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By OReilly Auto Parts
SPRINGFIELD, Mo., July 24, 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 for its second quarter ended June 30, 2024.
Second quarter comparable store sales growth of 2.3% 7% increase in year-to-date earnings per share to $19.75 $1.7 billion net cash provided by operating activities year-to-date SPRINGFIELD, Mo., July 24, 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 for its second quarter ended June 30, 2024.
2nd Quarter Financial Results
Brad Beckham, O’Reilly’s CEO, commented, “I would like to thank all of Team O’Reilly for their tremendous hard work and unwavering commitment to providing excellent customer service and taking care of our customers every day. Our comparable store sales results were below our expectations for the second quarter, as the soft demand environment we experienced at the beginning of the quarter persisted through May. Sales trends improved in June, in line with our expectations, aided by strong performance in summer weather-related categories in many of our markets. Against this challenging backdrop, our Team generated a second quarter comparable store sales increase of 2.3%, on top of a 9.0% increase last year, driven by solid, mid-single digit growth in our professional business. Our Team of Professional Parts People continues to be relentlessly focused on delivering unsurpassed levels of service to our customers, while also prudently managing expenses.”
Sales for the second quarter ended June 30, 2024, increased $203 million, or 5%, to $4.27 billion from $4.07 billion for the same period one year ago. Gross profit for the second quarter increased 4% to $2.17 billion (or 50.7% of sales) from $2.09 billion (or 51.3% of sales) for the same period one year ago. Selling, general and administrative expenses (“SG&A”) for the second quarter increased 6% to $1.30 billion (or 30.5% of sales) from $1.23 billion (or 30.3% of sales) for the same period one year ago. Operating income for the second quarter increased 1% to $863 million (or 20.2% of sales) from $854 million (or 21.0% of sales) for the same period one year ago.
Net income for the second quarter ended June 30, 2024, decreased $5 million, or 1%, to $623 million (or 14.6% of sales) from $627 million (or 15.4% of sales) for the same period one year ago. Diluted earnings per common share for the second quarter increased 3% to $10.55 on 59 million shares versus $10.22 on 61 million shares for the same period one year ago.
Year-to-Date Financial Results
Mr. Beckham concluded, “Based on our results so far this year, we are updating our full-year comparable store sales guidance from a range of 3.0% to 5.0% to a range of 2.0% to 4.0%. Despite the challenges we have seen in the demand environment in the first half of 2024, we believe our industry’s long-term drivers for demand remain strong. More importantly, we remain confident in our Team’s ability to grow market share by continuously providing exceptional service, supported by best-in-class inventory availability. We continue to be pleased with our new store performance and our Team’s ability to further grow share with expansion in both new and existing markets. During the first half of 2024, we opened 64 new stores in the U.S. and Mexico, and we continue to expect to hit our target of 190 to 200 net, new store openings this year.”
Sales for the first six months of 2024 increased $472 million, or 6%, to $8.25 billion from $7.78 billion for the same period one year ago. Gross profit for the first six months of 2024 increased 6% to $4.20 billion (or 50.9% of sales) from $3.98 billion (or 51.1% of sales) for the same period one year ago. SG&A for the first six months of 2024 increased 7% to $2.59 billion (or 31.4% of sales) from $2.41 billion (or 30.9% of sales) for the same period one year ago. Operating income for the first six months of 2024 increased 3% to $1.62 billion (or 19.6% of sales) from $1.57 billion (or 20.2% of sales) for the same period one year ago.
Net income for the first six months of 2024 increased $26 million, or 2%, to $1.17 billion (or 14.2% of sales) from $1.14 billion (or 14.7% of sales) for the same period one year ago. Diluted earnings per common share for the first six months of 2024 increased 7% to $19.75 on 59 million shares versus $18.49 on 62 million shares for the same period one year ago.
2nd Quarter Comparable Store Sales Results
Comparable store sales are calculated based on the change in sales for U.S. stores open at least one year and exclude sales of specialty machinery, sales to independent parts stores, and sales to Team Members, as well as sales from Leap Day in the six months ended June 30, 2024. Online sales for ship-to-home orders and pick-up-in-store orders for U.S. stores open at least one year are included in the comparable store sales calculation. Comparable store sales increased 2.3% for the second quarter ended June 30, 2024, on top of 9.0% for the same period one year ago. Comparable store sales increased 2.8% for the six months ended June 30, 2024, on top of 9.8% for the same period one year ago.
