Welcome to our dedicated page for Genuine Parts news (Ticker: GPC), a resource for investors and traders seeking the latest updates and insights on Genuine Parts stock.
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) has declared a regular quarterly cash dividend of $0.79 per share on its common stock. This dividend will be payable on October 1, 2020 to shareholders of record as of September 4, 2020. The company reported revenues of $19.4 billion in 2019, indicating a strong financial standing. Genuine Parts Company, founded in 1928, focuses on distributing automotive and industrial replacement parts across various regions, including North America and Europe.
Genuine Parts Company (GPC) reported a challenging second quarter with sales from continuing operations at $3.8 billion, down 14.2% year-over-year. The decline was due to a 13.7% drop in comparable sales and divestitures. The company experienced a net loss of $363.5 million, significantly impacted by a goodwill impairment charge in Europe. However, automotive sales recovered in May and June, aided by acquisitions, while cash flow improved to $921 million. GPC has paused share repurchases and aims to enhance liquidity amid ongoing economic uncertainties related to COVID-19.
Genuine Parts Company (GPC) announced the resignation of Scott A. Sonnemaker, Group President, North American Automotive, effective immediately. Sonnemaker, who joined the company in February 2019, is leaving to pursue other opportunities. GPC's CEO Paul Donahue expressed gratitude for Sonnemaker's contributions, highlighting that significant progress was made during his tenure towards the company's global focus. GPC remains optimistic about future growth in its automotive sector, supported by its experienced management teams.
Genuine Parts Company (NYSE: GPC) will release its Second Quarter Earnings on July 30, 2020. A conference call is scheduled for 11:00 a.m. Eastern time on the same day, accessible via the Company's website or by dialing 877-407-0789 (Conference ID: 13706045). If unable to attend, a replay will be available two hours after the call until 12:00 a.m. Eastern time on August 13, 2020. Genuine Parts Company reported $19.4 billion in revenues for 2019.