindstrom, of Odenton, Maryland, 2008, director – dealer policy, Toyota Motor North America Paul Mersino, of Canton, 2005, president/CEO, Butzel Jake Riepma, of Dallas, 2015, on-air host, Chat Sports Bryce Rucker, of Ferndale, 2009, attorney and business advisor Nathan Schick, of Birmingham, 2023, general sales manager and marketing manager, Auto Europe Inc. Autumn Schwalbe, of Ypsilanti, 2020, performance parts product specialist and planner, Ford Motor Company Ann Marie Taepke, of Apex, North Carolina, 2007, chief marketing officer, Holderness Family Productions DeAnte Thompkins, of Troy, 2010, market director, Thrivent Tray Thompson, of Arlington, Texas, 2016, manager – corporate social responsibility, Dallas Mavericks Kristi Wagner, of Brooklyn, New York, 2006, director – partnership activation, Major League Baseball David Wilson, of Preston, Maryland, 2008, president/CEO Preston Automotive Group “From the automotive industry to professional sports organizations, this year’s class features an incredible community of entrepreneurial leaders who are driving economic and social progress in their local communities and around the U.S. and world,” Adamczyk said.
This year’s class will be honored during a reception at 7 p.m. April 5 at the Atheneum Suites Hotel International Banquet and Conference Center in Detroit. To register, get hotel reservation codes and explore sponsorship opportunities, visit
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