Genuine Parts Co. Reports Record 2022 Sales

[Counterman]

“The GPC team capped off a record-setting year with a strong fourth quarter highlighted by double-digit sales and earnings growth and continued margin expansion,” said Paul Donahue, chairman and CEO. “We are incredibly proud of our progress throughout the year and thankful to our teammates across the globe for their ongoing commitment to excellence. Working together, we have been agile in navigating the dynamics of the macro-economy and continue to deliver market share gains and drive positive momentum in our top and bottom-line results.”

Full-year net sales for the Global Automotive Parts group were $13.7 billion, up from $12.5 billion in 2021.

In the fourth quarter, net sales for the Global Automotive Parts group were $3.4 billion, up 7.6% from fourth-quarter 2021. Comparable-store sales were up 8.2% in the auto parts segment.

Industrial sales were $2.1 billion, up 29.6% fourth-quarter 2021, and reflecting a 16.7% increase in comparable sales and a 14.3% contribution from the KDG acquisition.

“The strength in Automotive sales was broad-based, with double-digit total sales growth in local currency in each of our global operations,” said Will Stengel, president and chief operating officer. “In addition, Industrial generated its seventh consecutive quarter of double-digit sales comps and 10th consecutive quarter of margin expansion, while continuing to execute well and create value with the accelerated integration of KDG. Our strong fourth quarter and record financial performance in 2022 are testaments to our teams’ hard work and dedication to serve our customers.”

For full-year 2023, GPC is projecting total year-over-year sales growth between 4% and 6%, according to its guidance. GPC is estimating year-over-year sales growth between 4% and 6% for both the Automotive Parts Group and the Industrial Parts Group.

“We had an exceptional 2022, which included celebrating our 95th year of operations,” Donahue said. “We have quickly turned our attention to the year ahead and, while the macro environment remains uncertain, we are confident in our strategic plans to drive sustained sales and earnings growth, continued margin expansion and strong cash flow. We believe our progress in these key areas, combined with a strong balance sheet, position GPC with the financial strength and flexibility to pursue strategic growth opportunities while also returning capital to shareholders

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