Welcome to our dedicated page for Genuine Parts Company news (Ticker: GPC), a resource for investors and traders seeking the latest updates and insights on Genuine Parts Company stock.
Genuine Parts Company (GPC), founded in 1928, is a prominent global distributor of automotive and industrial replacement parts. GPC operates through an extensive network of over 10,700 locations across 17 countries, including the United States, Canada, Mexico, Australasia, and several European nations. The company is segmented into two primary divisions: Automotive Parts and Industrial Parts.
The Automotive Parts Group distributes automotive replacement parts to a network of 9,800 retail locations globally, with a significant presence under the NAPA Auto Parts brand. This segment contributes approximately 60% of GPC's total sales, servicing both independent and company-owned stores. The recent acquisition of Motor Parts & Equipment Corporation (MPEC), which operates 181 NAPA Auto Parts stores across Illinois, Indiana, Iowa, Michigan, Minnesota, and Wisconsin, exemplifies GPC's strategic initiative to enhance its market presence in priority regions.
The Industrial Parts Group, primarily operating under the Motion banner, caters to over 200,000 clients including maintenance, repair, and original equipment manufacturers. This segment accounts for about 40% of the company's sales and has been pivotal in GPC achieving twelve consecutive quarters of margin expansion. The segment saw a strong performance with sales of $2.2 billion in the first quarter of 2024, reflecting a strategic focus on operational efficiency and market expansion.
GPC’s financial stability is underscored by its robust performance in the fiscal year, reporting sales of $23.1 billion for the year ending December 31, 2023. This represents a 4.5% increase compared to 2022. The company generated $1.4 billion in cash flow from operations over the same period, ending the year with $2.6 billion in total liquidity. GPC’s ongoing investments in supply chain, technology, and acquisitions, as well as its commitment to returning capital to shareholders through dividends and buybacks, highlight its balanced approach to growth and shareholder value.
Under the leadership of Chairman and CEO Paul Donahue, GPC continues to focus on strategic initiatives such as the One GPC Team approach, which drives productivity and efficiency across global operations. With a team of over 60,000 employees, the company remains dedicated to serving its customers and maintaining its competitive edge through innovation and strategic acquisitions, like the recent purchase of Recambios y Accesorios Gaudí in Spain.
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On August 16, 2021, Genuine Parts Company (NYSE: GPC) announced the appointment of Kristy G. Whitehurst as Vice President of Employee Benefits. Having served the company for 14 years, she will now lead its employee benefits programs. Additionally, the Board of Directors declared a quarterly cash dividend of $0.815 per share, payable on October 1, 2021, to shareholders recorded by September 3, 2021.
Genuine Parts Company (NYSE: GPC) announced its leadership team will participate in two virtual investor conferences in August 2021. The presentations include the Jefferies Industrials Conference on August 3 at 2:00 p.m. ET, and the Raymond James Diversified Industrials Conference on August 24 at 8:40 a.m. ET. Interested parties can view live webcasts and access replays on the company's investor relations website. With a long history since 1928, Genuine Parts Company generated revenues of $16.5 billion in 2020, serving customers globally across various markets.
Genuine Parts Company (NYSE: GPC) reported robust financial results for Q2 2021, with sales reaching $4.8 billion, marking a 25.1% increase from the previous year. The net income from continuing operations was $196.5 million, equating to a diluted earnings per share of $1.36, a significant recovery from a net loss of $363.5 million in the prior year. The company also reported strong growth in both the Automotive and Industrial segments, driven by favorable global economic conditions. For the full year, GPC has updated its sales growth outlook to 10%-12%.
The Washington Supreme Court has reinstated an $81.5 million verdict in a wrongful death suit linked to asbestos exposure, concerning Jerry "Doy" Coogan, who died of mesothelioma. The court ruled that the appellate court overstepped its boundaries, affirming that the jury's decision should stand. The total judgment is now over $95 million due to post-judgment interest. The Supreme Court emphasized the importance of jury trials and criticized the appellate court for not respecting the trial court's evidence assessment.
Genuine Parts Company (NYSE: GPC) is set to announce its Second Quarter Earnings on July 22, 2021. Management will hold a conference call at 11:00 a.m. ET on the same day, accessible to the public via the company's website or by dialing 877-407-0789. The conference ID is 13720671, with a replay available two hours post-call. As a global distributor of automotive and industrial replacement parts, Genuine Parts Company reported $16.5 billion in revenue for 2020, serving customers in 14 countries from over 10,000 locations worldwide.
Genuine Parts Company (NYSE: GPC) has appointed Naveen Krishna as Executive Vice President and Chief Information & Digital Officer. With over 25 years of technology experience, he has previously held key roles at Macy's and The Home Depot. His responsibilities will include leading GPC's technology strategy and digital initiatives, aligning them with the company's long-term goals. President Will Stengel expressed enthusiasm about Krishna's appointment, highlighting his expertise in technology and digital transformations. GPC reported revenues of $16.5 billion in 2020 and operates globally from over 10,000 locations.
Genuine Parts Company (NYSE: GPC) will present virtually at the Evercore ISI Consumer and Retail Conference on June 15, 2021 at 8:45 a.m. ET. CEO Paul Donahue and President Will Stengel will participate in a fireside chat. Interested parties can access the live webcast via the investor relations section of the Company’s website at www.genpt.com, with a replay available afterward. The Company, founded in 1928, generated $16.5 billion in revenue in 2020 and operates over 10,000 locations across 14 countries.
Genuine Parts Company (NYSE: GPC) has declared a quarterly cash dividend of $0.815 per share, payable on July 1, 2021 to shareholders of record as of June 4, 2021. This decision reflects the company's ongoing commitment to returning value to its shareholders. In 2020, Genuine Parts achieved revenues of $16.5 billion, supported by a robust distribution network across 14 countries. The company specializes in automotive and industrial replacement parts, emphasizing its significant role in the global marketplace.
Genuine Parts Company (GPC) reported a strong start to 2021 with Q1 sales at $4.5 billion, up 9.1% year-over-year, driven by a 4.6% increase in comparable sales. Net income soared by 79% to $217.7 million, or $1.50 per diluted share. The Automotive segment led growth with a 14.3% sales increase, while Industrial sales were up marginally at 0.1%. Operating cash flow reached $300.9 million, significantly up from $27.9 million last year. GPC updated its 2021 sales growth outlook to 5%-7%, expecting continued favorable trends and robust cash flow.
Genuine Parts Company (GPC) will release its First Quarter Earnings on April 22, 2021, followed by a conference call at 11:00 a.m. ET. Investors can access the call and earnings materials on the company's website. The company operates globally, serving customers from over 10,000 locations across 14 countries, with 2020 revenues reaching $16.5 billion. This upcoming earnings report will provide insights into the company's financial performance and future outlook.
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