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Advance Auto Parts Announces 2018 Top Performing Independent Partner Award Winners
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By NAPA
Chase Elliott and the No. 9 link hidden, please login to view team qualified ninth for Sunday’s NASCAR Cup Series race at Talladega Superspeedway. Elliott led laps en route to a second-place result in stage one and followed that up with an eighth-place finish in stage two. After making multiple moves to try to advance to the front of the field towards the end race, he avoided a last-lap multi-car incident to finish 15th. The 28-year-old driver now sits third in the Cup Series point standings, just 22 markers behind the leader. Chase Elliott advanced to the final round of Saturday’s qualifying session, ultimately claiming a ninth-place starting position for Sunday’s NASCAR Cup series race at Talladega Superspeedway. Early in the race, Elliott opted to drop back in the field in an effort to conserve fuel. He maneuvered his way forward utilizing the outside lane as the field went three wide. Eventually, the driver of the No. 9 NAPA Auto Parts Chevrolet Camaro ZL1 found the front of the pack and took over the lead for the first time of the race on lap 42. Just two laps later, Elliott made his way to pit road for a fuel-only stop. Once green-flag stops cycled through, the 28-year-old driver retook the lead. He raced side-by-side with the No. 2 for the top spot as the field ran double file. Elliott came up just short of the stage win, taking the green-and-white checkered flag in second at the conclusion of lap 60.
Under the stage-ending caution, Elliott relayed that he thought he wore out the right front tire. After the team made a pit stop for four tires and fuel, crew chief Alan Gustafson examined the tires and relayed to Elliott that the right front looked fine. The 2020 Cup Series champion was the second one off of pit road but opted to line up on the outside of row two to start the second stage. The majority of the field went back to three-wide racing and Elliott utilized all the lanes throughout the stage to find momentum. On lap 103, he brought the NAPA Auto Parts Chevrolet to the attention of his crew for fuel. In the closing laps of stage two, Elliott was running among the front half of his competitors and scored an eighth-place result at its lap-120 conclusion.
After pitting for four tires and fuel during the stage break, the team opted to pit again to top off the fuel tank of the NAPA Auto Parts Chevy. Elliott took the green flag for the final stage deep in the field and was running just outside of the top 20 when the yellow flag waved for a multi-car incident. After pitting for fuel only, Elliott restarted inside the top 15 and continued to run among the top 20 in the running order. After another caution came out on lap, the No. 9 NAPA team took the opportunity to pit for the final time for fuel. Elliott was the 16th to choose his lane for the lap-161 restart and opted for the inside. As the laps wound down, Elliott joined a third lane of cars on the outside. After initially making progress, the lane stalled out and he lost his momentum. On the final lap of the race, the leaders triggered a multi-car incident and Elliott avoided the melee to earn a 15th-place finish.
A solid points day for Elliott moved him up to third in the Cup Series driver standings. He’ll head to Dover Motor Speedway next week just 22 markers behind the leader.
Start / Finish: 9 / 15
Points Standing / Total: 3rd / 337 (-22)
Next Race: Sunday, April 28, Dover Motor Speedway
How to Watch or Listen: 2:00 p.m. ET on FS1, PRN or SiriusXM
NAPA:
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By NAPA
Jack Wood was on track to collect a top-five finish at Kevin Harvick’s Kern County Raceway Park (KCRP) before trouble dealt him a 12th-place finish on Saturday night. The driver of the No. 16
link hidden, please login to view Chevrolet SS was in position to secure a fourth-place finish but suffered a melted right-front tire bead with five laps to go. Wood started on the front row for his second appearance at KCRP after stopping the clock at 18.646 seconds to equal his career-best qualifying effort. He made an early bid for the race lead before settling into second position for the majority of the event’s first half. As the opening 75-lap run progressed, Wood began to battle brake issues and a loose handling condition. The balance hampered his ability to keep pace with the lead and was in fourth position by the halfway caution at lap 75.
Crew chief Kevin Bellicourt and the NAPA Auto Care team made an adjustment during the five-minute halfway break to aid Wood’s handling balance. When the race restarted, Wood took advantage of the outside line to reclaim third position. However, his brake issues escalated in the second half despite running in fourth position. Wood suffered a flat right front tire in the waning laps and was handed a 12th-place finish.
“We had a fast NAPA Auto Care Chevrolet today,” Wood said. “I’m proud of the speed these guys at BMR had in our car. We had a brake issue and I didn’t have much of a pedal before halfway and we got really loose. Kevin (Bellicourt) and the guys made a good adjustment at the halfway break on the balance and we got the car better. But the brake pedal just went to the floor as the night went. We were still in the top five and were going to have a good points night but had a flat right front at the end. It’s unfortunate we didn’t get the result, but happy with the speed we had today.”
Start / Finish: 2 / 12
Points Standing / Total: 7th / 37 pts. (-12)
Next Race: Friday, May 31, Portland International Raceway
How to Watch or Listen: FloRacing
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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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