UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of Earliest Event Reported):
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October 20, 2014
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Genuine Parts Company
__________________________________________
(Exact name of registrant as specified in its charter)
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Georgia
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001-05690
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58-0254510
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_____________________
(State or other jurisdiction
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_____________
(Commission
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______________
(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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2999 Circle 75 Pkwy, Atlanta, Georgia
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30339
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_________________________________
(Address of principal executive offices)
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___________
(Zip Code)
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Registrants telephone number, including area code:
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770.953.1700
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Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On October 20, 2014, Genuine Parts Company issued a press release announcing its results of operations for the third quarter and nine months ended September 30, 2014. A copy of the press release is furnished with this Current Report on Form 8-K as exhibit 99.1.
The information, including the exhibits attached hereto contained in this Current Report on Form 8-K of Genuine Parts Company is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 and Item 9.01 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Securities Exchange Act of 1934, as amended, except as otherwise expressly stated in any such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated October 20, 2014
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Genuine Parts Company
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October 20, 2014
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By:
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Carol B. Yancey
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Name: Carol B. Yancey
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Title: Executive Vice President and CFO
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Exhibit Index
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Exhibit No.
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Description
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99.1
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Press Release dated October 20, 2014
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GENUINE PARTS COMPANY
NEWS RELEASE
FOR IMMEDIATE RELEASE
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Contacts:
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Carol B. Yancey, Executive Vice President and CFO (770) 612-2044
Sidney G. Jones, Vice President Investor Relations (770) 818-4628 |
GENUINE PARTS COMPANY
REPORTS SALES AND EARNINGS
FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2014
- Company Generates Record Sales of $4.0 Billion -
- Earnings Per Share of $1.24 Up 11% -
Atlanta, Georgia, October 20, 2014 Genuine Parts Company (NYSE: GPC) reports sales and earnings
for the third quarter and nine months ended September 30, 2014.
Thomas C. Gallagher, Chairman and Chief Executive Officer, announced today that record sales
totaling $4.0 billion were up 8% compared to the third quarter of 2013. Net income for the quarter
was $190.5 million compared to $173.7 million recorded in the same period of the previous year.
Earnings per share on a diluted basis were $1.24 compared to $1.12 for the third quarter last year,
up 11%.
For the nine months ended September 30, 2014, sales totaled $11.5 billion, up 9% compared to the
same period in 2013. Net income for the nine months was $545.7 million compared to $534.5 million
recorded in the previous year. Earnings per share on a diluted basis were $3.53 compared to $3.43
for the same period last year.
As previously disclosed, in association with the April 1, 2013 acquisition of GPC Asia Pacific, the
Companys initial investment was remeasured and, net of certain one-time purchase accounting costs,
amounted to a pre-tax income adjustment of approximately $36 million, or $0.22 diluted earnings per
share, in the second quarter of 2013. Additionally, a pre-tax expense adjustment of $3 million, or
$0.01 diluted earnings per share, was recorded in the third quarter of 2013.
Before the one-time adjustment in 2013, net income for the nine months of $545.7 million was up 9%
compared to the previous year. Earnings per share on a diluted basis of $3.53 were up 10% compared
to the same period in 2013 excluding the adjustment.
In review of the third quarter, Mr. Gallagher commented, We are pleased to report another quarter
of record sales as well as a solid 10% comparative earnings increase. Our 8% total sales increase
includes approximately 5.4% underlying sales growth and a 3.3% contribution from acquisitions
offset by a currency headwind of approximately 0.5%. Our overall sales growth was also supported
by increases in each of our four business segments, with sales for the Automotive Group up 4%,
which essentially represents our core automotive growth for the quarter. Sales at Motion
Industries, our Industrial Group, were up 10% including 8% underlying growth and 3% from
acquisitions offset by a currency headwind of approximately 1%. Sales at EIS, our
Electrical/Electronic Group, increased by 35% due to acquisitions. Sales for S. P. Richards, our
Office Products Group, were up 15% and include 8% underlying growth and 7% from acquisitions.
