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Still Time for Counter Professional of the Year Nominations
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By Counterman
TechShop’s Tool Time Podcast Series highlights tool and equipment trends, combined with an educational focus on technology that brings solutions to shop owners and techs as they address the growing complexity of vehicle repair. In this episode, Nadine Battah and Eric Garbe sit down with CTA Tools’ Alex Borghard and Alberto Roldan to discuss the specialty tools their company offers.
It’s important to stay current, or even ahead of demand in the industry, and Alex Borghard tells the hosts about the challenges of doing so.
“As anyone who works in the automotive industry knows, it’s constantly changing,” explains Borghard, VP of marketing and business development for CTA Tools. “Whatever products we might sell today, there is a very strong chance that in 10-15 years from know, those products will no longer be in demand because the vehicles may no longer be on the road. That gives us the challenge to really stay on top of things and know what is in demand today and might be down the road.
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By NAPA
It was take two for High Limit Racing at Riverside International Speedway in West Memphis, Arkansas, last week after the original date of April 9 was postponed due to heavy rain in the days prior. Race fans eager to see some 410 sprint car action packed the stands, leaving standing room only by the time Brad Sweet hit the track for hot laps in the
link hidden, please login to view No. 49 machine. Sweet was lightning-fast right away, clocking a lap time of 11.266 seconds in qualifying, putting him in the top spot and within just two-tenths of the track record. It marked Sweet’s fifth QuickTime award on the season, all achieved within a ten-race span.
As the evening unfolded, Sweet found himself starting fourth in his heat race, where he maintained his position to the checkered flag. Though finishing fourth, the Big Cat still earned a trip to the Dash as the fastest qualifier.
Drawing the third starting spot for the Dash, the NAPA team had seven laps to gain a better starting spot and test their setup in the feature. Sweet mounted a thrilling battle for second but ultimately crossed the line in third. He lined up in that spot for the main event, and the feature went green. The NAPA driver navigated the track to the best of his abilities as the laps ticked by. With an extended mid-race caution, the No. 49 team tried to modify their strategy. Sweet faced fierce competition and a challenging track surface but brought the NAPA Auto Parts No. 49 to the finish line in fourth place.
Start / Finish: 3 / 4
Points Standing / Total: 2 / 662 pts. (-17)
Next Race: Wednesday, May 1, 81 Speedway, Park City, KS
How to Watch or Listen:
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By Counterman
In his chairman’s message to the industry, Tom Trisdale, the new chairman of ASE and vice president, quality for Toyota, says 2024 is a year of “action and change” for the The National Institute for Automotive Service Excellence. It is the responsibility of ASE’s Board of Directors, he says, to help ASE advance to meet the realities of today’s market, support a pipeline for future technicians and elevate the value of professional certification for all.
link hidden, please login to viewTom Trisdale, 2024 chairman of The National Institute for Automotive Service Excellence. “For more than 50 years, ASE has been a unifying force to improve the quality of repair and service in the transportation industry through testing and certification. With ASE, every professional technician can demonstrate their technical capability to the standards and tasks defined by their peers and experts in all areas of service, repair and diagnosis — across automotive, truck/heavy equipment and collision repair disciplines.
I am incredibly excited and honored to serve as the chair for the ASE board of directors in 2024. Through ASE, technicians, shop owners, dealers, parts makers, manufacturers of tools and equipment, service information providers and vehicle manufacturers all come together with one aim — elevate our profession and the results we all deliver to the motoring public.
This is a year of action and change at ASE. The challenges of repairing and servicing across all forms of vehicles have never been greater. The pressures facing working technicians have also never been higher. Now more than ever, the standards and structure that ASE and the ASE Education Foundation provide for our profession are needed to support our trade and provide confidence to the consumer. It is our responsibility, as a board and with industry partners, to help ASE advance to meet the realities of today’s market, support a pipeline for future technicians and elevate the value of professional certification for all. Working with and through the ASE leadership team, we are committed to:
Confirm and update the alignment of ASE education standards and professional testing with the technologies on the road and in your shops Streamline access and availability of testing Elevate the understanding and visibility of professional technician development and certification by service professionals, consumers, service providers and other stakeholders Nearly a quarter million service professionals, and more than 72,000 students, are currently certified by ASE. My challenge to all of us involved in the service or repair of motor vehicles, trucks and heavy equipment is to get engaged with ASE. Participate in the industry surveys of current work, join the technical webinars, promote our profession and importantly, get certified if you are not and if you are certified, promote the value of an industry standard measure of knowledge and capability. ASE is an organization that serves technicians and the entire motoring public, so let us work together and deliver on the mission of professional service and quality repair.
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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 Counterman
Heavy-duty repair shops around the country reported up to a 40% year-over-year increase in counter sales, according to Fullbay’s 2023-2024 State of Heavy-Duty Repair Report.
Labor rates went up approximately $10 per hour compared to the 2022-2023 data.
link hidden, please login to view published the fourth-annual report in partnership with ATA’s Technology and Maintenance Council. “Our most extensive report to date, the fourth-annual edition brims with valuable data and analysis tailored to assist repair shops in optimizing their operations,” said Patrick McKittrick, CEO of Fullbay. “This all-encompassing report serves as a valuable resource for shop owners and managers, enabling them to benchmark their shop’s key metrics against counterparts nationwide. We take pride in providing transparent and unbiased data, supporting our industry partners and peers in their consideration of heavy-duty vehicle maintenance best practices.”
Among the highlights in the report:
45% of respondents reported between 21% to 40% increases of counter sales from 2022 to 2023 Labor rates increased 9% across the country in 2023 – equating to a roughly $10-per-hour increase Over 40% of respondents reported a net profit between 11% and 20% 18% of shops surveyed were pulling in between $1 million to $2 million each year, while 12% reported revenue between $250,001 and $500,000 25% of technicians indicated they worked at only three shops throughout the course of their entire career “For over 60 years, TMC has aided in developing best practices, technology, and maintenance practices to support the heavy-duty repair industry to specify and maintain their fleets more effectively,” said TMC Executive Director Robert Braswell. “There is no shortage of challenges repair shops face, and this annual report is an excellent tool for individuals of all sectors within the industry to use as a guide when faced with those particular challenges on a daily basis.”
Fullbay’s report data is drawn from individual survey responses and real-world shop data. More than 1,000 individuals from the commercial freight, logistics and repair industries completed the survey, while shops across North America, Australia and New Zealand were sampled for authentic shop data. Those surveyed were a combination of both customers and non-customers of Fullbay, while all sampled data went through data masking.
The 2024 report is available for free download
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