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By Counterman
Schaeffler earlier this month published its 2023 Sustainability Report, highlighting the progress along its “three ESG dimensions.”
“Sustainability is an integral part of our corporate strategy,” Schaeffler CEO Klaus Rosenfeld said. “Schaeffler has always been known for its innovative strength and technological expertise – building on this, we want to bridge the gap between sustainability and cost efficiency. We have set ourselves ambitious targets. Despite all the progress we have made in recent years, we are aware that we still have a fair way to go.”
The
link hidden, please login to viewincludes the definition of 10 actionable areas for the implementation of Schaeffler’s sustainability strategy, which are assigned to the three areas of environment, social and governance (ESG). “Sustainability & Engagement” is a subprogram of “Roadmap 2025,” Schaeffler’s overarching business strategy. The program was updated in 2023 with its Climate Action Plan, which was devised in 2022 and details specific measures for reducing CO2e emissions.
Schaeffler is currently focusing on seven key ESG goals in the implementation of the sustainability strategy, including climate neutrality, efficient use of resources, environmental protection and occupational health and safety.
For example, Schaeffler said it aims to achieve climate neutrality across production and its supply chain by 2030 and 2040, respectively.
The company said it instituted measures in 2023 that will lead to an annual reduction in freshwater consumption of 150,000 cubic meters.
The Schaeffler Group reduced its freshwater consumption by around 9% in the reporting year, with 27 water-saving measures implemented and verified externally in 2023, according to the company. The measures are expected to account for a minimum annual savings of 265,000 cubic meters from 2024.
Among other highlights, the global nonprofit environmental organization CDP awarded Schaeffler an “A” score in the climate-change category for 2023 by for corporate transparency and performance, and an “A-“ in the water category.
In the EcoVadis sustainability rating, Schaeffler improved its score to achieve a total of 79 out of 100 points, earning itself Platinum status again and a repeat ranking in the top 1% in its peer group in 2023.
Focus on Decarbonization
Decarbonization is a key focus area for Schaeffler. Sustainable supply chains (Scope 3 upstream) and the purchase of low-emission materials and services are a few of the strategies Schaeffler is employing in this area.
“Through close and trusting partnerships with our suppliers, we have already achieved initial successes and set the right course,” said Andreas Schick, chief operating officer at Schaeffler. “Transparency and dialog with our suppliers are now crucial to mastering the challenges ahead of us together and achieving our goal of a climate-neutral supply chain in 2040.”
At Schaeffler, the decarbonization of production (Scope 1 and 2) is largely based on the use of renewable energies, increasing energy efficiency and retrofitting plants to use renewable energies. For this reason, the internal generation of renewable energies is being developed at sites across the Schaeffler Group as an extension to the existing energy-efficiency program.
Since 2023, Schaeffler says 100% of the electricity purchased at almost every plant in Europe, Greater China and the Americas has come from renewable sources, with the plants in the Asia/Pacific region set to follow suit in 2024.
The Schaeffler Group has seen a reduction in production-related greenhouse gases of around 24% compared with the previous year, resulting in a decrease from 493,000 tons CO2e tons 375,000 tons CO2e, according to the company.
“Sustainability and innovative strength are firmly rooted in the Schaeffler Group’s DNA,” said Uwe Wagner, chief technology officer at Schaeffler. “This is the only way for us to overcome the challenges of tomorrow and pave the way to a sustainable and eco-friendly future.”
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By NAPA
You might know how to check the fuel level, but do you know how to check fuel pressure? There’s a handy gauge on the dashboard that tells you how much fuel is in the gas tank, but if that fuel isn’t reaching the engine under enough pressure, a mechanical failure could be brewing. Let’s take a look at the process necessary to check fuel pressure.