Mr. Gallagher concluded, In the third quarter, we achieved sales and earnings growth, produced
operating margin improvement, generated solid cash flows and maintained a strong balance sheet.
These are important and ongoing core objectives for us and the Company is well positioned to show
continued improvement in these areas in the periods ahead.
Conference Call
Genuine Parts Company will hold a conference call today at 11:00 a.m. Eastern time to discuss the
results of the quarter and the future outlook. Interested parties may listen to the call on the
Companys website, www.genpt.com, by clicking Investor Services, or by dialing 877-331-5106,
conference ID 12374803. A replay of the call will also be available on the Companys website or at
855-859-2056, conference ID 12374803, after the completion of the conference call until 12:00 a.m.
Eastern time on November 3, 2014.
Forward Looking Statements
Some statements in this report, as well as in other materials we file with the Securities and
Exchange Commission (SEC) or otherwise release to the public and in materials that we make
available on our website, constitute forward-looking statements that are subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Senior officers may also make
verbal statements to analysts, investors, the media and others that are forward-looking.
Forward-looking statements may relate, for example, to future operations, prospects, strategies,
financial condition, economic performance (including growth and earnings), industry conditions and
demand for our products and services. The Company cautions that its forward-looking statements
involve risks and uncertainties, and while we believe that our expectations for the future are
reasonable in view of currently available information, you are cautioned not to place undue
reliance on our forward-looking statements. Actual results or events may differ materially from
those indicated as a result of various important factors. Such factors may include, among other
things, slowing demand for the Companys products, changes in general economic conditions,
including, unemployment, inflation or deflation, high energy costs, uncertain credit markets and
other macro-economic conditions, the ability to maintain favorable vendor arrangements and
relationships, disruptions in our vendors operations, competitive product, service and pricing
pressures, the Companys ability to successfully implement its business initiatives in each of its
four business segments, the Companys ability to successfully integrate its acquired businesses,
the uncertainties and costs of litigation, as well as other risks and uncertainties discussed in
the Companys Annual Report on Form 10-K for 2013 and from time to time in the Companys subsequent
filings with the SEC.
Forward-looking statements are only as of the date they are made, and the Company undertakes no
duty to update its forward-looking statements except as required by law. You are advised, however,
to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q,
8-K and other reports to the SEC.
About Genuine Parts Company
Genuine Parts Company is a distributor of automotive replacement parts in the U.S., Canada, Mexico
and Australasia. The Company also distributes industrial replacement parts in the U.S., Canada and
Mexico through its Motion Industries subsidiary. S. P. Richards Company, the Office Products
Group, distributes business products nationwide in the U.S. and Canada. The Electrical/Electronic
Group, EIS, Inc., distributes electrical and electronic components throughout the U.S., Canada and
Mexico.
1
GENUINE PARTS COMPANY and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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Three Months Ended Sept. 30, |
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Nine Months Ended Sept. 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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(Unaudited) |
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(in thousands, except per share data) |
Net sales |
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$ |
3,985,909 |
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$ |
3,685,243 |
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$ |
11,519,193 |
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$ |
10,560,042 |
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Cost of goods sold |
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2,802,487 |
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2,584,320 |
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8,071,973 |
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7,432,263 |
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Gross profit |
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1,183,422 |
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1,100,923 |
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3,447,220 |
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3,127,779 |
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Operating expenses: |
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Selling, administrative & other expenses |
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850,156 |
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793,957 |
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2,486,162 |
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2,221,096 |
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Depreciation and amortization |
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34,983 |
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35,220 |
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108,623 |
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98,072 |
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885,139 |
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829,177 |
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2,594,785 |
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2,319,168 |
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Income before income taxes |
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298,283 |
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271,746 |
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852,435 |
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808,611 |
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Income taxes |
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107,767 |
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98,000 |
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306,708 |
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274,119 |
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Net income |
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$ |
190,516 |
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$ |
173,746 |
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$ |
545,727 |
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$ |
534,492 |
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Basic net income per common share |
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$ |
1.25 |
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$ |
1.12 |
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$ |
3.56 |
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$ |
3.45 |
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Diluted net income per common share |
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$ |
1.24 |
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$ |
1.12 |
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$ |
3.53 |
