Tue, Jul 23, 4:43 PM (46 days ago)
Genuine Parts Company (GPC) reported its financial performance for the quarter ended June 30, 2024. Key highlights include: 1. **Revenue and Profitability**: - Net sales increased slightly by 0.8% year-over-year to $5.96 billion. - Gross profit rose by 2.1% to $2.18 billion, with a gross margin improvement of 50 basis points to 36.6%. - Net income decreased by 14.2% to $296 million, primarily due to restructuring and acquisition-related costs. 2. **Operating Expenses**: - Selling, administrative, and other expenses increased by 4.2% to $1.65 billion. - Depreciation and amortization expenses rose by 9.2% to $99 million. - Restructuring and other costs amounted to $37 million. 3. **Segment Performance**: - Automotive segment profit decreased by 4.7% to $314 million. - Industrial segment profit fell by 2.3% to $277 million. 4. **Cash Flow and Debt**: - Net cash provided by operating activities was $612 million. - Total debt slightly decreased to $3.9 billion. 5. **Future Outlook**: - The company is focused on strategic growth through acquisitions and improving operational efficiency. - Expected to incur up to $200 million in restructuring costs through 2025. Overall, GPC's financial performance showed resilience despite economic challenges, with strategic initiatives aimed at long-term growth.