Genuine Parts Company reports recurring developments as a global service provider of automotive and industrial replacement parts and value-added solutions. Company news centers on operating and financial results, comparable sales trends, acquisition effects, segment performance and earnings outlooks across the North America Automotive Parts Group, International Automotive Parts Group and Industrial Parts Group.
GPC updates also cover regular cash dividend declarations, capital actions, investor conference participation, board leadership and governance matters. Its automotive operations span North America, Europe and Australasia, while its industrial parts business serves maintenance, repair and original equipment manufacturing customers in North America and Australasia.
Genuine Parts Company (NYSE: GPC) is set to announce its First Quarter Earnings on April 21, 2022. A conference call will follow at 11:00 a.m. ET, accessible via the Company’s investor relations website or by phone at 888-317-6003 (Conference ID: 2523809). A replay of the call will be available shortly after its conclusion. GPC is a leading distributor of automotive and industrial replacement parts, operating over 10,000 locations in 15 countries with around 52,000 employees.
Genuine Parts Company (GPC) reported a 13.0% increase in fourth-quarter sales, reaching $4.8 billion, and a 14.1% rise in full-year sales to $18.9 billion. Diluted EPS from continuing operations was $1.79 for Q4, and $6.23 for the full year, marking a 17.8% and 31.1% increase respectively. GPC announced plans for 2022 revenue growth of 9% to 11% and diluted EPS between $7.45 and $7.60. The company also completed the acquisition of Kaman Distribution Group on January 3, 2022, reinforcing growth strategies.
Wallbox (NYSE:WBX) has partnered with NAPA Auto Parts (NYSE:GPC) to bring its Pulsar Plus smart home EV chargers to over 6,000 locations across the U.S. and Canada. The chargers, available online and in-store, are recognized for their innovative technology including flexible amperage settings, Bluetooth and Wi-Fi connectivity, and energy management solutions. This strategic collaboration aims to enhance NAPA's EV product offerings and promote the adoption of EV technology to meet growing consumer demand.
Genuine Parts Company (NYSE: GPC) announced a 10% increase in its quarterly cash dividend, raising it from $3.26 to an annual rate of $3.58 per share. The new quarterly dividend of $0.895 per share will be paid on April 1, 2022, to shareholders recorded by March 4, 2022. This marks the 66th consecutive year of increased dividends since the company went public in 1948. GPC continues its commitment to return value to shareholders through consistent dividend increases.
Genuine Parts Company (NYSE: GPC) announced the retirement of Carol Yancey, CFO, at the end of May 2022, after 30 years with the company. Bert Nappier is set to join as CFO-Elect on February 28, 2022, transitioning to CFO on May 2, 2022. With over 25 years of experience, including leadership roles at FedEx, Nappier will oversee GPC's global financial operations. Paul Donahue, CEO, praised Yancey's contributions and expressed confidence in Nappier's strategic capabilities. GPC reported revenues of $16.5 billion in 2020 and operates an extensive network across 15 countries.
Genuine Parts Company (GPC) will announce its Fourth Quarter earnings on February 17, 2022, at 11:00 a.m. ET. The earnings release will be accessible on the Company's investor relations website, along with a supplemental earnings deck. Interested parties can join the conference call by dialing 888-317-6003 with the conference ID 8600891. A replay will be available shortly after the call. Founded in 1928, GPC operates globally, distributing automotive and industrial replacement parts, generating $16.5 billion in revenues in 2020.
Genuine Parts Company (NYSE: GPC) announced the pricing of $1 billion in senior notes, comprising $500 million of 1.750% notes due 2025 and $500 million of 2.750% notes due 2032. The offering is set to settle on January 10, 2022, pending customary closing conditions. Proceeds will be used to repay a portion of the debt from GPC's recent acquisition of Kaman Distribution Group. The notes are offered under the company's shelf registration statement with the SEC, initially filed on October 23, 2020.
Genuine Parts Company (NYSE: GPC) announced the completion of its acquisition of Kaman Distribution Group (KDG) for approximately $1.3 billion in cash, effective January 3, 2022. KDG is a leading distributor in power transmission and automation, serving over 50,000 customers across the U.S. The deal is expected to enhance GPC's industrial solutions portfolio and drive significant opportunities for growth and customer service. GPC continues to operate through its subsidiary, Motion Industries, which has over 600 locations and annual sales exceeding $6 billion.
Littlejohn & Co. has signed a definitive agreement to sell Kaman Distribution Group (KDG) to Motion Industries, a subsidiary of Genuine Parts Company (NYSE: GPC), for $1.3 billion in cash. KDG specializes in distributing highly engineered products across various markets, operating approximately 220 branches in North America. Since its acquisition in August 2019, KDG improved operational excellence and margin through strategic initiatives. The management team expresses excitement about partnering with Motion to enhance service for customers and suppliers.
Genuine Parts Company (GPC) announced a definitive agreement for its subsidiary Motion Industries to acquire Kaman Distribution Group (KDG) for approximately $1.3 billion. The transaction is expected to close in the first quarter of 2022. KDG, a distributor of industrial products, is projected to generate $1.1 billion in revenue in 2022. The acquisition aims to create synergies of over $50 million annually and is expected to enhance GPC's market position and profitability, with the deal anticipated to be accretive to adjusted earnings in the first year.