Genuine Parts Company Files 10-Q for Period Ending March 31, 2024
Ticker: GPC · Form: 10-Q · Filed: Apr 18, 2024 · CIK: 40987
Sentiment: neutral
Topics: 10-Q, Genuine Parts Company, GPC, Automotive Parts, Financial Report
TL;DR
<b>Genuine Parts Company (GPC) has filed its Q1 2024 10-Q report, detailing financial performance and business operations.</b>
AI Summary
GENUINE PARTS CO (GPC) filed a Quarterly Report (10-Q) with the SEC on April 18, 2024. Filing is a 10-Q for Genuine Parts Company (GPC) for the period ending March 31, 2024. The filing covers the first quarter of 2024. Company's principal business is wholesale of motor vehicle supplies and new parts. Incorporated in Georgia, with fiscal year ending December 31. Business address and mailing address are both 2999 Wildwood Parkway, Atlanta, GA 30339.
Why It Matters
For investors and stakeholders tracking GENUINE PARTS CO, this filing contains several important signals. This 10-Q filing provides investors with an updated view of GPC's financial health and operational status for the first quarter of 2024. As a wholesale distributor of motor vehicle supplies and new parts, GPC's performance in this filing is indicative of broader trends in the automotive aftermarket and industrial sectors.
Risk Assessment
Risk Level: low — GENUINE PARTS CO shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative news or events that would elevate the risk level.
Analyst Insight
Monitor future filings for detailed financial results and management commentary on performance drivers and outlook.
Key Numbers
- 2024-03-31 — Period End Date (Quarterly Report)
- 2024-01-01 — Period Start Date (Quarterly Report)
- 2023-12-31 — Fiscal Year End (Company Information)
- 2023-03-31 — Prior Year Period End (Comparative Data Reference)
Key Players & Entities
- GENUINE PARTS CO (company) — Filer
- GPC (company) — Ticker Symbol
- 2024-03-31 (date) — Conformed Period of Report
- 2024-04-18 (date) — Filed As Of Date
- GA (location) — State of Incorporation
- 2999 WILDWOOD PARKWAY (address) — Business Address
- ATLANTA (location) — Business Address City
- 30339 (postal_code) — Business Address ZIP
FAQ
When did GENUINE PARTS CO file this 10-Q?
GENUINE PARTS CO filed this Quarterly Report (10-Q) with the SEC on April 18, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by GENUINE PARTS CO (GPC).
Where can I read the original 10-Q filing from GENUINE PARTS CO?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by GENUINE PARTS CO.
What are the key takeaways from GENUINE PARTS CO's 10-Q?
GENUINE PARTS CO filed this 10-Q on April 18, 2024. Key takeaways: Filing is a 10-Q for Genuine Parts Company (GPC) for the period ending March 31, 2024.. The filing covers the first quarter of 2024.. Company's principal business is wholesale of motor vehicle supplies and new parts..
Is GENUINE PARTS CO a risky investment based on this filing?
Based on this 10-Q, GENUINE PARTS CO presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative news or events that would elevate the risk level.
What should investors do after reading GENUINE PARTS CO's 10-Q?
Monitor future filings for detailed financial results and management commentary on performance drivers and outlook. The overall sentiment from this filing is neutral.
How does GENUINE PARTS CO compare to its industry peers?
Genuine Parts Company operates in the wholesale distribution of automotive and industrial parts, a sector influenced by vehicle maintenance cycles and industrial production levels.
Are there regulatory concerns for GENUINE PARTS CO?
The filing adheres to SEC regulations for quarterly reporting (Form 10-Q) under the Securities Exchange Act of 1934.
Industry Context
Genuine Parts Company operates in the wholesale distribution of automotive and industrial parts, a sector influenced by vehicle maintenance cycles and industrial production levels.
Regulatory Implications
The filing adheres to SEC regulations for quarterly reporting (Form 10-Q) under the Securities Exchange Act of 1934.
What Investors Should Do
- Review the full 10-Q filing for detailed financial statements and Management's Discussion and Analysis.
- Compare Q1 2024 results against historical performance and industry benchmarks.
- Track future SEC filings for ongoing updates on GPC's financial health and strategic initiatives.
Key Dates
- 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
- 2024-04-18: Filing Date — Date the 10-Q report was officially submitted to the SEC.
