• Sales of $5.8 billion, Up 2.6%
  • Diluted EPS of $2.49, Up 13.2%, or Up 11.7% from Adjusted Diluted EPS in 2022
  • Updates 2023 Outlook:
    • Reaffirms Revenue Growth of 4% to 6%
    • Updates Diluted EPS to $9.20 to $9.30 from $9.15 to $9.30
    • Reaffirms Cash from Operations of $1.3 Billion to $1.4 Billion

ATLANTA, Oct. 19, 2023 /PRNewswire/ -- Genuine Parts Company (NYSE: GPC), a leading global distributor of automotive and industrial replacement parts, announced today its results for the third quarter ended September 30, 2023.

GPC Logo. (PRNewsFoto/Genuine Parts Company)

"Our third quarter performance was highlighted by double digit earnings growth, driven by benefits from the mix and geographic diversity of our businesses as well continued progress on our strategic initiatives," said Paul Donahue, Chairman and Chief Executive Officer. "Through our One GPC approach, we are simplifying our business while driving productivity and efficiency across our operations. We would like to thank our teams around the world for their continued dedication to serving our customers and delivering solid quarterly results."

Third Quarter 2023 Results

Sales were $5.8 billion, a 2.6% increase compared to $5.7 billion in the same period of the prior year. The growth in sales is attributable to a 0.5% increase in comparable sales, a 1.7% benefit from acquisitions and a 0.4% net favorable impact of foreign currency and other. The third quarter of 2023 had one less selling day in the U.S. compared to the third quarter of 2022, which negatively impacted third quarter sales growth by approximately 1.2%.

Net income was $351 million, an increase of 12.4% compared to net income of $312 million in the prior year. Diluted EPS was $2.49, an increase of 13.2% compared to $2.20 in the prior year period.

Net income of $351 million compares to adjusted net income of $317 million for the same three-month period of the prior year, an increase of 10.7%. On a per share diluted basis, net income was $2.49, an increase of 11.7% compared to adjusted diluted earnings per share of $2.23 last year. Refer to the reconciliation of GAAP net income to adjusted net income and GAAP diluted earnings per share and adjusted diluted earnings per share for more information.

Third Quarter 2023 Segment Highlights

Automotive Parts Group ("Automotive")

Global Automotive sales were $3.6 billion, up 3.9% from the same period in 2022, with a 0.6% increase in comparable sales, 2.4% benefit from acquisitions and a net 0.9% favorable impact of foreign currency and other. Segment profit of $322 million increased 4.1%, with segment profit margin of 8.9%, flat compared to last year. The third quarter of 2023 had one less selling day in the U.S. compared to the third quarter of 2022, which negatively impacted third quarter Global Automotive sales growth by approximately 1.0%.

Industrial Parts Group ("Industrial")

Industrial sales were $2.2 billion, up 0.6% from the same period in 2022, reflecting a 0.3% increase in comparable sales and a 0.6% benefit from acquisitions, slightly offset by a 0.3% unfavorable impact of foreign currency. Segment profit of $283 million increased 16.6%, with segment profit margin of 12.9% up 180 basis points from the same period of the prior year. The third quarter of 2023 had one less selling day in the U.S. compared to the third quarter of 2022, which negatively impacted third quarter Industrial sales growth by approximately 1.6%.

"While our Industrial and international Automotive businesses performed well during the third quarter, the results for our U.S. Automotive business were below our expectations and negatively impacted by one less selling day," said Will Stengel, President and Chief Operating Officer. "Our third quarter results reflect continued improvement in segment margins, driven by strong team operating discipline despite the slower growth environment."

Nine Months 2023 Results

Sales for the nine months ended September 30, 2023 were $17.5 billion, up 5.6% from the same period in 2022. Net income for the nine months was $1.0 billion, or $7.08 per diluted share, an increase of 8.4% compared to $6.53 per diluted share in 2022. Net income of $1.0 billion, or $7.08 per diluted share, compares to adjusted net income of $896 million, or adjusted diluted earnings per share of $6.29, in 2022, an increase of 12.6%.

