Genuine Parts pany(US:GPC)2025-02-18 12:55Sales Performance - Fourth quarter 2024 sales reached $5.8 billion, a 3.3% increase from $5.6 billion in the same period last year[4]. - Full-year 2024 sales totaled $23.5 billion, up 1.7% compared to 2023[12]. - Global Automotive sales were $3.7 billion, up 6.1% from the same period in 2023[10]. - Industrial sales were $2.1 billion, down 1.2% from the same period in 2023[11]. - Total net sales for the year ended December 31, 2024, increased by 1.7%, with automotive sales growing by 3.7% and industrial sales declining by 1.4%[47]. Earnings and Profitability - Adjusted diluted EPS for 2024 was $8.16, a decrease of 12.5% from $9.33 per diluted share in 2023[13]. - Net income for Q4 2024 decreased to $133,056, down 58.0% from $316,875 in Q4 2023[32]. - Basic earnings per share for Q4 2024 were $0.96, compared to $2.27 in Q4 2023, representing a decline of 57.6%[32]. - Net income for the year ended December 31, 2024, was $904,076, a decrease of 31.3% from $1,316,524 in 2023[42]. - Adjusted net income for the year ended December 31, 2024, was $1,139,841, compared to $1,316,524 in 2023, reflecting a decrease of 13.4%[44]. - Corporate EBITDA for Q4 2024 was $(121,911), compared to $(63,964) in Q4 2023, indicating increased costs associated with corporate operations[35]. Cash Flow and Assets - The company generated cash flow from operations of $1.3 billion and free cash flow of $684 million for the year[14]. - Net cash provided by operating activities decreased to $1,251,251 from $1,435,610, reflecting a decline of 12.8%[42]. - Free cash flow for the year ended December 31, 2024, was $683,912, down 26.0% from $922,935 in 2023[48]. - Total current assets increased to $9,852,584 in 2024 from $9,605,852 in 2023, primarily driven by a rise in merchandise inventories[40]. - Total assets grew to $19,282,705 in 2024, up from $17,968,454 in 2023, indicating a 7.3% increase[40]. - The company reported a net decrease in cash and cash equivalents of $622,016, compared to an increase of $448,544 in 2023[42]. Dividends and Shareholder Returns - A 3% increase in the quarterly cash dividend was declared, raising the annual rate to $4.12 per share[16]. - The company declared dividends of $1.00 per common share in Q4 2024, up from $0.95 in Q4 2023[32]. Future Outlook - The company expects total sales growth of 2% to 4% for 2025[21]. - Adjusted diluted EPS guidance for 2025 is set at $7.75 to $8.25[21]. - The company anticipates additional restructuring costs of approximately $150 million to $180 million in 2025, with expected savings of $100 million to $125 million[17]. Restructuring and Costs - The company reported restructuring costs of $59,695 in Q4 2024, compared to no such costs in Q4 2023[36]. - The company incurred restructuring and other costs of $221,007 for the year, impacting overall profitability[44]. Debt and Acquisitions - The company’s long-term debt increased to $3,742,640 in 2024 from $3,550,930 in 2023, reflecting a rise of 5.4%[40]. - The company made acquisitions totaling $1,080,238 in 2024, significantly higher than $306,881 in 2023[42]. Tax and Other Financials - Cash paid for income taxes in 2024 was $264,625, down from $366,270 in 2023[42]. - GAAP diluted net income per common share for the year ended December 31, 2024, was $6.47, down from $9.33 in 2023[44].