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UAF Awards Scholarships for 2023-2024 Academic Year
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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
The
link hidden, please login to view, International Truck and IC Bus have partnered to provide what they said is a unique training opportunity for 10 outstanding instructors from ASE-accredited post-secondary medium/heavy truck training programs. link hidden, please login to view The following instructors were chosen to attend a five-day, hands-on training session at the Navistar OEM state-of-the-art training center in Woodridge, Illinois, and received a $1,000 scholarship to underwrite travel expenses.
Nathan Berry, University of Alaska Anchorage Wayne Carpenter, Auto/Diesel Institute of Michigan Brad Conklin, Pennsylvania College of Technology Justin Conway, Lehigh Career and Technical Institute Robbie Lindhorst, Southeastern Illinois College Shannon McCarty, Ashland Community and Technical College Chad Parsons, Laramie County Community College Joe Valora, Elizabethtown Community and Technical College Brad Wake, Francis Tuttle Tech Center Lane Yarbrough, East Mississippi Community College To be eligible for the scholarships, instructors had to be nominated by their supervisors and submit an application, explaining how their program and students would benefit and why they should be selected. Representatives from the ASE Education Foundation, International Truck and IC Bus reviewed the submissions and selected the 10 winners whose programs would benefit the most from attending the hands-on training.
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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
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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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