Balance Sheet, Cash Flow and Capital Allocation

The company generated cash flow from operations of $1.1 billion for the first nine months of 2023. We used $473 million in cash for investing activities, including $350 million for capital expenditures and $211 million for acquisitions, net of $80 million in proceeds from the sale of our remaining investment in S.P. Richards and other investments. We also used $599 million in cash for financing activities, including $393 million for quarterly dividends paid to shareholders and $172 million for stock repurchases. Free cash flow was $733 million for the first nine months of 2023. 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 $2.2 billion in total liquidity, consisting of $1.5 billion availability on the revolving credit facility and $655 million in cash and cash equivalents. 

2023 Outlook

The company is updating full-year 2023 guidance previously provided in its earnings release on July 20, 2023. 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.



For the Year Ending December 31, 2023



Previous Outlook


Updated Outlook

Total sales growth


4% to 6%


4% to 6%

Automotive sales growth


4% to 6%


4% to 6%

Industrial sales growth


4% to 6%


4% to 6%

Diluted earnings per share


$9.15 to $9.30


$9.20 to $9.30

Adjusted diluted earnings per share


$9.15 to $9.30


$9.20 to $9.30

Effective tax rate


Approximately 25%


24.5% to 25.0%

Net cash provided by operating activities


$1.3 billion to $1.4 billion


$1.3 billion to $1.4 billion

Free cash flow


$900 million to $1.0 billion


$900 million to $1.0 billion

Non-GAAP Information

This release contains certain financial information not derived in accordance with United States ("U.S.") generally accepted accounting principles ("GAAP"). These items include adjusted net income, adjusted diluted earnings per share and free cash flow. We believe that the presentation of adjusted net income, adjusted diluted earnings per share and free cash flow, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provide meaningful supplemental information to both management and investors that is indicative of our core operations. We considered these metrics useful to investors because they provide greater transparency into management's view and assessment of our ongoing operating performance by removing items management believes are not representative of our operations and may distort our longer-term operating trends. We believe these measures are useful and enhance the comparability of our results from period to period and with our competitors, as well as show ongoing results from operations distinct from items that are infrequent or not associated with our core operations. We do not, nor do we suggest investors should, consider such non-GAAP financial measures as superior to, in isolation from, or as a substitute for, GAAP financial information. We have included a reconciliation of this additional information to the most comparable GAAP measure following the financial statements below. We do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the GAAP measures without unreasonable efforts. These items may include acquisition-related costs, litigation charges or settlements, impairment charges, and certain other unusual adjustments.

Comparable Sales

Comparable sales is a key metric that refers to period-over-period comparisons of our sales excluding the impact of acquisitions, foreign currency and other. We consider this metric useful to investors because it provides greater transparency into management's view and assessment of the our core ongoing operations. This is a metric that is widely used by analysts, investors and competitors in our industry, although our calculation of the metric may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate this metric in the same manner.

Conference Call

We will hold a conference call today at 11:00 a.m. Eastern time to discuss the results of the quarter. A supplemental earnings deck will also be available for reference. Interested parties may listen to the call and view the supplemental earnings deck on our website at http://genuineparts.investorroom.com. The call is also available by dialing 888-317-6003, conference ID 9754822. A replay will be available on our website or at 877-344-7529, conference ID 7086770, two hours after the completion of the call.

About Genuine Parts Company

Founded in 1928, Genuine Parts Company is a global service organization engaged in the distribution of automotive and industrial replacement parts. The company's Automotive Parts Group distributes automotive replacement parts in the U.S., Canada, Mexico, Australasia, France, the United Kingdom, Ireland, Germany, Poland, the Netherlands, Belgium, Spain and Portugal. The company's Industrial Parts Group distributes industrial replacement parts in the U.S., Canada, Mexico and Australasia. In total, the company serves its global customers from an extensive network of more than 10,000 locations in 17 countries and has approximately 58,000 employees. Further information is available at www.genpt.com. 

