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O’Reilly Automotive, Inc. Reports Third Quarter 2023 Results


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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 Iowa Speedway. The 28-year-old driver finished stage one in ninth and stage two in third as his No. 9 NAPA Auto Parts Chevrolet Camaro ZL1 showed speed on the long run. In the final stage, Elliott continued to battle inside the top 10 and advanced to third before the checkered flag waved. With the third-place result, the Dawsonville, Georgia, native took over the driver points standings lead by eight markers over Hendrick Motorsports teammate Kyle Larson. It was Elliott’s second consecutive top-five effort, seventh of the season and 100th of his young Cup career. Chase Elliott and the No. 9 NAPA Auto Parts team earned a ninth-place starting position for Sunday’s inaugural NASCAR Cup Series race at Iowa Speedway. The 28-year-old driver initially lost some ground to the leaders upon the drop of the green flag and was scored in 11th at the time of the first caution of the race on lap five. Under the yellow, Elliott reported that his No. 9 NAPA Auto Parts Chevrolet Camaro ZL1 was loose. Staying out, he lined up 11th for the restart on lap 10 and made his way back up to ninth by lap 41. As a long run ensued Elliott continued to gain ground, advancing to seventh before an incident brought out the caution. He relayed that he “overbuilt the right rear.” Once pit road opened, crew chief Alan Gustafson called Elliott in for four fresh tires and fuel. A fast stop gained the driver of the No. 9 a position on pit road, however two cars did not pit which put him eighth for the lap-59 restart. When the green-and-white checkered flag waved to end stage two, Elliott was scored in the ninth position.
      During the stage break the team opted not to visit pit road, placing Elliott as the fifth driver to choose his lane to start the second stage. The Dawsonville, Georgia, native took the green flag from the inside of row two on lap 78. He continued to battle inside the top five until another caution slowed the race at lap 81. Staying out once again, Elliott lined up in the second row for the lap-87 restart. Getting loose, he dropped to seventh but found his way back inside the top five prior to lap 100. Showing speed on the long run, Elliott advanced to third on lap 130 and took over the second position less than 20 laps later. He set his sights on the leader and began reeling in the No. 12 of Ryan Blaney as green flag stops got under way. Elliott paced the field for one lap after Blaney made his way to pit road before he followed suit on lap 173. After pitting for four tires and fuel, Elliott returned to the track in 18th and was up to seventh as the pit cycle continued. When the caution came out on lap 182, the teams that still needed to pit made their stops. This put Elliott third in the running order. Once the race was back under way, he held his own inside the top five, finishing the stage in the third position.
      Under the stage-ending caution, Elliott pitted for four tires and fuel. He lined up sixth to start the final stage on lap 219. Just one lap later, an incident brought out the caution. Elliott chose the outside of row four for the lap-228 restart. From there, the 2020 Cup Series champion maneuvered his way to fourth before the yellow flag was displayed on lap 260. Providing feedback to his crew that the NAPA Chevy was a little tight, the team made an air-pressure adjustment during its four-tire pit stop. Elliott was fifth to choose his lane, opting for the outside of row four for the restart on lap 267. He progressed to fifth by lap 272 and continued to climb, advancing to third before the checkered flag waved.
      The result was Elliott’s second consecutive top-five effort, seventh of the season and 100th of his young Cup career. With the third-place result, the Dawsonville, Georgia, native took over the driver points standings lead by eight markers over Hendrick Motorsports teammate Kyle Larson.
      “Our balance was just right, and I thought all day we had really good long run pace,” Elliott said. “I just really struggled to get going on restarts and just was really loose and just felt like I couldn’t attack like I needed to and just lost a lot of ground. Could make good pace there at the end of a run with our NAPA Chevy, just needed to be a little closer I think to keep the pressure on and keep things rolling. Anyway, I was proud of the effort and felt like we had a really good car and were right there in the fight.”