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$ |
3.43 |
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Weighted average common shares outstanding |
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153,018 |
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154,567 |
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153,401 |
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154,835 |
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Dilutive effect of stock options and |
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non-vested restricted stock awards |
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1,080 |
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1,096 |
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1,062 |
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1,082 |
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Weighted average common shares outstanding |
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assuming dilution |
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154,098 |
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155,663 |
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154,463 |
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155,917 |
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2
GENUINE PARTS COMPANY and SUBSIDIARIES
SEGMENT INFORMATION AND FINANCIAL HIGHLIGHTS
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Three Months Ended Sept. 30, |
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Nine Months Ended Sept. 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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(Unaudited) |
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(in thousands) |
Net sales: |
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Automotive |
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$ |
2,099,518 |
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$ |
2,016,076 |
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$ |
6,108,429 |
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$ |
5,572,415 |
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Industrial |
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1,220,539 |
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1,110,309 |
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3,573,048 |
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3,344,421 |
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Office Products |
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496,572 |
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430,457 |
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1,333,455 |
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1,252,857 |
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Electrical/Electronic Materials |
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193,321 |
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142,818 |
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561,686 |
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424,973 |
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Other (1) |
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(24,041 |
) |
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(14,417 |
) |
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(57,425 |
) |
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(34,624 |
) |
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Total net sales |
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$ |
3,985,909 |
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$ |
3,685,243 |
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$ |
11,519,193 |
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$ |
10,560,042 |
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Operating profit: |
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Automotive |
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$ |
193,258 |
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$ |
180,166 |
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$ |
550,051 |
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$ |
487,591 |
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Industrial |
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95,262 |
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79,596 |
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273,740 |
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247,382 |
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Office Products |
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33,318 |
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28,094 |
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98,447 |
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91,054 |
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Electrical/Electronic Materials |
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17,766 |
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12,625 |
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49,758 |
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35,297 |
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Total operating profit |
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339,604 |
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300,481 |
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971,996 |
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861,324 |
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Interest expense, net |
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(6,283 |
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(7,031 |
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(18,713 |
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(18,236 |
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Intangible amortization |
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(8,947 |
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(7,726 |
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(26,321 |
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(20,487 |
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Other, net |
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(26,091 |
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(13,978 |
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(74,527 |
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(13,990 |
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Income before income taxes |
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$ |
298,283 |
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$ |
271,746 |
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$ |
852,435 |
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$ |
808,611 |
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Capital expenditures |
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$ |
33,862 |
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$ |
33,338 |
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$ |
73,785 |
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$ |
84,146 |
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Depreciation and amortization |
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$ |
34,983 |
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$ |
35,220 |
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$ |
108,623 |
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$ |
98,072 |
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(1) Represents the net effect of discounts, incentives and freight billed reported as a component of net sales. |