Forward-Looking Statements

Some statements in this release, as well as in other materials we file with the Securities and Exchange Commission (SEC), release to the public, or make available on our website, constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in the future tense and all statements accompanied by words such as "expect," "likely," "outlook," "forecast," "preliminary," "would," "could," "should," "position," "will," "project," "intend," "plan," "on track," "anticipate," "to come," "may," "possible," "assume," or similar expressions are intended to identify such forward-looking statements. These forward-looking statements include our view of business and economic trends for the remainder of the year, our expectations regarding our ability to capitalize on these business and economic trends and to execute our strategic priorities, and the updated full-year 2023 financial guidance provided above. Senior officers may also make verbal statements to analysts, investors, the media and others that are forward-looking.

We caution you that all forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information, you are cautioned not to place undue reliance on our forward-looking statements. Actual results or events may differ materially from those indicated as a result of various important factors. Such factors may include, among other things, changes in general economic conditions, including unemployment, inflation (including the impact of tariffs) or deflation, financial institution disruptions and geopolitical conflicts such as the conflict between Russia and Ukraine and the conflict in the Gaza strip; volatility in oil prices; significant cost increases, such as rising fuel and freight expenses; public health emergencies, including the effects on the financial health of our business partners and customers, on supply chains and our suppliers, on vehicle miles driven as well as other metrics that affect our business, and on access to capital and liquidity provided by the financial and capital markets; our ability to maintain compliance with our debt covenants; our ability to successfully integrate acquired businesses into our operations and to realize the anticipated synergies and benefits; our ability to successfully implement our business initiatives in our two business segments; slowing demand for our products; the ability to maintain favorable supplier arrangements and relationships; changes in national and international legislation or government regulations or policies, including changes to import tariffs, environmental and social policy, infrastructure programs and privacy legislation, and their impact to us, our suppliers and customers; changes in tax policies; volatile exchange rates; our ability to successfully attract and retain employees in the current labor market; uncertain credit markets and other macroeconomic conditions; competitive product, service and pricing pressures; failure or weakness in our disclosure controls and procedures and internal controls over financial reporting, including as a result of the work from home environment; the uncertainties and costs of litigation; disruptions caused by a failure or breach of our information systems, as well as other risks and uncertainties discussed in our Annual Report on Form 10-K for 2022 and from time to time in our subsequent filings with the SEC.

Forward-looking statements speak only as of the date they are made, and we undertake no duty to update any forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K and other reports filed with the SEC.

 

GENUINE PARTS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)




Three Months Ended
September 30,


Nine Months Ended
September 30,

(in thousands, except per share data)


2023


2022


2023


2022

Net sales


$     5,824,602


$     5,675,274


$   17,504,726


$   16,572,323

Cost of goods sold


3,715,361


3,695,607


11,247,341


10,805,910

Gross profit


2,109,241


1,979,667


6,257,385


5,766,413

Operating expenses:









Selling, administrative and other expenses


1,551,799


1,458,418


4,644,696


4,226,412

Depreciation and amortization


83,860


86,563


261,948


259,822

Provision for doubtful accounts


8,417


6,146


22,378


13,539

Total operating expenses


1,644,076


1,551,127


4,929,022


4,499,773

Non-operating expense (income):









Interest expense, net


15,827


18,220


49,146


58,318

Other


(15,722)


(7,616)


(44,338)


(26,897)

Total non-operating expense (income)


105


10,604


4,808


31,421

Income before income taxes


465,060


417,936


1,323,555


1,235,219

Income taxes


113,862


105,578


323,906


304,494

Net income


$       351,198


$       312,358


$       999,649


$       930,725

Dividends declared per common share


$         0.9500


$         0.8950


$         2.8500


$         2.6850

Basic earnings per share


$             2.50


$             2.21


$             7.11


$             6.57

Diluted earnings per share


$             2.49


$             2.20


$             7.08


$             6.53










Weighted average common shares outstanding


140,335


141,336


140,569


141,609

Dilutive effect of stock options and non-vested restricted stock awards


599


773


716


819

Weighted average common shares outstanding – assuming dilution


140,934


142,109


141,285


142,428

 