      Start / Finish: 9 / 3
      Points Standing / Total: 1st / 591 pts. (+8)
      Next Race: Sunday, June 23, New Hampshire Motor Speedway
      How to Watch or Listen: 2:30 p.m. ET on USA, PRN or SiriusXM
      NAPA: 
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    • By Counterman
      link hidden, please login to view announced it was recently recognized as a top global supplier of 2023 by General Motors during the automaker’s annual Supplier of the Year event in Miami, Florida. This is the fourth time Schaeffler has been honored with this award. Emphasizing shared values between GM and global suppliers, the rigorous selection process distinguishes those who align closely with GM’s principles, Schaeffler said. These values, rooted in performance, innovation, cultural alignment, and commitment to GM’s ambitious goals, serve as the foundation of the selection criteria.
      The selection process is guided by the GPSC Priority Wheel, which prioritizes the customer in every aspect of supply chain decision-making. The framework’s core values of safety, inclusion and relationships serve as the foundation for other priorities such as sustainability, innovation, execution, resilience, and profitability.
      “Receiving this prestigious award from General Motors is a testament to our relentless dedication to delivering outstanding quality and performance,” said Klaus Rosenfeld, CEO of Schaeffler AG. “We are honored to be recognized as a top global supplier and look forward to further advancing our partnership with GM in the pursuit of automotive excellence.”
      Jon Jameson, senior vice president and GM global key account manager, Schaeffler added, “At Schaeffler, we are immensely proud of our continued partnership with General Motors. This recognition underscores our commitment to innovation and excellence, driving us to exceed expectations in every aspect of our collaboration.”
      Photo from left: Pratik Shah, Schaeffler key account manager; Klaus Rosenfeld, Schaeffler CEO; Peter Layer, GM purchasing, executive director of chassis propulsion structures; Jon Jameson, Schaeffler senior vice president global key account manager; and Allen Pervo, Schaeffler key account manager.
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    • By Advance Auto Parts
      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 first quarter ended April 20, 2024.
      “Our team continues to execute against our decisive actions, including commencing our supply chain consolidation and making meaningful progress toward the potential sale of Worldpac,” said Shane O’Kelly, president and chief executive officer. “While the industry experienced a slower start to 2024 compared with our expectations, the actions we began in the back half of last year will help us streamline our operations for the long term. Our leadership team and I continue to focus on improving the core fundamentals of our business while reducing costs, which is reflected in our year-over-year SG&A reduction. As previously announced, we are reinvesting a portion of the savings back into the foundation of our business, including frontline compensation and training. We also made progress on our other decisive actions, including beginning three of our DC to market hub conversions.
      “We continue to work on improving our overall performance by removing complexities and distractions to increase our value proposition and deliver shareholder value. We recognize we still have significant work ahead of us, however the actions we're taking will put us on the path to delivering improved results. I want to thank all our team members for their continued commitment to serving our customers as we navigate through this pivotal year for Advance.”
      First Quarter 2024 Results (1,2)
      First quarter 2024 net sales totaled $3.4 billion, a 0.3% decrease compared with the first quarter of the prior year. Comparable store sales decreased 0.2%.
      The company's gross profit decreased 2.2% to $1.4 billion. Gross profit margin of 42.0% decreased 82 basis points compared with the first quarter of the prior year. This was primarily driven by increased costs that were not fully covered by pricing actions. These were partially offset by supply chain productivity.
      SG&A expenses were $1.3 billion, which improved to 39.4% of net sales compared with 39.9% in the first quarter of 2023. This was primarily driven by the cost control efforts initiated at the end of 2023, including reduced corporate expenditures from the decrease in headcount and significant reduction of marketing expenses as well as a net gain on asset sales. These were partially offset by the reinvestment in field wages and training as well as typical expense inflationary pressure.
      The company's operating income was $86.0 million, or 2.5% of net sales, compared with 2.9% in the first quarter of 2023.
      The company's effective tax rate was 33.2%, compared with 28.5% in the first quarter of 2023. The higher effective income tax rate was due to a discrete charge for share-based compensation. The company's diluted EPS was $0.67 compared with $0.81 in the first quarter of 2023.