Share Repurchase Program
During the second quarter ended June 30, 2024, the Company repurchased 0.8 million shares of its common stock, at an average price per share of $1,012.14, for a total investment of $794 million. During the first six months of 2024, the Company repurchased 1.0 million shares of its common stock, at an average price per share of $1,016.43, for a total investment of $1.06 billion. Excise tax on shares repurchased, assessed at one percent of the fair market value of shares repurchased, was $10.6 million for the six months ended June 30, 2024. Subsequent to the end of the second quarter and through the date of this release, the Company repurchased an additional 0.2 million shares of its common stock, at an average price per share of $1,036.84, for a total investment of $224 million. The Company has repurchased a total of 95.3 million shares of its common stock under its share repurchase program since the inception of the program in January of 2011 and through the date of this release, at an average price of $256.59, for a total aggregate investment of $24.47 billion. As of the date of this release, the Company had approximately $1.28 billion remaining under its current share repurchase authorization.
Updated Full-Year 2024 Guidance
The table below outlines the Company’s updated guidance for selected full-year 2024 financial data:
For the Year Ending December 31, 2024 Net, new store openings 190 to 200 Comparable store sales 2.0% to 4.0% Total revenue $16.6 billion to $16.9 billion Gross profit as a percentage of sales 51.0% to 51.5% Operating income as a percentage of sales 19.6% to 20.1% Effective income tax rate 22.4% Diluted earnings per share (1) $40.75 to $41.25 Net cash provided by operating activities $2.7 billion to $3.1 billion Capital expenditures $900 million to $1.0 billion Free cash flow (2) $1.8 billion to $2.1 billion As previously announced, the Company completed the acquisition of Groupe Del Vasto in Canada (“Vast Auto”) in January of 2024, and the results of Vast Auto’s operations have been included in the Company’s consolidated financial statements since the acquisition date. The above updated consolidated guidance for selected full-year 2024 financial data includes expected impacts from Vast Auto’s operations, including an updated estimate of 30 basis points of dilution to gross profit as a percentage of sales but an unchanged estimate of 15 basis points of dilution to operating income as a percentage of sales for the full-year 2024.
(1) Weighted-average shares outstanding, assuming dilution, used in the denominator of this calculation, includes share repurchases made by the Company through the date of this release.
(2) Free cash flow is a non-GAAP financial measure. The table below reconciles Free cash flow guidance to Net cash provided by operating activities guidance, the most directly comparable GAAP financial measure:
For the Year Ending (in millions) December 31, 2024 Net cash provided by operating activities $ 2,715 to $ 3,125 Less: Capital expenditures 900 to 1,000 Excess tax benefit from share-based compensation payments 15 to 25 Free cash flow $ 1,800 to $ 2,100 Non-GAAP Information
This release contains certain financial information not derived in accordance with United States generally accepted accounting principles (“GAAP”). These items include adjusted debt to earnings before interest, taxes, depreciation, amortization, share-based compensation, and rent (“EBITDAR”) and free cash flow. The Company does not, nor does it suggest investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, GAAP financial information. The Company believes that the presentation of adjusted debt to EBITDAR and free cash flow provide meaningful supplemental information to both management and investors that is indicative of the Company’s core operations. The Company has included a reconciliation of this additional information to the most comparable GAAP measure in the table above and the selected financial information below.
Earnings Conference Call Information
The Company will host a conference call on Thursday, July 25, 2024, at 10:00 a.m. Central Time to discuss its results as well as future expectations. Investors may listen to the conference call live 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 298734. A replay of the conference call will be available on the Company’s website through Thursday, July 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 June 30, 2024, the Company operated 6,244 stores across 48 U.S. states, Puerto Rico, Mexico, and Canada.