What Does Low Fuel Pressure Mean? link hidden, please login to view
If fuel can’t reach the injector with enough force to atomize the fuel, then the engine won’t run right. More often than not low fuel pressure means a
link hidden, please login to view. A bad fuel pump might limp along for a little while, but eventually it won’t build enough pressure to feed the engine. How To Check Fuel Pressure Using A Fuel Pressure Gauge
To check fuel pressure, you will need a
link hidden, please login to view (also called a fuel system pressure tester). Make sure you are working in a well-ventilated area, as some fuel fumes may escape during the procedure. Turn off the engine. Open the hood. Locate the fuel rail. You may need to remove the engine cover for access. Locate the Schrader valve on the fuel rail. This is where the fuel pressure will be tested. Remove the cap from the fuel rail Schrader valve. Attach the fuel pressure tester, making sure the connection is tight. If the fuel pressure tester has a pressure relief hose, route it to a proper container to capture the released fuel. A link hidden, please login to view makes a perfect catch container, and the fuel can then be used later. Turn the ignition switch to “on,” but do not start the engine. The fuel pump will pressurize the fuel system, and you will be able to read the fuel pressure gauge. To test the fuel pressure with the engine running, leave the fuel pressure gauge attached, but place it where it will not contact any of the rotating engine accessories (fan, fan belt, pulleys, etc), and ensure the gauge will not fall due to engine vibration. You may wish to have an assistant hold the fuel pressure gauge.
Start the engine, and observe the fuel pressure gauge. Refer to a link hidden, please login to view for fuel pressure specifications. Once you have taken the fuel pressure reading, shut off the engine. With the pressure relief hose secured to a container, release the fuel pressure from the gauge. Properly dispose of the released fuel or reuse it. Disconnect the fuel pressure gauge from the Schrader valve on the fuel rail. Wipe up any fuel that has spilled, and dry the spill area thoroughly. Place the cap back on the Schrader valve. Replace the engine cover, if it was removed. Close the hood. How To Check Fuel Pressure Using A Diagnostic Tool
Wondering how to check fuel pressure without gauge access? Checking fuel pressure using an OBD diagnostic tool can perform this vehicle test. The exact procedure will vary based on the manufacturer. Refer to the user manual for instructions on how to view live data using the OBD tool.
In the case of the
link hidden, please login to view, start at the Diagnostic Menu and select the “View Data” option. The tool will scan for available parameter identifications (PID) that can be read. Once the tool has read all the PIDs, it will prompt the user to “Select Data to View.” Choose “Entire Data List” for a readout of all the discovered PIDs. In that list should be a line called “FUEL PRES” or a similar term. That diagnostic reading is the current fuel pressure. For those who are more tech savvy, there are smartphone apps that can connect directly to a third-party
link hidden, please login to view. These apps display the real-time information flowing through the onboard diagnostic system. Information like engine temperature, transmission fluid temperature, fuel pressure and oil pressure are commonly available, but will depend on the app. Monitoring Fuel Pressure
If you are the kind of driver who prefers to keep a constant eye on what’s going on under the hood, consider installing a
link hidden, please login to view. There are a wide variety of gauge styles to match your interior, while also delivering needed information. You can keep an eye on fuel pressure, oil pressure, oil temperature and more with an link hidden, please login to view. If you have a performance vehicle or work vehicle, keeping an eye on engine vitals can help stop a problem before it starts. You can use a mechanical gauge attached directly to the fuel system under the hood, or a digital gauge in the cabin that uses a sending unit.
Frequently Asked Questions:
What Are The Symptoms Of Low Fuel Pressure?
Common low fuel pressure symptoms:
Vehicle will not start or keeps stalling Long engine cranking time Hesitation when accelerating Engine is low on power Check engine light is one (engine lean, misfire OBD-II codes stored) What Are Symptoms Of A Bad Fuel Pressure Regulator?
If the fuel pressure readings are erratic or not within the specification, those may be symptoms of a bad
link hidden, please login to view. What Are Symptoms Of A Bad Fuel Pressure Sensor?
If the fuel pressure sensor has gone bad, you may have an illuminated check engine light, trouble getting the engine to start due to low fuel pressure, or reduced engine power.
