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Advance Auto Parts Announces Double Speed Perks Rewards Points Weekend and Chevy Camaro Sweepstakes
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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
Women in Auto Care is introducing its revamped Connection Circle, Women of the World. The event will take place the first Wednesday of every month beginning in May.
“Join Dunya and Ellonyia as they host this engaging connection circle to discuss ways in which women can strengthen their visibility and amplify their roles within the automotive industry! The goal of this connection circle is to break barriers and challenge global stereotypes,” the announcement on LinkedIn said.
The goal is to unite women from every corner of the globe to inspire, support, and network. Together, we’ll amplify voices, break barriers, and forge meaningful connections, Women in Auto Care posted.
link hidden, please login to view will take place on May 1at 12 p.m. CST. The post
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By NAPA
Christian Eckes took the NASCAR CRAFTSMAN Truck Series points lead on Friday night with a stout fourth-place performance at Texas Motor Speedway. The driver of the No. 19 Gates Hydraulics Chevrolet Silverado RST captured his third top-five finish of the season and scored 50 points on the night, the second-most of all drivers in the field. Eckes led 31 laps, the only driver to have led laps in each race this season, and tallied his third top-five finish in the last four events.
For the second-consecutive weekend, Eckes qualified on the front row and was a mainstay in the top five for the entire event. He settled into second at the drop of the green flag and challenged for the lead near the midway point of the opening stage. The first lead change of the night occurred when Eckes powered his Gates Hydraulics Chevy to the lead on lap 17 and paced the field for 21 circuits. He surrendered the lead on lap 38 and collected nine points at the end of Stage 1 on lap 40 while running second.
Crew chief Charles Denike brought Eckes to pit road under the stage caution for four fresh tires, fuel, and a minor air pressure adjustment to tighten his balance. Eckes restarted second on lap 47 and maintained position inside the top five for the ensuing 35-lap run. An improved handling balance and consistent lap times netted Eckes another eight points at the end of Stage 2 on lap 80 by running in third position.
Eckes was armed with another batch of fresh tires, fuel, and minor adjustments to fine-tune the handling during the second stage caution. After restarting third on lap 87, he waged war for the runner-up position and gained control of it by lap 100. He ran there until a cycle of green flag pit stops began on lap 119. Eckes made his final stop on lap 129 just before a caution waved. He was able to stay on the lead lap in fourth position and in contention for the victory. He made another fierce run for the race lead on a lap 150 and led until lap 158. During the final 10 laps, Eckes fought valiantly for one final charge at the lead but took the checkered flag in fourth position for his third top-five and sixth top-10 of the season.
“Not a bad points night,” Eckes said. “I thought we’d have a pretty good shot at the win there, but just went down into Turns 1 and 2 and got way too tight and slid up the racetrack. It is what it is. I’m proud of the No. 19 Gates Hydraulics team for making the improvements that they did. Our mile-and-a-half stuff has definitely shown a little bit of an improvement. We still have a little bit of a ways to go, but we’ll see how it goes.”
Start / Finish: 2 / 4
Points Standing / Total: 1 / 287 pts. (+2)
Next Race: Saturday, May 4, Kansas Speedway
How to Watch or Listen: 8:00 p.m. ET on FS1, MRN or SiriusXM
NAPA:
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Bill McAnally Racing / McAnally-Hilgemann Racing: link hidden, please login to view The post
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By Rade
Hello, does anyone know name of company who put that sticker on goods?
Via that company can order every part from OE for Vw Audi Skoda Seat Bmw Mercedes Porsche Land Rover and same..
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By Kozmo Jr.
I tough truck at my local county fair, and I recently bought a 1998 F-150 to run for the event this year. The truck has been sitting for some time and needs new calipers, however I like to build these without having to throw a bunch of money in. I was wondering if there was any way for me to take the calipers off my 2002 Chevy Astro van that I ran last year and put them onto my '98 f-150. I'm assuming I would have to make a custom mounting plate of some sort? I would like an external opinion before I dive into this if you have any input.
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