Forward-Looking Statements
The Company claims the protection of the safe-harbor for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward-looking words such as “estimate,” “may,” “could,” “will,” “believe,” “expect,” “would,” “consider,” “should,” “anticipate,” “project,” “plan,” “intend,” “guidance,” “target,” or similar words. In addition, statements contained within this press release that are not historical facts are forward-looking statements, such as statements discussing, among other things, expected growth, store development, integration and expansion strategy, business strategies, future revenues, and future performance. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events and results. Such statements are subject to risks, uncertainties, and assumptions, including, but not limited to, the economy in general; inflation; consumer debt levels; product demand; a public health crisis; the market for auto parts; competition; weather; tariffs; availability of key products and supply chain disruptions; business interruptions, including terrorist activities, war and the threat of war; failure to protect our brand and reputation; challenges in international markets; volatility of the market price of our common stock; our increased debt levels; credit ratings on public debt; damage, failure, or interruption of information technology systems, including information security and cyber-attacks; historical growth rate sustainability; our ability to hire and retain qualified employees; risks associated with the performance of acquired businesses; and governmental regulations. Actual results may materially differ from anticipated results described or implied in these forward-looking statements. Please refer to the “Risk Factors” section of the annual report on Form 10-K for the year ended December 31, 2023, and subsequent Securities and Exchange Commission filings, for additional factors that could materially affect the Company’s financial performance. Forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.
For further information contact: Investor Relations Contacts Mark Merz (417) 829-5878 Eric Bird (417) 868-4259 Media Contact Sonya Cox (417) 829-5709
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data) June 30, 2024 June 30, 2023 December 31, 2023 (Unaudited) (Unaudited) (Note) Assets Current assets: Cash and cash equivalents $ 145,042 $ 57,880 $ 279,132 Accounts receivable, net 475,596 374,714 375,049 Amounts receivable from suppliers 144,303 138,666 140,443 Inventory 4,788,686 4,626,410 4,658,367 Other current assets 125,861 113,597 105,311 Total current assets 5,679,488 5,311,267 5,558,302 Property and equipment, at cost 8,730,297 7,872,672 8,312,367 Less: accumulated depreciation and amortization 3,434,610 3,170,474 3,275,387 Net property and equipment 5,295,687 4,702,198 5,036,980 Operating lease, right-of-use assets 2,240,314 2,185,196 2,200,554 Goodwill 1,000,074 897,128 897,696 Other assets, net 177,619 180,834 179,463 Total assets $ 14,393,182 $ 13,276,623 $ 13,872,995 Liabilities and shareholders’ deficit Current liabilities: Accounts payable $ 6,226,238 $ 6,219,838 $ 6,091,700 Self-insurance reserves 125,859 131,781 128,548 Accrued payroll 143,194 127,333 138,122 Accrued benefits and withholdings 186,715 150,453 174,650 Income taxes payable 89,344 233,507 7,860 Current portion of operating lease liabilities 401,713 380,618 389,536 Other current liabilities 950,145 450,169 730,937 Total current liabilities 8,123,208 7,693,699 7,661,353 Long-term debt 5,397,774 4,873,702 5,570,125 Operating lease liabilities, less current portion 1,912,036 1,870,392 1,881,344 Deferred income taxes 335,600 260,642 295,471 Other liabilities 207,956 205,661 203,980 Shareholders’ equity (deficit): Common stock, $0.01 par value: Authorized shares – 245,000,000 Issued and outstanding shares – 58,238,711 as of June 30, 2024, and 60,402,359 as of June 30, 2023, and 59,072,792 as of December 31, 2023 582 604 591 Additional paid-in capital 1,415,799 1,330,270 1,352,275 Retained deficit (3,008,665 ) (2,994,418 ) (3,131,532 ) Accumulated other comprehensive income 8,892 36,071 39,388 Total shareholders’ deficit (1,583,392 ) (1,627,473 ) (1,739,278 ) Total liabilities and shareholders’ deficit $ 14,393,182 $ 13,276,623 $ 13,872,995 Note: The balance sheet at December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements.