3
GENUINE PARTS COMPANY and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
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Sept. 30, |
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Sept. 30, |
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2014 |
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2013 |
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(Unaudited) |
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(in thousands) |
ASSETS |
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CURRENT ASSETS |
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Cash and cash equivalents |
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$ |
135,537 |
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$ |
320,870 |
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Trade accounts receivable, net |
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1,976,056 |
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1,759,517 |
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Merchandise inventories, net |
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3,014,102 |
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2,832,108 |
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Prepaid expenses and other current assets |
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459,682 |
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382,980 |
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TOTAL CURRENT ASSETS |
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5,585,377 |
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5,295,475 |
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Goodwill and other intangible assets, less accumulated
amortization |
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1,444,356 |
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1,280,182 |
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Deferred tax assets |
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90,539 |
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|
257,571 |
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Other assets |
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558,932 |
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|
462,172 |
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Net property, plant and equipment |
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662,253 |
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|
648,503 |
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TOTAL ASSETS |
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$ |
8,341,457 |
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$ |
7,943,903 |
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LIABILITIES AND EQUITY |
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CURRENT LIABILITIES |
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Trade accounts payable |
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$ |
2,549,193 |
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$ |
2,213,190 |
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Current portion of debt |
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335,394 |
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|
583,896 |
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Income taxes payable |
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|
24,481 |
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|
19,176 |
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Dividends payable |
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|
87,906 |
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|
82,982 |
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Other current liabilities |
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638,808 |
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|
554,850 |
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TOTAL CURRENT LIABILITIES |
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3,635,782 |
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3,454,094 |
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Long-term debt |
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|
500,000 |
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|
250,000 |
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Retirement and other post-retirement benefit liabilities |
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|
135,407 |
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|
481,333 |
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Deferred tax liabilities |
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|
79,690 |
|
|
|
90,584 |
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Other long-term liabilities |
|
|
482,430 |
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|
|
514,717 |
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Common stock |
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|
152,857 |
|
|
|
154,357 |
|
Retained earnings and other |
|
|
3,791,172 |
|
|
|
3,570,356 |
|
Accumulated other comprehensive loss |
|
|
(446,854 |
) |
|
|
(581,652 |
) |
|
|
|
|
|
|
|
|
|
TOTAL PARENT EQUITY |
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|
3,497,175 |
|
|
|
3,143,061 |
|
Noncontrolling interests in subsidiaries |
|
|
10,973 |
|
|
|
10,114 |
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY |
|
|
3,508,148 |
|
|
|
3,153,175 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
$ |
8,341,457 |
|
|
$ |
7,943,903 |
|
|
|
|
|
|
|
|
|
|
4
GENUINE PARTS COMPANY and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended Sept. 30, |
|
|
2014 |
|
2013 |
|
|
(Unaudited) |
|
|
(in thousands) |
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
545,727 |
|
|
$ |
534,492 |
|
Adjustments to reconcile net income to net cash
provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
108,623 |
|
|
|
98,072 |
|
Share-based compensation |
|
|
12,641 |
|
|
|
8,932 |
|
Excess tax benefits from share-based compensation |
|
|
(7,269 |
) |
|
|
(12,020 |
) |
Other |
|
|
1,267 |
|
|
|
(50,608 |
) |
Changes in operating assets and liabilities |
|
|
(71,666 |
) |
|
|
258,617 |
|
|
|
|
|
|
|
|
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
589,323 |
|
|
|
837,485 |
|
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(73,785 |
) |
|
|
(84,146 |
) |
Acquisitions and other investing activities |
|
|
(275,295 |
) |
|
|
(614,109 |
) |
|
|
|
|
|
|
|
|
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(349,080 |
) |
|
|
(698,255 |
) |
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from debt |
|
|
2,032,550 |
|
|
|
2,094,550 |
|
Payments on debt |
|
|
(1,974,581 |
) |
|
|
(1,990,204 |
) |
Share-based awards exercised, net of taxes paid |
|
|
(8,266 |
) |
|
|
(14,313 |
) |
Excess tax benefits from share-based compensation |
|
|
7,269 |
|
|
|
12,020 |
|
Dividends paid |
|
|
(259,365 |
) |
|
|
(243,262 |
) |
Purchase of stock |
|
|
(95,546 |
) |
|
|
(71,738 |
) |
|
|
|
|
|
|
|
|
|
NET CASH USED IN FINANCING ACTIVITIES |
|
|
(297,939 |
) |
|
|
(212,947 |
) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH |
|
|
(3,660 |
) |
|
|
(8,508 |
) |
|
|
|
|
|
|
|
|
|
NET DECREASE IN CASH AND CASH EQUIVALENTS |
|
|
(61,356 |
) |
|
|
(82,225 |
) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
|
196,893 |
|
|
|
403,095 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
135,537 |
|
|
$ |
320,870 |
|
|
|
|
|
|
|
|
|
|
5
Genuine Parts (NYSE:GPC)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Genuine Parts (NYSE:GPC)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024