GENUINE PARTS COMPANY AND SUBSIDIARIES

SEGMENT INFORMATION

(UNAUDITED)




Three Months Ended
September 30,


Nine Months Ended
September 30,

(in thousands)


2023


2022


2023


2022

Net sales:









Automotive


$     3,626,943


$     3,490,462


$   10,787,769


$   10,233,577

Industrial


2,197,659


2,184,812


6,716,957


6,338,746

Total net sales


$     5,824,602


$     5,675,274


$   17,504,726


$   16,572,323

Segment profit:









Automotive


$       322,004


$       309,349


$       915,771


$       896,475

Industrial


282,807


242,505


828,166


656,330

Total segment profit


604,811


551,854


1,743,937


1,552,805

Interest expense, net


(15,827)


(18,220)


(49,146)


(58,318)

Intangible asset amortization


(33,667)


(39,416)


(113,414)


(118,740)

Corporate expense


(90,257)


(72,820)


(257,822)


(187,883)

Other unallocated income, net (1)



(3,462)



47,355

Income before income taxes


$       465,060


$       417,936


$     1,323,555


$     1,235,219


(1)  The following table presents a summary of the other unallocated income, net:




Three Months Ended
September 30,


Nine Months Ended
September 30,

(in thousands)


2023


2022


2023


2022

Other unallocated income, net:









Gain on sale of real estate (2)


$                —


$                —


$                —


$       102,803

Gain on insurance proceeds (3)





1,507

Transaction and other costs (4)



(3,462)



(56,955)

Total other unallocated income, net


$                —


$          (3,462)


$                —


$         47,355



(2)

Adjustment reflects a gain on the sale of real estate that had been leased to S.P. Richards. 

(3)

Adjustment reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs.

(4)

Adjustment primarily reflects costs associated with the January 3, 2022 acquisition of Kaman Distribution Group.

 

GENUINE PARTS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


(in thousands, except share and per share data)


September 30,
2023


December 31,
2022

Assets





Current assets:





Cash and cash equivalents


$           654,637


$           653,463

Trade accounts receivable, less allowance for doubtful accounts
   (2023 – $61,499; 2022 – $53,872)


2,394,787


2,188,868

Merchandise inventories, net


4,482,773


4,441,649

Prepaid expenses and other current assets


1,497,677


1,532,759

Total current assets


9,029,874


8,816,739

Goodwill


2,637,150


2,588,113

Other intangible assets, less accumulated amortization


1,754,977


1,812,510

Property, plant and equipment, less accumulated depreciation
   (2023 – $1,532,480; 2022 – $1,435,677)


1,513,822


1,326,014

Operating lease assets


1,197,244


1,104,678

Other assets


888,831


847,325

Total assets


$      17,021,898


$      16,495,379






Liabilities and equity





Current liabilities:





Trade accounts payable


$        5,486,379


$        5,456,550

Current portion of debt


354,017


252,029

Dividends payable


133,254


126,191

Other current liabilities


1,826,709


1,851,340

Total current liabilities


7,800,359


7,686,110

Long-term debt


2,963,448


3,076,794

Operating lease liabilities


919,470


836,019

Pension and other post–retirement benefit liabilities


198,180


197,879

Deferred tax liabilities


411,350


391,163

Other long-term liabilities


527,816


502,967

Equity:





Preferred stock, par value – $1 per share; authorized –
   10,000,000 shares; none issued



Common stock, par value – $1 per share; authorized –
   450,000,000 shares; issued and outstanding – 2023 –
   140,234,786 shares; 2022 – 140,941,649 shares


140,235


140,941

Additional paid-in capital


163,602


140,324

Accumulated other comprehensive loss


(1,087,262)


