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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 NAPA
Is your car not shifting gears like it used to? An automatic transmission makes driving much less complicated than the manual gear (stick shift) alternative. But that convenience comes at the price of complexity. When an automatic transmission equipped car won’t shift gears, there could be several potential issues. These issues can range from a simple fix to needing a complete transmission rebuild. Below is technical expertise on “Why is my automatic car not shifting gears?”
Low Transmission Fluid link hidden, please login to view
Your automatic transmission relies on hydraulic fluid pressure to operate. The pump pulls
link hidden, please login to view from the transmission pan reservoir to actuate different components. If the transmission fluid level gets low enough, the pump will be unable to push fluid where it needs to go. Even worse, the pump will pull air into the system, which could lead to a lack of lubrication that damages parts. If you are lucky, your vehicle has a transmission fluid dipstick so you can easily check the fluid level according to the instructions in the owner’s manual. If your vehicle does not have a transmission fluid dipstick but is “
link hidden, please login to view”, that doesn’t prevent you from checking the fluid level. In most cases, the fluid can be checked via a fill plug, but the transmission has to be at a certain temperature and the vehicle must be level. This isn’t an easy task, so it might be best to have your local link hidden, please login to view do it for you. Faulty Shift Solenoid
We just mentioned how an automatic transmission relies on pressurized fluid to operate, but that fluid also needs to be routed to where it is needed. In a modern, electronically controlled automatic transmission, shift solenoids control the flow of transmission fluid. If the shift solenoid is faulty, then the fluid won’t be routed to the desired shift actuator. In older non-electronically controlled transmissions, shifting was controlled by shift valves, but the idea is the same. Shift solenoids can wear out or get stuck, leading to a no-shift condition. Fixing a faulty shift solenoid usually requires removing the transmission fluid pan to access the transmission valve body.
Low Transmission Fluid Pressure
You should be seeing a pattern of how important hydraulic fluid is to the operation of an automatic transmission. If the transmission fluid level is fine, there may still be a problem with the fluid pressure. Low fluid pressure can be caused by a worn out pump, clogged fluid passages or a clogged transmission fluid filter. A lack of shifting car gears due to low fluid pressure usually means it is time for a
link hidden, please login to view. If the problem is with the pump itself, then you are probably looking at a transmission rebuild. Bad Transmission Control Module
Most modern automatic transmissions have an electronic
link hidden, please login to view (TCM). The control module takes input from various sensors, and decides how the transmission should react. Depending on where the control module is mounted, it can lead a very hard life. Extreme temperatures, vibrations, leaking fluids and sometimes even how the circuit board is built can all lead to failures of microchips and other electronic components. If the check engine light is on while you are having shifting problems, the TCM may be the issue. Broken Shift Cable
Each time you drive, the shifter is moved at least twice, once for driving and again for park. That movement adds up over the years. While an automatic transmission doesn’t have the complicated shifting mechanism of a manual transmission, there is usually a physical connection between the shifter and the transmission. Modern
link hidden, please login to view usually have plastic components that can break down over time. There may also be bushings that get worn out. The shift cable itself is usually metal and rarely breaks, but the pieces connecting it to the transmission can possibly fail. Shift Lock Engaged
If the car is not shifting into gear from park, then the issue might be the gear shift interlock. Most modern vehicles have a lockout on the automatic gear shifter that requires the brake pedal to be pressed first. If the brake pedal isn’t pressed, the shifter won’t move. It is possible that the brake pedal sensor doesn’t read that the pedal is pressed, or a break in the shift interlock circuit interrupts the connection. The shift lock can be
link hidden, please login to view. Worn Out Bands
Just like how brake pads can wear out, so can the friction materials inside the transmission like the bands. Transmission bands hold certain components in place, while others are allowed to rotate. When this happens, the transmission won’t go into certain gears. Unfortunately worn out bands usually mean a complete transmission overhaul. Material from the worn out bands can make their way into sensitive fluid passages, clogging them or causing accelerated wear
Failed Throttle Sensor
This one may seem odd, but gauging how much throttle input the driver is giving makes a big difference in how the transmission acts. Whether the input is from a
link hidden, please login to view or a cable, if the driver pushes down the gas pedal, the transmission needs to change gears. But if that input isn’t received, the transmission has no idea what the driver wants to do. If the transmission doesn’t know the driver is hitting the gas, it might not shift into the next gear. Even worse, on some older transmissions, if the transmission isn’t linked correctly to the throttle input, severe damage can be done. If your transmission isn’t shifting like it used to, simply head to your local
link hidden, please login to view center. Our team of ASE-certified technicians have the expertise and training to diagnose your automatic transmission issues. As a bonus, your repair is covered by our free 24-Month/24,000-Mile link hidden, please login to view (parts and labor on qualifying repairs and services), which spans across the entire nationwide NAPA Network, including 17,000+ NAPA Auto Care center locations. Photos courtesy of
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By Counterman
Applications are being accepted for the Federated Car Care Scholarship program.
Interested students should complete and submit their applications at
link hidden, please login to view by March 31. The Federated Car Care scholarships are funded by Fisher Auto Parts in memory of Art Fisher, founder of Federated Auto Parts and the Federated Car Care program. Qualified candidates should specify “Federated” on their application when applying online.
Administered by the University of the Aftermarket Foundation (
link hidden, please login to view), the scholarships will be awarded to employees and children of active Federated Car Care Center members attending a two- or four-year accredited college, an ASE/NATEF-certified post-secondary automotive, heavy-duty or collision technician training program or any licensed and accredited vocational school. Students graduating from high school in 2024 and heading to any of these post-secondary programs also are eligible. “It is a privilege for us to once again provide scholarship opportunities to the children and employees of Car Care members, assisting them in furthering their education,” said Bo Fisher, chairman and CEO of Fisher Auto Parts. “The University of the Aftermarket Foundation’s AutomotiveScholarships.com website streamlines the application process. We urge all interested candidates to submit their applications by March 31 and look forward to awarding Federated Car Care scholarships to another group of deserving young men and women for the 2024-25 academic year.”
Federated is one of more than 30 other organizations awarding scholarships on
link hidden, please login to view. As an added benefit for students who apply at this site, each completed application will be considered by every scholarship where the candidate meets the qualifications. The post
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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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