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data) For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Sales $ 4,272,201 $ 4,068,991 $ 8,248,441 $ 7,776,855 Cost of goods sold, including warehouse and distribution expenses 2,104,141 1,982,409 4,046,209 3,799,944 Gross profit 2,168,060 2,086,582 4,202,232 3,976,911 Selling, general and administrative expenses 1,304,762 1,232,809 2,586,453 2,406,493 Operating income 863,298 853,773 1,615,779 1,570,418 Other income (expense): Interest expense (54,831 ) (49,587 ) (111,979 ) (94,159 ) Interest income 1,528 760 3,184 1,628 Other, net 1,561 4,186 4,962 8,665 Total other expense (51,742 ) (44,641 ) (103,833 ) (83,866 ) Income before income taxes 811,556 809,132 1,511,946 1,486,552 Provision for income taxes 188,708 181,767 341,860 342,302 Net income $ 622,848 $ 627,365 $ 1,170,086 $ 1,144,250 Earnings per share-basic: Earnings per share $ 10.61 $ 10.32 $ 19.88 $ 18.66 Weighted-average common shares outstanding – basic 58,679 60,817 58,849 61,324 Earnings per share-assuming dilution: Earnings per share $ 10.55 $ 10.22 $ 19.75 $ 18.49 Weighted-average common shares outstanding – assuming dilution 59,044 61,366 59,250 61,878
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands) For the Six Months Ended June 30, 2024 2023 Operating activities: Net income $ 1,170,086 $ 1,144,250 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of property, equipment and intangibles 222,885 191,673 Amortization of debt discount and issuance costs 3,201 2,431 Deferred income taxes 18,175 13,507 Share-based compensation programs 14,229 14,571 Other 5,215 75 Changes in operating assets and liabilities: Accounts receivable (79,475 ) (31,443 ) Inventory (85,137 ) (257,337 ) Accounts payable 117,582 335,299 Income taxes payable 81,228 261,208 Other 185,085 (22,865 ) Net cash provided by operating activities 1,653,074 1,651,369 Investing activities: Purchases of property and equipment (474,607 ) (460,942 ) Proceeds from sale of property and equipment 7,528 7,056 Investment in tax credit equity investments — (4,149 ) Other, including acquisitions, net of cash acquired (155,376 ) (1,971 ) Net cash used in investing activities (622,455 ) (460,006 ) Financing activities: Proceeds from borrowings on revolving credit facility 30,000 2,776,000 Payments on revolving credit facility (30,000 ) (1,976,000 ) Net payments of commercial paper (173,500 ) — Principal payments on long-term debt — (300,000 ) Payment of debt issuance costs — (24 ) Repurchases of common stock (1,063,791 ) (1,791,451 ) Net proceeds from issuance of common stock 73,790 48,680 Other (569 ) (354 ) Net cash used in financing activities (1,164,070 ) (1,243,149 ) Effect of exchange rate changes on cash (639 ) 1,083 Net decrease in cash and cash equivalents (134,090 ) (50,703 ) Cash and cash equivalents at beginning of the period 279,132 108,583 Cash and cash equivalents at end of the period $ 145,042 $ 57,880 Supplemental disclosures of cash flow information: Income taxes paid $ 80,401 $ 65,361 Interest paid, net of capitalized interest 110,449 88,924
O’REILLY AUTOMOTIVE, INC. AND SUBSIDIARIES
SELECTED FINANCIAL INFORMATION
(Unaudited) For the Twelve Months Ended June 30, Adjusted Debt to EBITDAR: 2024 2023 (In thousands, except adjusted debt to EBITDAR ratio) GAAP debt $ 5,397,774 $ 4,873,702 Add: Letters of credit 137,501 111,428 Unamortized discount and debt issuance costs 27,226 26,298 Six-times rent expense 2,625,438 2,455,938 Adjusted debt $ 8,187,939 $ 7,467,366 GAAP net income $ 2,372,417 $ 2,258,260 Add: Interest expense 219,488 179,654 Provision for income taxes 657,727 636,388 Depreciation and amortization 440,273 381,561 Share-based compensation expense 27,169 28,327 Rent expense (i) 437,573 409,323 EBITDAR $ 4,154,647 $ 3,893,513 Adjusted debt to EBITDAR 1.97 1.92 (i) The table below outlines the calculation of Rent expense and reconciles Rent expense to Total lease cost, per ASC 842, the most directly comparable GAAP financial measure, for the twelve months ended June 30, 2024 and 2023 (in thousands):
