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Still Time for Counter Professional of the Year Nominations
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By Rona
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By Counterman
Advance Auto Parts presented its 2023 Vendor Partner of the Year Award to National Refrigerants, a worldwide distributor of refrigerant products.
Advance presented the award during the company’s annual Partner Summit on Oct. 16 in Raleigh, North Carolina. During the event, Advance honored several vendors for their partnership and performance over the past year.
A key partner in Advance’s chemicals business, National Refrigerants worked closely with Advance’s inventory team to provide a steady supply of refrigerant products in authorized markets across the United States while helping Advance navigate state and local regulations around the selling of refrigerant products. National Refrigerants has been a trusted and reliable vendor partner for more than five years, enabling Advance to grow its business in the A/C-chemicals category, Advanced noted.
“Passionate and dedicated vendor partners are a vital component of our company’s success,” said Jason McDonell, Advance’s executive vice president of merchandising, marketing and eCommerce. “Their ability to consistently provide a quality product mix while collaborating on innovative strategies and solutions allows us to better serve the needs of our DIY and professional customers. On behalf of Advance, congratulations to National Refrigerants and all our award-winning vendors, and thank you to all who joined us at this year’s Partner Summit.”
Other award winners include Amalie Oil Company, which was named Advance’s Superior Availability Vendor Partner of the Year. Advance’s supplier of FRAM motor oil and lubricants, Amalie helped Advance maintain exemplary in-stock levels and growth in multiple categories, including heavy-duty motor oil.
“Amalie’s support allowed Advance to better serve customers with a greater product choice in the light-duty, heavy-duty and diesel motor-oil categories,” Advance added.
Advance awarded the Together with Speed Vendor Partner of the Year Award to ITW-Global Brands in recognition of its strategic support across multiple product categories at Advance, including wiper blades, wash and wax, body repair and performance chemicals. ITW’s team supported Advance through product innovation and marketing engagement while ensuring product availability to drive sales for Advance, according to Advance.
Advanced named MotoRad the Excellence in Collaboration Vendor Partner of the Year.
“Over the course of the year, MotoRad consistently showcased outstanding fill rates, product-technology innovation and creative solutions that include data-driven product recommendations,” Advance said in a news release. “Their proactive problem-solving strategies boosted the overall efficiency and effectiveness of Advance’s operations, ultimately enhancing sales and customer satisfaction.”
Advanced named Sylvania the Strategic Initiative Vendor of the Year for its exceptional support of Advance’s lighting category. Sylvania’s collaboration resulted in higher fill rates and sales growth, while also reflecting Advance’s cultural beliefs through a focus on team-member training and other lighting-category enhancements, according to Advance. Advanced named Legends Marketing the Marketing Partner of the Year for its support, advocacy and growth of Advance’s TechNet professional repair-shop network. Legends Marketing elevated the authenticity of the TechNet brand through creative solutions such as its unique video series featuring TechNet shop owners in their communities. The company’s work on behalf of Advance and TechNet shops resulted in a sixth consecutive year of membership and sales growth.
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By NAPA
ATLANTA, Oct. 19, 2023 /
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 third quarter ended September 30, 2023. "Our third quarter performance was highlighted by double digit earnings growth, driven by benefits from the mix and geographic diversity of our businesses as well continued progress on our strategic initiatives," said Paul Donahue, Chairman and Chief Executive Officer. "Through our One GPC approach, we are simplifying our business while driving productivity and efficiency across our operations. We would like to thank our teams around the world for their continued dedication to serving our customers and delivering solid quarterly results."
Third Quarter 2023 Results
Sales were $5.8 billion, a 2.6% increase compared to $5.7 billion in the same period of the prior year. The growth in sales is attributable to a 0.5% increase in comparable sales, a 1.7% benefit from acquisitions and a 0.4% net favorable impact of foreign currency and other. The third quarter of 2023 had one less selling day in the U.S. compared to the third quarter of 2022, which negatively impacted third quarter sales growth by approximately 1.2%.
Net income was $351 million, an increase of 12.4% compared to net income of $312 million in the prior year. Diluted EPS was $2.49, an increase of 13.2% compared to $2.20 in the prior year period.
