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February 19, 2013
13:40 EDTGPCGenuine Parts saw a meaningful deceleration in industrial business
After being up 12% in Q1, the industrial operations segment of Genuine Parts, GPC, up was 8% in Q2, 4.5% in Q3, and 2% in Q4. These trends are consistent with what GPC has seen across the industry. Of particular interest is the fact that the Q4 slowdown became more pronounced in the final weeks of December. These comments are from the company's Q4 earnings conference call.
News For GPC From The Last 14 Days
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November 12, 2015
11:55 EDTGPCAdvance Auto Parts sinks after missing Q3 estimates, cutting guidance
Shares of Advance Auto Parts (AAP) an automotive aftermarket parts supplier, are falling after the company reported lower than expected third quarter results and cut its fiscal 2015 profit outlook. The company also said its chief executive officer will step down in January. WHAT'S NEW: This morning, Advance Auto Parts reported Q3 comparable cash earnings per share of $1.95 and revenue of $2.3B, below analysts' consensus estimates of $2.09 and $2.33B, respectively. Same-store sales for the quarter increased 0.5%. GUIDANCE: Due to the Q3 earnings shortfall coupled with continuing integration headwinds and the soft start to its lowest volume quarter, Advance Auto Parts lowered its comparable cash EPS out look for fiscal year 2015 to $7.75-$7.90 from $8.10-$8.35, well below analysts' estimates of $8.28. Chief Financial Officer Mike Norona said that the revised outlook assumes flat to slightly negative fourth quarter SSS, roughly flat year over year Q4 gross margin rate and the achievement of its FY synergies target of $45M-$55M. Additionally, as part of its on-going process of store evaluations, the company said it is planning to close, an additional 30 stores in the latter part of 2015. The one-time expense impact of these closures is expected to be between $10M-$15M in 2015, which increases the FY15 outlook for one-time integration and restructuring expenses to $101M-$120M from $91M-$105M. WHAT'S NOTABLE: Advance Auto Parts also announced that CEO Darren Jackson plans to retire and step down from the Board on January 2, 2016, and the company named President George Sherman as interim CEO, effective January 3. Sherman will succeed Jackson as CEO, the company said. The company also announced that effective immediately, current Board Chairman John Brouillard will become Executive Chairman. SHAREHOLDER ACTIVISM: Advance Auto Parts announced that it has entered into an agreement with Starboard Value LP and its affiliates, which owns about 3.7% of Advance Auto Parts' shares, regarding the membership and composition of the company's Board of Directors. Under the terms of the agreement, the company named Starboard CEO and Chief Investment Officer Jeffrey Smith to its board of directors, effective immediately, expanding the board to 13 members. Additionally, Starboard will designate two independent directors to be added to the Advance Auto Parts Board as soon as practical. PRICE ACTION: In late morning trading, Advance Auto Parts fell $25.07, or 12.88%, to $169.68 on more than three times its average daily trading volume. Despite today's pull back, the shares have gained over 16% over the past 12 months. OTHERS TO WATCH: Other auto parts suppliers include Pep Boys (PBY), down 0.3%, O'Reilly Automotive (ORLY), down 0.9%, AutoZone (AZO), down 0.9%, and Genuine Parts Company (GPC), down 1.41%.

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