Genuine Parts pany(GPC) - 2024 Q1 - Quarterly Results

Financial Performance - Sales for Q1 2024 were $5.8 billion, a 0.3% increase year-over-year, driven by a 1.9% benefit from acquisitions[5] - Diluted EPS for Q1 2024 was $1.78, down 16.8% from $2.14 in the prior year, while adjusted diluted EPS increased by 3.7% to $2.22[3][10] - The company reaffirmed its full-year 2024 revenue growth outlook of 3% to 5% and updated adjusted diluted EPS guidance to $9.80 to $9.95[3][9] - The company reported adjusted net income of $311 million for Q1 2024, a 2.3% increase compared to the prior year[10] - Net income for the three months ended March 31, 2024, was $248,894, down from $303,957 in the same period last year, a decrease of 18.1%[33] - Adjusted net income, after accounting for restructuring costs, was $310,898, compared to $303,957 in the prior year, showing an increase of 2.9%[36] Cash Flow and Liquidity - Cash flow from operations for Q1 2024 was $318 million, with free cash flow of $203 million[7] - The company ended the quarter with total liquidity of $2.5 billion, including $1.0 billion in cash and cash equivalents[14] - The company reported a decrease in operating cash flow, with net cash provided by operating activities at $318,306, compared to $197,507 in the same period last year, an increase of 60.9%[33] - Net cash provided by operating activities for Q1 2024 was $318,306 thousand, compared to $197,507 thousand for Q1 2023, representing a significant increase[43] - Free cash flow for Q1 2024 was $202,616 thousand, up from $109,407 thousand in Q1 2023[43] - The company maintains its outlook for net cash provided by operating activities for the year ending December 31, 2024, at $1.3 billion to $1.5 billion[43] - Free cash flow guidance for the year ending December 31, 2024, remains at $800 million to $1.0 billion[43] Sales and Segment Performance - Global automotive sales reached $3.6 billion, up 1.9% from the same period in 2023, while industrial sales were $2.2 billion, down 2.2%[11][12] - Automotive net sales for the three months ended March 31, 2024, increased to $3,574,020, up from $3,505,827 in the same period last year, representing a growth of 1.9%[30] - Total net sales for the same period reached $5,783,631, slightly up from $5,765,118, indicating a year-over-year increase of 0.3%[30] - Total segment profit rose to $543,775 for the three months ended March 31, 2024, compared to $526,407 in the prior year, reflecting a growth of 3.3%[30] - Segment profit for automotive increased by 3.2% to $273 million, with a profit margin of 7.6%, while industrial segment profit rose by 3.4% to $271 million, with a margin of 12.3%[11][12] Restructuring and Costs - The company incurred restructuring and other costs of $83,042 related to a global restructuring initiative, which includes voluntary retirement offers and optimization of distribution centers[30] Assets and Liabilities - Cash and cash equivalents at the end of the period were $1,049,588, down from $1,102,007 at the beginning of the period, a decrease of 4.8%[33] - Total current liabilities increased to $8,639,486 from $7,827,109, representing a rise of 10.4%[32] - The company’s total assets grew to $18,336,513 from $17,968,454, marking an increase of 2.0%[32] Capital Expenditures - Capital expenditures are projected to be approximately $500 million for the year ending December 31, 2024[43]