If your engine isn’t running right or the check engine light is on, then a fuel pressure check can be a good starting point for diagnosis. As you can see, the process is pretty straightforward with the right diagnostic tool. Your
link hidden, please login to view and NAPAonline carry a wide variety of link hidden, please login to view to fit your needs. Don’t feel like leaving the house or don’t have the time? Order on NAPAonline to get
link hidden, please login to view on 160,000+ products. However you choose to shop, make sure to take advantage of link hidden, please login to view to receive 1 Point for every dollar you spend. When you earn 100 Points, you automatically get $5 off your next purchase! Don’t feel like testing fuel pressure yourself or just don’t have time? You can also swing by your local
link hidden, please login to view for a fuel pressure check. Their ASE Certified technicians have the right tools and training to diagnose any fuel related issues that your car, truck or SUV experience. Photo courtesy of
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By NAPA
The NAPA Network supplies adventure seekers and outdoor enthusiasts with the best RV cleaning products to keep their home away from home fresh and road ready. Whether you drive a large recreational vehicle with its own engine or tow-behind camper trailers, including Airstreams, pop-ups and fifth wheels, we have you covered. And of course, NAPAonline and NAPA Auto Parts stores carry
link hidden, please login to view. To start off, browse through products specifically designed for
link hidden, please login to view. Suck up any loose debris, dirt and pet hair using a high-powered link hidden, please login to view from popular brands like Craftsman, Armor All and Milwaukee. Keep in mind, even the best vehicle vacuum leaves behind crumbles wedged into crevices. To grab up as much as possible, utilize a link hidden, please login to view that can squeeze into hard-to-reach gaps. A cleaning gel features a non-stick, residue-free formula that leaves no mess behind, making it simple to clean your vehicle’s surfaces without the need for water or additional cleaning agents. link hidden, please login to viewIf you are shopping for the best products for RV interior spring cleaning, you can’t go wrong with
link hidden, please login to view. An RV is jam packed with surfaces that are coated with sticky handprints, food residue, grimy gear and pet hair. This multi-surface cleaner does not contain bleach, and is safe to use on vinyl and upholstery fabrics. And, after being applied, it will prevent mold and mildew from forming, which is great for families spending time at the beach or lake. Speaking of surfaces, an RV camper is filled with glass surfaces from appliances to bathroom fixtures to windows inside and out. Our NAPA experts highly recommend grabbing a bottle or two of the
link hidden, please login to view. If foam glass cleaner is your thing, go for the ammonia-free link hidden, please login to view that works on windows, mirrors and more. And finally, no bucket of RV cleaning products would be complete without air fresheners. Place
link hidden, please login to view underneath seats or inside cabinets and drawers. This vehicle deodorizer works on smoke, pet smells and food odors that are difficult to remove. For a quick refresh, stock up on a link hidden, please login to view from Chemical Guys. Don’t forget, participating NAPA Auto Parts stores offer a convenient
link hidden, please login to view option, so you can get back on the road in no time. And, NAPA offers even more savings with link hidden, please login to view. Earn 1 Point for every $1 you spend. Collect 100 Points, and automatically get $5 off your next order. Get Your RV Road Ready For Spring
At NAPA, we realize you bought an RV camper to spend more time outdoors, so let’s head outside. To start off your kit of RV exterior cleaning products, our experts recommend purchasing a solution to tackle splattered bugs, road tar and bird droppings. Because your recreational vehicle is massive, and you are likely to need to complete many washes in a season, go for the 32-ounce concentrate of
link hidden, please login to view by Sea Foam. This pre-soak eliminates the need for hard scrubbing, and is safe on vehicle paint, clear coats, gel coats, metal, glass, mirrors, outdoor carpet, plastic and vinyl. Follow up this pre-wash application with a true RV exterior cleaner, like a
link hidden, please login to view from Griot’s Garage. The ultra-slick formula offers a versatile application, including a traditional hand-applied bucket wash or with a foam sprayer. After doing all this intense spring cleaning, protect your hard work with the best RV wax that is safe on fiberglass. Our experts recommend, link hidden, please login to view, formulated specifically to remove oxidation from fiberglass or painted surfaces. The glossy shine provides unbeatable protection from harsh UV rays. Apply by hand or with an electric buffer. Need to stock up on the best RV roof cleaner? For RV roof cleaning, grab a bottle of Meguiar’s
link hidden, please login to view. It cleans, penetrates and rejuvenates nonpainted vinyl and rubber surfaces like new. Then, work your way down to any pull-out awnings. link hidden, please login to view should do the trick. It works on both vinyl and canvas materials. And finally, keep a can of link hidden, please login to view on hand. Of course, spring cleaning an RV is only one part of the long list of maintenance items for this rewarding passion. The NAPA Network carries the
link hidden, please login to view you need, from a link hidden, please login to view to link hidden, please login to view and link hidden, please login to view. And check out these detailed guides by the NAPA Experts on link hidden, please login to view and link hidden, please login to view. Photo courtesy of
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By Advance Auto Parts
Advance Auto Parts Reports Fourth Quarter and Full Year 2023 Results
02/28/2024 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 fourth quarter and full year ended December 30, 2023.
