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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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Genuine Parts Company (GPC) announced a 3% increase in its quarterly cash dividend, raising the annual rate to $3.26 per share from $3.16. The quarterly dividend of $0.815 will be payable on April 1, 2021, with a record date of March 5, 2021. This marks the 65th consecutive year of increased dividends. Additionally, Juliette W. Pryor was appointed as a new independent director, bringing extensive experience in corporate governance and compliance.
Genuine Parts Company (GPC) will release its Fourth Quarter Earnings on February 17, 2021. The management will host a conference call at 11:00 a.m. Eastern time, accessible via the Company's website or by dialing 877-407-0789 with conference ID 13715052. A replay will be available post-call until March 3, 2021. Founded in 1928, Genuine Parts Company distributes automotive and industrial replacement parts globally, achieving revenues of $19.4 billion in 2019.
Genuine Parts Company (NYSE: GPC) has appointed William P. Stengel as its new President, marking an important leadership transition in the company's 93-year history. Previously the Executive Vice President and Chief Transformation Officer, Stengel will report to Paul Donahue, the Chairman and CEO. His prior role involved overseeing transformation initiatives and operational responsibilities. Stengel brings nearly two decades of leadership experience from HD Supply and other organizations. This promotion reflects the company's commitment to succession planning amid its strategic growth initiatives.
Genuine Parts Company (GPC) has announced a quarterly cash dividend of $0.79 per share, reflecting the company's ongoing commitment to returning value to shareholders. This dividend is set to be paid on January 4, 2021, to stockholders on record as of December 4, 2020. In 2019, GPC reported revenues totaling $19.4 billion, demonstrating its substantial presence in the automotive and industrial parts distribution sectors.
Genuine Parts Company (NYSE: GPC) announced the pricing of $500 million in 1.875% senior notes due 2030, issued at a price of 99.069% of face value. The offering is expected to settle on October 29, 2020. The company plans to use the proceeds to repay outstanding debt obligations. GPC has filed a registration statement with the SEC for this offering, and interested investors can access the prospectus for more information. The press release includes forward-looking statements and cautions against placing undue reliance on them due to associated risks.
Genuine Parts Company (NYSE: GPC) reported a Q3 2020 sales decline of 3.4% to $4.4 billion, with net income from continuing operations of $232.9 million, or $1.61 per diluted share. The Automotive Parts Group saw sales growth of 6.0%, while the Industrial Parts Group experienced a significant 18.6% decline. Adjusted net income rose to $236.8 million, reflecting a 17.3% increase per share. The company generated operating cash flow of $1.4 billion and reduced debt by $300 million, ending with $2.8 billion in liquidity. GPC suspended share repurchases amid economic uncertainty.
Genuine Parts Company (NYSE: GPC) will release its Third Quarter earnings on October 22, 2020. A conference call is scheduled for 11:00 a.m. Eastern time, accessible via the company’s website or by dialing 877-407-0789 with conference ID 13710500. The call replay will be available post-event until November 5, 2020. In 2019, the company reported revenues of $19.4 billion, specializing in the distribution of automotive and industrial replacement parts globally.
Genuine Parts Company (NYSE: GPC) has declared a regular quarterly cash dividend of $0.79 per share on its common stock. This dividend will be payable on October 1, 2020 to shareholders of record as of September 4, 2020. The company reported revenues of $19.4 billion in 2019, indicating a strong financial standing. Genuine Parts Company, founded in 1928, focuses on distributing automotive and industrial replacement parts across various regions, including North America and Europe.
Genuine Parts Company (GPC) reported a challenging second quarter with sales from continuing operations at $3.8 billion, down 14.2% year-over-year. The decline was due to a 13.7% drop in comparable sales and divestitures. The company experienced a net loss of $363.5 million, significantly impacted by a goodwill impairment charge in Europe. However, automotive sales recovered in May and June, aided by acquisitions, while cash flow improved to $921 million. GPC has paused share repurchases and aims to enhance liquidity amid ongoing economic uncertainties related to COVID-19.
Genuine Parts Company (GPC) announced the resignation of Scott A. Sonnemaker, Group President, North American Automotive, effective immediately. Sonnemaker, who joined the company in February 2019, is leaving to pursue other opportunities. GPC's CEO Paul Donahue expressed gratitude for Sonnemaker's contributions, highlighting that significant progress was made during his tenure towards the company's global focus. GPC remains optimistic about future growth in its automotive sector, supported by its experienced management teams.
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