- Record Sales of $5.8 Billion,
Up 8.9%
- Diluted EPS of $2.14, Up
24.4%, or Up 15.1% from Adjusted Diluted EPS in 2022
- Updates 2023 Outlook:
-
- Reaffirms Revenue Growth of 4% to 6%
- Increases Diluted EPS to $8.95
to $9.10, Up from $8.80 to $8.95
- Increases Cash From Operations to $1.3 Billion to $1.4
Billion, Up from $1.2 Billion
to $1.4 Billion
ATLANTA, April 20,
2023 /PRNewswire/ -- Genuine Parts Company
(NYSE: GPC) announced today its results for the first quarter ended
March 31, 2023.
"We are pleased with the continued strength and momentum in our
business and excited to report results that exceeded our
expectations for the quarter," said Paul
Donahue, Chairman and Chief Executive Officer. "Our
performance was a clear example of how our multi-year strategic
transformation to a global Automotive and Industrial company is a
competitive advantage that distinguishes GPC in the marketplace. We
benefited from our business mix and the geographic diversity of our
operations with continued strong performances in our international
automotive businesses and in the industrial segment. We are
extremely proud of the outstanding work by all our GPC
teammates."
First Quarter 2023 Results
Sales were $5.8 billion, an 8.9%
increase compared to $5.3 billion in
the same period of the prior year. The growth in sales is
attributable to an 8.7% increase in comparable sales and a 2.4%
benefit from acquisitions, partially offset by a 2.2% net
unfavorable impact of foreign currency and other.
Net income was $304 million, or a
diluted EPS of $2.14. This compares
to net income of $246 million, or
$1.72 per diluted share in the prior
year period.
Net income of $304 million
compares to adjusted net income of $266
million for the same three-month period of the prior year,
an increase of 14.4%. On a per share diluted basis, net income was
$2.14, an increase of 15.1% compared
to adjusted diluted earnings per share of $1.86 last year. Refer to the reconciliation of
GAAP net income to adjusted net income and GAAP diluted earnings
per share and adjusted diluted earnings per share for more
information.
First Quarter 2023 Segment Highlights
Automotive Parts Group ("Automotive")
Global Automotive sales were $3.5
billion, up 7.0% from the same period in 2022, consisting of
a 6.6% increase in comparable sales and a 3.5% benefit from
acquisitions, net of a 3.1% unfavorable impact of foreign currency
and other. Segment profit of $264
million was essentially unchanged from 2022, with segment
profit margin of 7.5% down 60 basis points from last year.
Industrial Parts Group ("Industrial")
Industrial sales were $2.3
billion, up 11.9% from the same period in 2022, and
reflecting a 12.1% increase in comparable sales and a 0.6% benefit
from acquisitions, slightly offset by a 0.8% unfavorable impact of
foreign currency. Segment profit of $262
million increased 39.1%, with profit margin of 11.6% up 230
basis points from the same period of the prior year.
"Global Automotive sales were driven by the strong performance
of our businesses outside the U.S., which helped to partially
offset a slow start to the year in our U.S. automotive business,"
said Will Stengel, President and
Chief Operating Officer. "In the Industrial segment, however, our
broad-based strength in sales drove our eighth consecutive quarter
of double-digit sales comps. The Industrial team is also operating
well, posting the eleventh consecutive quarter of margin expansion.
Our first quarter performance is a clear reflection of our balanced
portfolio and One GPC approach to executing our strategic
initiatives and taking care of our customers."
Balance Sheet, Cash Flow and Capital Allocation
The company generated cash flow from operations of $198 million for the first three months of 2023.
We used $45 million in cash for
investing activities, including $88
million for capital expenditures and $40 million for M&A, net of $80 million in proceeds from the sale of
investments. We also used $158
million in cash for financing activities, including
$126 million for quarterly
dividends paid to shareholders and $68
million for stock repurchases. Free cash flow was
$109 million for the first three
months of 2023. Refer to the reconciliation of GAAP net cash
provided by operating activities to free cash flow for more
information.