“As we closed out 2023, we continued to act with a sense of urgency to stabilize the business and position the company to return to profitable growth,” said Shane O'Kelly, president and chief executive officer. “Our full year results are well below our expectations, and we are focused on instilling greater discipline and accountability both in the fundamental business and in how the organization executes across the board. In addition to the operational improvements we are implementing, we are strengthening internal controls and enhancing the quality of our accounting information to help better inform how we drive the business forward.
“We continue to advance our ongoing operational and strategic review of the business, including the separate sales processes for Worldpac and our Canadian business. We have streamlined and reorganized the company’s leadership structure and have made several important new hires, including the appointments of Ryan Grimsland as Chief Financial Officer and Elizabeth Dreyer as Chief Accounting Officer. Building on the $150 million in annualized SG&A reductions our team executed in the fourth quarter, we recently launched an initiative to eliminate costs related to our indirect spend by an additional $50 million on an annualized basis. We are also moving forward with the consolidation of our supply chain to a single, unified network to create efficiencies and better serve customers. Looking ahead, we are committed to driving enhanced value for shareholders by executing on the fundamentals of our business – focusing on the customer, investing in our frontline and strengthening our competitive position.”
Fourth Quarter and Full Year 2023 Results (1)
Fourth quarter 2023 Net sales totaled $2.5 billion, a 0.4% decrease compared with the prior year. Comparable store sales for the fourth quarter 2023 decreased 1.4%. For full year 2023, Net sales of $11.3 billion increased 1.2% from 2022. Comparable store sales for the full year decreased 0.3%.
The company's Gross profit decreased 11.9% from the fourth quarter of the prior year to $950.8 million or 38.6% of Net sales compared with 43.6% in the prior year quarter. This result reflects both business performance and atypical drivers, primarily attributable to a change in inventory related items and elevated supply chain costs. The company's full year Gross profit was $4.5 billion, or 40.1% of Net sales, representing a 414 basis points decrease from the prior year primarily driven by inventory related items and costs not fully covered by pricing actions.
The company's SG&A was $999.4 million in the fourth quarter, or 40.6% of Net sales compared with 38.8% for the prior year quarter. This was primarily driven by a year over year increase in occupancy costs and store labor. The company's full year SG&A was $4.4 billion, or 39.1% of Net sales compared with 38.2% in the prior year.
The company's fourth quarter Operating loss was $48.6 million, or (2.0)% of Net sales compared with the fourth quarter of the prior year Operating income of $119.3 million or 4.8% of Net sales. The company's full year Operating income was $114.4 million, or 1.0% of Net sales, compared with $670.3 million, or 6.0% of Net sales, in the prior year.
The company's effective tax rate in the fourth quarter of 2023 was 42.3%. The company's Diluted loss per share was $0.59 compared with Diluted earnings per share of $1.39 in the fourth quarter of the prior year. The company's effective tax rate for full year 2023 was 6.6%. The company's 2023 Diluted earnings per share was $0.50 compared with $7.65 in the prior year.
Net cash provided by operating activities was $0.3 billion for the full year 2023 versus $0.7 billion for the prior year. The decrease was primarily driven by lower Net income and working capital. Free cash flow for the full year 2023 was $43.7 million, compared with $312.5 million for the prior year.
During management’s review, the company identified issues with certain previously reported financials. All comparisons are based on the corrected historical results as depicted in the financial tables herein, which include the correction of non-material errors in previously reported results.
The company filed a Form 12b-25 with the Securities and Exchange Commission and disclosed that it expects to file its Form 10-K prior to the expiration of the extension period.
(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 excludes sales to independently owned Carquest locations.
Capital Allocation
On February 13, 2024, the company declared a regular cash dividend of $0.25 per share to be paid on April 26, 2024 to all common stockholders of record as of April 12, 2024.
Subsequent Events
On February 26, 2024, the company entered into an amendment to its revolving credit facility to enable certain addbacks to financial covenants for specific write-downs of inventory and vendor receivables. As of December 30, 2023, considering the amendment, the company was in compliance with the credit facility’s financial covenants.
Full Year 2024 Guidance (1)
"In 2024, we are refining our operational improvement plans and building on the decisive actions we have taken to turn around the company’s performance. We are committed to improving overall productivity and taking a disciplined approach to reducing expenses, which will support our focus on investing in our team members. Our 2024 full year guidance is reflective of the steps we must take to reset the business and solidify our foundation for the long term," said Ryan Grimsland, executive vice president and chief financial officer.
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