Year-Over-Year Comparison
This is the initial filing for the period ending March 31, 2024. Comparative data from the prior year's quarter will be detailed within the report itself.
Filing Stats: 4,532 words · 18 min read · ~15 pages · Grade level 17 · Accepted 2024-04-18 10:17:36
Key Financial Figures
- $1.00 — ange on which registered Common Stock, $1.00 par value per share GPC New York Stock
Filing Documents
- gpc-20240331.htm (10-Q) — 759KB
- jamesneillseparationagre.htm (EX-10.1) — 43KB
- jamesneillconsultingagre.htm (EX-10.2) — 2KB
- gpc_03312024x311.htm (EX-31.1) — 16KB
- gpc_03312024x312.htm (EX-31.2) — 16KB
- gpc_03312024x32.htm (EX-32) — 6KB
- jamesneillconsultingagre001.jpg (GRAPHIC) — 228KB
- jamesneillconsultingagre002.jpg (GRAPHIC) — 259KB
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- jamesneillseparationagre001.jpg (GRAPHIC) — 232KB
- jamesneillseparationagre002.jpg (GRAPHIC) — 313KB
- jamesneillseparationagre003.jpg (GRAPHIC) — 329KB
- jamesneillseparationagre004.jpg (GRAPHIC) — 294KB
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- jamesneillseparationagre010.jpg (GRAPHIC) — 293KB
- jamesneillseparationagre011.jpg (GRAPHIC) — 231KB
- 0000040987-24-000068.txt ( ) — 10572KB
- gpc-20240331.xsd (EX-101.SCH) — 28KB
- gpc-20240331_cal.xml (EX-101.CAL) — 57KB
- gpc-20240331_def.xml (EX-101.DEF) — 119KB
- gpc-20240331_lab.xml (EX-101.LAB) — 422KB
- gpc-20240331_pre.xml (EX-101.PRE) — 290KB
- gpc-20240331_htm.xml (XML) — 505KB
Financial Statements
Financial Statements 2 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Income 3 Condensed Consolidated Statements of Comprehensive Income 4 Condensed Consolidated Statements of Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.
Controls and Procedures
Controls and Procedures 21 PART II Item 1.
Legal Proceedings
Legal Proceedings 23 Item 1A.
Risk Factors
Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 5. Other Information 23 Item 6. Exhibits 24
Signatures
Signatures 25 1 Table of Contents
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements GENUINE PARTS COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 1,049,588 $ 1,102,007 Trade accounts receivable, less allowance for doubtful accounts (2024 – $ 60,326 ; 2023 – $ 56,608 ) 2,425,043 2,223,431 Merchandise inventories, net 4,736,108 4,676,686 Prepaid expenses and other current assets 1,595,566 1,603,728 Total current assets 9,806,305 9,605,852 Goodwill 2,736,841 2,734,681 Other intangible assets, less accumulated amortization 1,772,359 1,792,913 Property, plant and equipment, less accumulated depreciation (2024 – $ 1,620,069 ; 2023 – $ 1,592,658 ) 1,665,920 1,616,785 Operating lease assets 1,363,075 1,268,742 Other assets 992,013 949,481 Total assets $ 18,336,513 $ 17,968,454 Liabilities and equity Current liabilities: Trade accounts payable $ 5,725,745 $ 5,499,536 Current portion of debt 845,055 355,298 Dividends payable 139,385 132,635 Other current liabilities 1,929,301 1,839,640 Total current liabilities 8,639,486 7,827,109 Long-term debt 3,029,610 3,550,930 Operating lease liabilities 1,070,462 979,938 Pension and other post–retirement benefit liabilities 219,791 219,644 Deferred tax liabilities 452,455 437,674 Other long-term liabilities 507,533 536,174 Equity: Preferred stock, par value – $ 1 per share; authorized – 10,000,000 shares; none issued — — Common stock, par value – $ 1 per share; authorized – 450,000,000 shares; issued and outstanding – 2024 – 139,335,342 shares; 2023 – 139,567,071 shares 139,335 139,567 Additional paid-in capital 179,349 173,025 Accumulated other comprehensive loss ( 1,053,904 ) ( 976,872 ) Retained earnings 5,137,597 5,065,327 Total parent equity 4,402,377 4,401,047 Noncontrolling interests in subsidiaries 14,799 15,938 Total equity 4,417,176 4,416,985 Total liabilities and equity $ 18,336,