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Schaeffler Publishes 2023 Sustainability Report
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By NAPA
ATLANTA, March 28, 2024 /
link hidden, please login to view/ -- Genuine Parts Company (NYSE: GPC), a leading global distributor of automotive and industrial replacement parts, plans to release first quarter financial results on April 18, 2024. Following the release, management will host a conference call at 8:30 a.m. ET. The public may access the webcast and supplemental earnings materials on the link hidden, please login to view. The call is also available by dialing 1-800-836-8184. A replay of the call will be available on the company's website or toll-free at 1-888-660-6345, ID 28852#, two hours after completion of the conference call. About Genuine Parts Company
Established in 1928, Genuine Parts Company is a leading global service organization specializing in the distribution of automotive and industrial replacement parts. Our Automotive Parts Group operates across the U.S., Canada, Mexico, Australasia, France, the U.K., Ireland, Germany, Poland, the Netherlands, Belgium, Spain and Portugal, while our Industrial Parts Group serves customers in the U.S., Canada, Mexico and Australasia. We keep the world moving with a vast network of over 10,700 locations spanning 17 countries supported by more than 60,000 teammates. Learn more at
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For further information: Investor contact, Timothy Walsh, (678) 934-5349, Senior Director - Investor Relations; Media contact, Heather Ross, (678) 934-5220, Vice President - Strategic Communications
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By Counterman
At the Schaeffler Group, sustainability isn’t a buzzword.
Sustainability is a foundational element of Schaeffler’s corporate strategy – a core value that’s driving innovation across the entire company.
Schaeffler has been a pioneer in motion technology for more than 75 years. Through its ambitious sustainability strategy – including its publicly stated goal of achieving climate-neutral operations by 2040 – Schaeffler aims to be a global leader in environmental and social responsibility as well.
“The implementation of our ambitious sustainability strategy will only succeed with the support of our customers and suppliers, managers and employees, and everyone else we collaborate with,” Schaeffler Group CEO Klaus Rosenfeld explains.
As the Official Sustainability Partner of Counterman.com, Schaeffler is excited to share more details about its sustainability vision, best practices, ideas and objectives.
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By clicking on the “Sustainability by Schaeffler” tab on
link hidden, please login to view, you can learn more about Schaeffler’s sustainability strategy, view the company’s most recent corporate Sustainability Report and gain insight into Schaeffler’s efforts to incorporate sustainability into its supply chain partnerships. In the weeks and months ahead, stay tuned for more sustainability content from Schaeffler and Counterman.
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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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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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