For the Twelve Months Ended June 30, 2024 2023 Total lease cost, per ASC 842 $ 520,327 $ 485,805 Less: Variable non-contract operating lease components, related to property taxes and insurance 82,754 76,482 Rent expense $ 437,573 $ 409,323
June 30, 2024 2023 Selected Balance Sheet Ratios: Inventory turnover (1) 1.7 1.7 Average inventory per store (in thousands) (2) $ 767 $ 762 Accounts payable to inventory (3) 130.0% 134.4%
For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Reconciliation of Free Cash Flow (in thousands): Net cash provided by operating activities $ 948,859 $ 937,605 $ 1,653,074 $ 1,651,369 Less: Capital expenditures 225,367 237,674 474,607 460,942 Excess tax benefit from share-based compensation payments 5,258 14,612 21,378 18,990 Investment in tax credit equity investments — 4,149 — 4,149 Free cash flow $ 718,234 $ 681,170 $ 1,157,089 $ 1,167,288
For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenue Disaggregation (in thousands): Sales to do-it-yourself customers $ 2,149,044 $ 2,130,002 $ 4,151,030 $ 4,048,469 Sales to professional service provider customers 1,999,704 1,853,364 3,869,444 3,565,328 Other sales, sales adjustments, and sales from the acquired Vast Auto stores 123,453 85,625 227,967 163,058 Total sales $ 4,272,201 $ 4,068,991 $ 8,248,441 $ 7,776,855
For the Three Months Ended For the Six Months Ended For the Twelve Months Ended June 30, June 30, June 30, 2024 2023 2024 2023 2024 2023 Store Count: Beginning domestic store count 6,131 5,986 6,095 5,929 6,027 5,873 New stores opened 21 41 57 100 126 158 Stores closed — — — (2 ) (1 ) (4 ) Ending domestic store count 6,152 6,027 6,152 6,027 6,152 6,027 Beginning Mexico store count 63 43 62 42 44 27 New stores opened 6 1 7 2 25 17 Ending Mexico store count 69 44 69 44 69 44 Beginning Canada store count 23 — — — — — Stores acquired — — 23 — 23 — Ending Canada store count 23 — 23 — 23 — Total ending store count 6,244 6,071 6,244 6,071 6,244 6,071
For the Three Months Ended For the Twelve Months Ended June 30, June 30, 2024 2023 2024 2023 Store and Team Member Information: Total employment 91,874 90,670 Square footage (in thousands) (4) 47,500 45,622 Sales per weighted-average square foot (4)(5) $ 87.88 $ 88.12 $ 341.51 $ 334.21 Sales per weighted-average store (in thousands) (4)(6) $ 677 $ 665 $ 2,613 $ 2,516 (1) Calculated as cost of goods sold for the last 12 months divided by average inventory. Average inventory is calculated as the average of inventory for the trailing four quarters used in determining the denominator.
(2) Calculated as inventory divided by store count at the end of the reported period.
(3) Calculated as accounts payable divided by inventory.
(4) Represents O’Reilly’s U.S. and Puerto Rico operations only.
(5) Calculated as sales less jobber sales, divided by weighted-average square footage. Weighted-average square footage is determined by weighting store square footage based on the approximate dates of store openings, acquisitions, expansions, or closures.
(6) Calculated as sales less jobber sales, divided by weighted-average stores. Weighted-average stores is determined by weighting stores based on their approximate dates of openings, acquisitions, or closures.
