Q4 2024 Genuine Parts Co Earnings Call Transcript
Key Points
- Genuine Parts Co (GPC) reported a total sales increase of $23.5 billion in 2024, marking a 1.7% growth compared to 2023.
- The company achieved a record 81% employee engagement rate, reflecting a strong organizational culture.
- GPC executed over 100 acquisitions in 2024, enhancing talent, geographic coverage, and capabilities.
- The company returned over $700 million to shareholders through dividends and share repurchases, demonstrating strong shareholder commitment.
- GPC's global restructuring efforts resulted in $45 million in cost savings in 2024, with more expected in 2025.
- GPC's global industrial sales decreased by 1.4% in 2024 due to weak market conditions and reduced customer demand.
- The company's global automotive segment EBITDA decreased by 70 basis points, reflecting ongoing market pressures.
- GPC's adjusted EBITDA margin for 2024 was down 80 basis points from 2023, impacted by cost inflation and lower sales growth.
- The company anticipates continued weak market conditions into the first half of 2025, affecting sales and earnings.
- GPC faces potential headwinds from foreign currency fluctuations and tariff impacts, which could affect profitability.
Good morning, ladies and gentlemen. Welcome to the Genuine Parts Company fourth-quarter 2024 earnings conference call. (Operator Instructions) This call is being recorded on Tuesday, February 18, 2025.
At this time, I would like to turn the conference over to Tim, Senior Director, Investor Relations. Please go ahead, sir.
Thank you, and good morning, everyone. Welcome to Genuine Parts Company's fourth-quarter 2024 earnings call. Joining us on the call today are Will Stengel, President and Chief Executive Officer; and Bert Nappier, Executive Vice President and Chief Financial Officer.
In addition to this morning's press release, a supplemental slide presentation can be found on the Investors page of the Genuine Parts Company website. Today's call is being webcast, and a replay will also be made available on the company's website after the call.
Following our prepared remarks, the call will be open for questions, the responses to which will reflect management's
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