The company ended the quarter with $2.1 billion in total liquidity, consisting
of $1.4 billion availability on the
revolving credit facility and $651
million in cash and cash equivalents.
2023 Outlook
The company is updating full-year 2023 guidance previously
provided in its earnings release on February
23, 2023 and at its Investor Day on March 23, 2023. The company considered its recent
business trends and financial results, current growth plans,
strategic initiatives, global economic outlook, geopolitical
conflicts and the potential impact on results in updating its
guidance, which is outlined in the table below.
|
|
For the Year Ending
December 31, 2023
|
|
|
Previous
Outlook
|
|
Updated
Outlook
|
Total sales
growth
|
|
4% to 6%
|
|
4% to 6%
|
Automotive sales
growth
|
|
4% to 6%
|
|
4% to 6%
|
Industrial sales
growth
|
|
4% to 6%
|
|
4% to 6%
|
Diluted earnings per
share
|
|
$8.80 to
$8.95
|
|
$8.95 to
$9.10
|
Adjusted diluted
earnings per share
|
|
$8.80 to
$8.95
|
|
$8.95 to
$9.10
|
Effective tax
rate
|
|
Approximately
25%
|
|
Approximately
25%
|
Net cash provided by
operating activities
|
|
$1.2 billion to $1.4
billion
|
|
$1.3 billion to $1.4
billion
|
Free cash
flow
|
|
$800 million to $1.0
billion
|
|
$900 million to $1.0
billion
|
"We are pleased with the solid start to 2023 and continue to
expect another strong year of profitable growth. Our updated
outlook for the full year reflects the confidence in our strategic
plans and ability to execute through continued economic
uncertainty. We believe GPC is well-positioned with the financial
strength and flexibility to support our growth plans and provide
for disciplined capital allocation and enhanced shareholder value,"
Mr. Donahue concluded.
Non-GAAP Information
This release contains certain financial information not derived
in accordance with United States
("U.S.") generally accepted accounting principles ("GAAP"). These
items include adjusted net income, adjusted diluted earnings per
share and free cash flow. We believe that the presentation of
adjusted net income, adjusted diluted earnings per share and free
cash flow, when considered together with the corresponding
GAAP financial measures and the reconciliations to those measures,
provide meaningful supplemental information to both management and
investors that is indicative of our core operations. We
considered these metrics useful to investors because they provide
greater transparency into management's view and assessment of our
ongoing operating performance by removing items management believes
are not representative of our operations and may distort our
longer-term operating trends. We believe these measures are useful
and enhance the comparability of our results from period to period
and with our competitors, as well as show ongoing results from
operations distinct from items that are infrequent or not
associated with our core operations. We do not, nor do we
suggest investors should, consider such non-GAAP financial measures
as superior to, in isolation from, or as a substitute for, GAAP
financial information. We have included a reconciliation of this
additional information to the most comparable GAAP measure
following the financial statements below. We do not provide
forward-looking guidance for certain financial measures on a GAAP
basis because we are unable to predict certain items contained in
the GAAP measures without unreasonable efforts. These items may
include acquisition-related costs, litigation charges or
settlements, impairment charges, and certain other unusual
adjustments. We do not provide forward-looking guidance for certain
financial measures on a GAAP basis because we are unable to predict
certain items contained in the GAAP measures without unreasonable
efforts. These items may include acquisition-related costs,
litigation charges or settlements, impairment charges, and certain
other unusual adjustments.
Comparable Sales
Comparable sales is a key metric that refers to
period-over-period comparisons of our sales excluding the impact of
acquisitions, foreign currency and other. We consider this metric
useful to investors because it provides greater transparency into
management's view and assessment of the our core ongoing
operations. This is a metric that is widely used by analysts,
investors and competitors in our industry, although our calculation
of the metric may not be comparable to similar measures disclosed
by other companies, because not all companies and analysts
calculate this metric in the same manner.