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By Mia
Changing your brake pads is a manageable task if you have the right tools and follow the steps carefully to help you replace your brake pads: Tips
Always replace brake pads in pairs (both front or both rear) to ensure even braking. Dispose of the old brake pads and any other materials properly, following local regulations. Consult your vehicle’s manual for specific instructions and torque specifications. Welcome to learn more about brake pad types from here：
link hidden, please login to view 1. Tools and Materials Needed
Jack and Jack stands Lug wrench C-clamp or brake caliper tool Wrench or ratchet and socket set Brake pads Brake fluid Bungee cord or string Gloves and safety glasses Wheel chocks 2. Prepare the Vehicle
Park your vehicle on a flat surface and engage the parking brake. Place wheel chocks behind the rear wheels to prevent the car from rolling. 3. Raise the Vehicle
Use a jack to lift the car off the ground, and then place it securely on jack stands. 4. Remove the Wheel
Finish removing the lug nuts and take the wheel off to expose the brake assembly. 5. Remove the Brake Caliper
Locate the bolts on the back of the brake caliper and remove them using a wrench or ratchet. Carefully lift the caliper off the brake rotor. Use a bungee cord or string to hang the caliper from the suspension to avoid putting stress on the brake hose. 6. Remove the Old Brake Pads
Slide the old brake pads out of the caliper bracket. Take note of how they are positioned for proper installation of the new pads. 7. Inspect the Brake Rotor
Check the brake rotor for any signs of damage or excessive wear. If the rotor is in poor condition, it may need to be replaced or resurfaced. 8. Compress the Brake Caliper Piston
Use a C-clamp or brake caliper tool to slowly compress the caliper piston back into the caliper. This will make room for the new brake pads. Open the brake fluid reservoir cap to make this process easier. 9. Install the New Brake Pads
Place the new brake pads into the caliper bracket in the same position as the old ones. 10 Reattach the Brake Caliper
Carefully position the brake caliper over the new brake pads and rotor. Reinsert and tighten the caliper bolts securely. 11. Reinstall the Wheel
Put the wheel back on the hub and hand-tighten the lug nuts. 12. Lower the Vehicle
Carefully remove the jack stands and lower the vehicle back to the ground using the jack. 13. Tighten the Lug Nuts
Use the lug wrench to fully tighten the lug nuts in a star pattern to ensure even pressure. 14. Check the Brake Fluid
Check the brake fluid level in the reservoir and add fluid if necessary. Replace the reservoir cap. 15. Test the Brakes
Before driving, pump the brake pedal a few times to ensure the brakes are properly engaged and check for any leaks or issues. -
By Max
We offer photo sets of spare parts for your online store (by manufacturer brands).
Good quality photos, no logos or watermarks. Resolution from 3Mpix.
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BOSCH (Brake Pads, Brake Shoes) - 1024 images.
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ZIMMERMANN ( Brake Pads, Brake Shoes, Brake Discs, Brake Drums)
List of available photos IMAGES.xlsx
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By Counterman
link hidden, please login to view (SMP) announced it has reached a definitive agreement to acquire AX V Nissens III APS (Nissens), a European manufacturer and distributor of aftermarket engine cooling and air conditioning products with a growing array of vehicle control technologies. The transaction values Nissens at approximately $388 million and is expected to be completed in the second half of 2024. “We are delighted to announce this acquisition, which will make our combined business the aftermarket leader in North America and Europe in thermal management products,” said Eric Sills, Standard Motor Products’ chairman and CEO. “It will also expand SMP’s portfolio of powertrain-neutral product categories. We plan to continue operating Nissens as a stand-alone unit, while leveraging the combined strength of the two companies to realize both cost and revenue synergies.”
In a news release announcing the acquisition, Sills added, “We believe the combination with
link hidden, please login to viewis a powerful one. Both companies have a similar go-to-market strategy of supplying full-line professional grade product offerings, and enjoy complementary product portfolios. Meanwhile, the two companies largely operate in different geographic markets. As such, we believe that we are stronger together, capitalizing on synergies in both markets and strengthening our position in each. Together, we can accelerate growth through cross-selling our product offerings, realize cost reduction through combined resources, and achieve enhanced operational excellence though collaboration and best practices.” “We are very excited to have SMP as our new owner”, said Klavs Pedersen, Nissens’ chief executive officer. “We have been following SMP’s activities in the US, and we see a lot of similarities in the way SMP and Nissens operate in their respective focus regions. I have personally known the SMP management team for several years, and I believe there is a very strong cultural fit that will support and accelerate the positive development of both companies. We look forward to becoming part of the SMP family.”
The transaction is subject to certain closing conditions, including receipt of applicable antitrust and other regulatory approvals.
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