(1,032,542)

Retained earnings


4,969,538


4,541,640

Total parent equity


4,186,113


3,790,363

Noncontrolling interests in subsidiaries


15,162


14,084

Total equity


4,201,275


3,804,447

Total liabilities and equity


$      17,021,898


$      16,495,379

 

GENUINE PARTS COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)




Nine Months Ended September 30,

(in thousands)


2023


2022

Operating activities:





Net income


$           999,649


$           930,725

Adjustments to reconcile net income to net cash provided by operating activities:





Depreciation and amortization


261,948


259,822

Share-based compensation


47,340


27,773

Excess tax benefits from share-based compensation


(6,770)


(3,868)

Gain on sale of real estate



(102,803)

Changes in operating assets and liabilities


(219,721)


132,942

Net cash provided by operating activities


1,082,446


1,244,591

Investing activities:





Purchases of property, plant and equipment


(349,858)


(243,998)

Proceeds from sale of property, plant and equipment


7,339


141,228

Proceeds from sale of investments


80,482


Acquisitions and other investing activities


(211,392)


(1,554,192)

Net cash used in investing activities


(473,429)


(1,656,962)

Financing activities:





Proceeds from debt


2,543,882


4,547,511

Payments on debt


(2,544,619)


(3,586,954)

Shares issued from employee incentive plans


(23,689)


(15,444)

Dividends paid


(393,420)


(369,483)

Purchases of stock


(172,347)


(172,727)

Other financing activities


(8,826)


(16,869)

Net cash provided by (used in) financing activities


(599,019)


386,034

Effect of exchange rate changes on cash and cash equivalents


(8,824)


(59,166)

Net increase (decrease) in cash and cash equivalents


1,174


(85,503)

Cash and cash equivalents at beginning of period


653,463


714,701

Cash and cash equivalents at end of period


$           654,637


$           629,198

 

GENUINE PARTS COMPANY AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME AND GAAP
DILUTED NET INCOME PER COMMON SHARE TO ADJUSTED DILUTED NET INCOME PER
COMMON SHARE

(UNAUDITED)




Three Months Ended
September 30,


Nine Months Ended
September 30,

(in thousands)


2023


2022


2023


2022

GAAP net income


$       351,198


$       312,358


$       999,649


$       930,725










Adjustments:









Gain on sale of real estate (1)





(102,803)

Gain on insurance proceeds (2)





(1,507)

Transaction and other costs (3)



3,462



56,955

Total adjustments



3,462



(47,355)

Tax impact of adjustments (4)



1,464



12,651

Adjusted net income


$       351,198


$       317,284


$       999,649


$       896,021


The table below represent amounts per common share assuming dilution:




Three Months Ended
September 30,


Nine Months Ended
September 30,

(in thousands, except per share data)


2023


2022


2023


2022

GAAP net income


$             2.49


$             2.20


$             7.08


$             6.53










Adjustments:









Gain on sale of real estate (1)





(0.72)

Gain on insurance proceeds (2)





(0.01)

Transaction and other costs (3)



0.02



0.40

Total adjustments



0.02



(0.33)

Tax impact of adjustments (4)



0.01



0.09

Adjusted net income


$             2.49


$             2.23


$             7.08


$             6.29

Weighted average common shares outstanding – assuming dilution


140,934


142,109


141,285


142,428


The table below clarifies where the items that have been adjusted above to improve comparability of the financial information
from period to period are presented in the condensed consolidated statements of income.




Three Months Ended
September 30,


Nine Months Ended
September 30,

(in thousands)


2023


2022


2023


2022

Line item:









Cost of goods sold


$                —


$                —


$                —


$           5,000

Selling, administrative and other expenses



3,462



(50,848)

Non-operating income: Other





(1,507)

Total adjustments


$                —


$           3,462


$                —


$        (47,355)



(1)

Adjustment reflects a gain on the sale of real estate that had been leased to S.P. Richards. 

