Genuine Parts Company (NYSE: GPC), a leading global distributor of automotive and industrial replacement parts, announced today its results for the fourth quarter and twelve months ended December 31, 2023.
“We are pleased to report that GPC delivered on our financial commitments in 2023 and finished the year with a solid fourth quarter. We reported mid-single-digit total sales growth and our third consecutive year of double-digit earnings growth,” said Paul Donahue, Chairman and Chief Executive Officer. “We achieved these results despite a more challenging environment and are confident we are investing in the right areas of our business to deliver long-term profitable growth. Thank you to all our teammates and vendor partners across the globe for the ongoing commitment to serving our customers.”
Fourth Quarter 2023 Results
Sales were $5.6 billion, a 1.1% increase compared to $5.5 billion in the same period of the prior year. The improvement is attributable to a 2.0% benefit from acquisitions, 0.3% favorable impact of foreign currency and other, partially offset by a 1.2% decrease in comparable sales.
Net income was $317 million, an increase of 25.8% compared to prior year net income of $252 million or 8.7% when compared to prior year period adjusted net income of $292 million. Diluted earnings per share was $2.26, an increase of 27.7% compared to prior year period diluted earnings per share of $1.77 or 10.2% when compared to prior year period adjusted diluted earnings per share of $2.05. Refer to the reconciliation of GAAP net income to adjusted net income and GAAP diluted earnings per share to adjusted diluted earnings per share for more information.
Fourth Quarter 2023 Segment Highlights
Automotive Parts Group (“Automotive”)
Global Automotive sales were $3.5 billion, up 0.8% from the same period in 2022, with a 2.9% benefit from acquisitions, 0.6% favorable impact of foreign currency and other, partially offset by a 2.7% decrease in comparable sales….
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