Net income of $351 million compares to adjusted net income of $317 million for the same three-month period of the prior year, an increase of 10.7%. On a per share diluted basis, net income was $2.49, an increase of 11.7% compared to adjusted diluted earnings per share of $2.23 last year. Refer to the reconciliation of GAAP net income to adjusted net income and GAAP diluted earnings per share and adjusted diluted earnings per share for more information.
Third Quarter 2023 Segment Highlights
Automotive Parts Group ("Automotive")
Global Automotive sales were $3.6 billion, up 3.9% from the same period in 2022, with a 0.6% increase in comparable sales, 2.4% benefit from acquisitions and a net 0.9% favorable impact of foreign currency and other. Segment profit of $322 million increased 4.1%, with segment profit margin of 8.9%, flat compared to last year. The third quarter of 2023 had one less selling day in the U.S. compared to the third quarter of 2022, which negatively impacted third quarter Global Automotive sales growth by approximately 1.0%.
Industrial Parts Group ("Industrial")
Industrial sales were $2.2 billion, up 0.6% from the same period in 2022, reflecting a 0.3% increase in comparable sales and a 0.6% benefit from acquisitions, slightly offset by a 0.3% unfavorable impact of foreign currency. Segment profit of $283 million increased 16.6%, with segment profit margin of 12.9% up 180 basis points from the same period of the prior year. The third quarter of 2023 had one less selling day in the U.S. compared to the third quarter of 2022, which negatively impacted third quarter Industrial sales growth by approximately 1.6%.
"While our Industrial and international Automotive businesses performed well during the third quarter, the results for our U.S. Automotive business were below our expectations and negatively impacted by one less selling day," said Will Stengel, President and Chief Operating Officer. "Our third quarter results reflect continued improvement in segment margins, driven by strong team operating discipline despite the slower growth environment."
Nine Months 2023 Results
Sales for the nine months ended September 30, 2023 were $17.5 billion, up 5.6% from the same period in 2022. Net income for the nine months was $1.0 billion, or $7.08 per diluted share, an increase of 8.4% compared to $6.53 per diluted share in 2022. Net income of $1.0 billion, or $7.08 per diluted share, compares to adjusted net income of $896 million, or adjusted diluted earnings per share of $6.29, in 2022, an increase of 12.6%.
Balance Sheet, Cash Flow and Capital Allocation
The company generated cash flow from operations of $1.1 billion for the first nine months of 2023. We used $473 million in cash for investing activities, including $350 million for capital expenditures and $211 million for acquisitions, net of $80 million in proceeds from the sale of our remaining investment in S.P. Richards and other investments. We also used $599 million in cash for financing activities, including $393 million for quarterly dividends paid to shareholders and $172 million for stock repurchases. Free cash flow was $733 million for the first nine months of 2023. 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 $2.2 billion in total liquidity, consisting of $1.5 billion availability on the revolving credit facility and $655 million in cash and cash equivalents.
2023 Outlook
The company is updating full-year 2023 guidance previously provided in its earnings release on July 20, 2023. 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 Counterman
The University of the Aftermarket Foundation (UAF) has awarded 378 scholarships to students throughout the country, totaling $640,250 for the upcoming school year.
A complete list of scholarship recipients can be found at
link hidden, please login to view. Those awarded with scholarships will be attending a two-year or four-year college or university or an accredited automotive vocational program.
While the majority of the students are studying to become mechanical, collision or heavy-duty repair professionals, others are pursuing degrees in such fields as business, engineering and IT/cybersecurity that will lead to a career in the automotive aftermarket. In addition, many named scholarships were awarded on behalf of a variety of individuals and organizations.
To be considered, scholarship candidates applied at the foundation’s AutomotiveScholarships.com or HeavyDutyScholarships.com websites. Once the teams of volunteer scholarship reviewers evaluated completed applications, recipients and their corresponding schools were notified of the awards.
“It’s wonderful to see so many students looking to the aftermarket as a career path and applying for scholarships to help get them there,” said Mike Buzzard, chairman of the UAF scholarship committee. “Awarding so many scholarships would not be possible without the generosity of those who donate their time and resources to UAF. Their support helps ensure that the aftermarket remains vibrant and strong through education.”
To learn more about the University of the Aftermarket Foundation or make a donation, visit
link hidden, please login to view. To apply for a scholarship for the 2024-25 academic year, visit link hidden, please login to view or link hidden, please login to view. The post
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