(2)

Adjustment reflects insurance recoveries in excess of losses incurred on inventory, property, plant and equipment and other fire-related costs.

(3)

Adjustment primarily reflects costs associated with the January 3, 2022 acquisition of Kaman Distribution Group.

(4)

We determine the tax effect of non-GAAP adjustments by considering the tax laws and statutory income tax rates applicable in the tax jurisdictions of the underlying non-GAAP adjustments, including any related valuation allowances. For the three and nine months ended September 30, 2022, we applied the statutory income tax rates to the taxable portion of all of our adjustments, which resulted in a tax impact of $1.5 million and $12.7 million respectively. A portion of our transaction costs included in our non-GAAP adjustments for the three and nine months ended September 30, 2022 were not deductible for income tax purposes; therefore, no statutory income tax rate was applied to such costs.

 

GENUINE PARTS COMPANY AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME & NET INCOME MARGIN TO TOTAL SEGMENT
PROFIT & TOTAL SEGMENT MARGIN

(UNAUDITED)




Three Months Ended
September 30,


Nine Months Ended
September 30,

(in thousands)


2023


2022


2023


2022

GAAP net income


$      351,198


$      312,358


$      999,649


$      930,725

Income taxes


113,862


105,578


323,906


304,494

Income before income taxes


465,060


417,936


1,323,555


1,235,219

Interest expense, net


15,827


18,220


49,146


58,318

Corporate expense


90,257


72,820


257,822


187,883

Intangible asset amortization


33,667


39,416


113,414


118,740

Other unallocated (loss) income, net (1)



3,462



(47,355)

Total segment profit


$      604,811


$      551,854


$    1,743,937


$    1,552,805










GAAP net sales


$    5,824,602


$    5,675,274


$  17,504,726


$  16,572,323

GAAP net income margin (2)


6.0 %


5.5 %


5.7 %


5.6 %

Total segment profit margin (3)


10.4 %


9.7 %


10.0 %


9.4 %



(1)

Amounts are the same as adjustments included within the adjusted net income table above.

(2)

Represents GAAP net income as a percentage of GAAP net sales.

(3)

Represents total segment profit as a percentage of GAAP net sales.

 

GENUINE PARTS COMPANY AND SUBSIDIARIES

CHANGE IN NET SALES SUMMARY

(UNAUDITED)




Three Months Ended September 30, 2023



Comparable
Sales


Acquisitions


Foreign
Currency


Other


GAAP Total
Net Sales

Automotive


0.6 %


2.4 %


1.1 %


(0.2) %


3.9 %

Industrial


0.3 %


0.6 %


(0.3) %


— %


0.6 %

Total Net Sales


0.5 %


1.7 %


0.5 %


(0.1) %


2.6 %




Nine Months Ended September 30, 2023



Comparable
Sales


Acquisitions


Foreign
Currency


Other


GAAP Total
Net Sales

Automotive


3.7 %


2.8 %


(1.0) %


(0.1) %


5.4 %

Industrial


6.0 %


0.6 %


(0.6) %


— %


6.0 %

Total Net Sales


4.6 %


2.0 %


(0.9) %


(0.1) %


5.6 %

 

GENUINE PARTS COMPANY AND SUBSIDIARIES

RECONCILIATION OF GAAP NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE
CASH FLOW

(UNAUDITED)




Nine Months Ended September 30,

(in thousands)


2023


2022

Net cash provided by operating activities


$                        1,082,446


$                        1,244,591

Purchases of property, plant and equipment


(349,858)


(243,998)

Free Cash Flow


$                           732,588


$                        1,000,593




For the Year Ending December 31, 2023



Previous Outlook


Updated Outlook

Net cash provided by operating activities


$1.3 billion to $1.4 billion


$1.3 billion to $1.4 billion

Purchases of property, plant and equipment


$375 million to $400 million


$375 million to $400 million

Free Cash Flow


$900 million to $1.0 billion


$900 million to $1.0 billion

 

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SOURCE Genuine Parts Company

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