      Net cash provided by operating activities was $2.7 million through the first quarter of 2024 versus $382.5 million of cash used in operating activities in the same period of the prior year. Free cash flow through the first quarter of 2024 was an outflow of $46.3 million compared with an outflow of $472.5 million in the same period of the prior year.
      Capital Allocation
      On May 21, 2024, the company declared a regular cash dividend of $0.25 per share to be paid on July 26, 2024 to all common stockholders of record as of July 12, 2024.
      __________________________________ (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 exclude sales fulfilled by distribution centers to independently owned Carquest locations.
      (2) As reported in the company’s fourth quarter and full year 2023 earnings release, the company corrected non-material errors in certain previously reported financials. All comparisons are based on the corrected historical results as presented in the company’s prior earnings release dated February 29, 2024.
       

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    • By Auto News
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    • A-premium Auto Parts:5% OFF with Code GM5.
    • By Counterman
      ost of our workdays are spent typing and mouse-clicking our way through hundreds of parts requests and catalogue prompts, and we rely heavily on computers for most aspects of our daily operations. Think of the last time your store’s internet or server network went down. Catalogue and inventory information, ordering and receiving functions, invoice printers, driver dispatch and order tracking, and even time clock access are all crippled when the plug gets pulled. Chaos ensues, and if there is no backup plan in place, work grinds to a halt. Depending on corporate policy, you may even have to close the doors until you are back up and running. 
      Even when our computers are running at peak efficiency, the quality of the information we feed into the system has the potential to create a snowball effect of errors, wasting time, personnel resources, inventory dollars, and, ultimately, disappointing our customers. The phrase “garbage in, garbage out” dates to the early days of the computing industry and is a simple way of recalling that no matter how far information technology has progressed in the past 75 years, we still need to capture the correct information to begin that automated process successfully. 
      It all begins with the customer. We rely on them to present us with the basic vehicle and diagnostic information required to catalogue the correct parts, but once we take control of the process, we still need to maintain the integrity of that information. Asking the right questions, following relevant prompts, and verifying options that differentiate similar products lead to successful sales and reduce the number of returns. 
      When you call the parts department at your local OEM dealer, their initial reply is often to ask for the last eight digits of the VIN. That (relatively) simple bit of information serves to eliminate a lot of these errors, identifying the vehicle and all its individual options. It eliminates multiple questions that must be asked (and correctly answered) to lead the parts specialist to the appropriate listings. This reduces the margin for error, but certainly does not eliminate it altogether. Just as a customer might misquote their vehicle descriptors, the customer may misread or misspeak the VIN information, or the parts specialist might write it down incorrectly. It is also a good practice to keep accurate notes (on paper) to keep track of previous calls and orders. These notes also may help your coworkers get up to speed if they need to take over for you with a customer, so legible handwriting counts! Complete notes will help refresh your memory in the event of a comeback or complaint, and may come in handy if you are asked to explain what went wrong with a particular transaction.
      I prefer to repeat a customer’s information back to them, showing that they have my full attention and confirming that what I think I heard is what they believe they asked for. They should not have to repeat themselves, but confirmation is critical at this point in the process. It is certainly better than getting through an entire transaction before realizing the customer who just told you they drive a “Cherokee” is now busy loading their parts order into the back of a GRAND Cherokee!
      Incorrect information anywhere within the conversation can skew the results, and guessing at vehicle identification or options is a recipe for returns. Occasionally, we can skip through irrelevant screen prompts, or even bypass the computer altogether when we know something by heart, but when in doubt, ASK THE QUESTION! We may not be able to prevent our customers from guessing at critical answers, or even from giving us inconsistent information, but we are able to limit the amount of “garbage” that we feed into our computer on our customer’s behalf. 
      When we do encounter a legitimate catalog error, we shouldn’t just blame the computer. In these cases, the “garbage out” is the result of an error (likely made by another human) that was fed into the database. The computer is just repeating the answer it was programmed to give based on the information requested. It is important to report these errors so that the catalogue provider can investigate the error and make any necessary corrections quickly. 
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