Conference Call
We will hold a conference call today at 11:00 a.m. Eastern time to discuss the results of
the quarter. A supplemental earnings deck will also be available
for reference. Interested parties may listen to the call and view
the supplemental earnings deck on our website at
http://genuineparts.investorroom.com. The call is also available by
dialing 888-317-6003, conference ID 8846157. A replay will also be
available on our website or at 877-344-7529, conference ID 8330727,
two hours after the completion of the call.
About Genuine Parts Company
Founded in 1928, Genuine Parts Company is a global service
organization engaged in the distribution of automotive and
industrial replacement parts. The company's Automotive Parts Group
distributes automotive replacement parts in the U.S., Canada, Mexico, Australasia, France, the United
Kingdom, Ireland,
Germany, Poland, the
Netherlands, Belgium,
Spain and Portugal. The company's Industrial Parts Group
distributes industrial replacement parts in the U.S., Canada, Mexico and Australasia. In total, the company
serves its global customers from an extensive network of more than
10,000 locations in 17 countries and has approximately 58,000
employees. Further information is available at www.genpt.com.
Forward-Looking Statements
Some statements in this release, as well as in other materials
we file with the Securities and Exchange Commission (SEC), release
to the public, or 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.
All statements in the future tense and all statements accompanied
by words such as "expect," "likely," "outlook," "forecast,"
"preliminary," "would," "could," "should," "position," "will,"
"project," "intend," "plan," "on track," "anticipate," "to come,"
"may," "possible," "assume," or similar expressions are intended to
identify such forward-looking statements. These forward-looking
statements include our view of business and economic trends for the
remainder of the year, our expectations regarding our ability to
capitalize on these business and economic trends and to execute our
strategic priorities, and the updated full-year 2022 financial
guidance provided above. Senior officers may also make verbal
statements to analysts, investors, the media and others that are
forward-looking.
We caution you that all 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, changes in
general economic conditions, including unemployment, inflation
(including the impact of tariffs) or deflation, financial
institution disruptions and geopolitical conflicts such as the
conflict between Russia and
Ukraine; volatility in oil prices;
significant cost increases, such as rising fuel and freight
expenses; public health emergencies such as the COVID-19 pandemic,
including the effects on the financial health of our business
partners and customers, on supply chains and our suppliers, on
vehicle miles driven as well as other metrics that affect our
business, and on access to capital and liquidity provided by the
financial and capital markets; our ability to maintain compliance
with our debt covenants; our ability to successfully integrate
acquired businesses into our operations and to realize the
anticipated synergies and benefits; our ability to successfully
implement our business initiatives in our two business segments;
slowing demand for our products; the ability to maintain favorable
supplier arrangements and relationships; changes in national and
international legislation or government regulations or policies,
including changes to import tariffs, environmental and social
policy, infrastructure programs and privacy legislation, and their
impact to us, our suppliers and customers; changes in tax policies;
volatile exchange rates; our ability to successfully attract and
retain employees in the current labor market; uncertain credit
markets and other macroeconomic conditions; competitive product,
service and pricing pressures; failure or weakness in our
disclosure controls and procedures and internal controls over
financial reporting, including as a result of the work from home
environment; the uncertainties and costs of litigation; disruptions
caused by a failure or breach of our information systems, as well
as other risks and uncertainties discussed in our Annual Report on
Form 10-K for 2022 and from time to time in our subsequent filings
with the SEC.
Forward-looking statements speak only as of the date they are
made, and we undertake no duty to update any 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 filed with the
SEC.
GENUINE PARTS COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
|
|
|
|
Three Months Ended
March 31,
|
(in thousands, except per share data)
|
|
2023
|
|
2022
|
Net sales
|
|
$ 5,765,118
|
|
$ 5,294,635
|
Cost of goods
sold
|
|
3,751,717
|
|
3,468,688
|
Gross profit
|
|
2,013,401
|
|
1,825,947
|
Operating
expenses:
|
|
|
|
|
Selling,
administrative and other expenses
|
|
1,511,244
|
|
1,403,979
|
Depreciation and
amortization
|
|
87,215
|
|
87,369
|
Provision for doubtful
accounts
|
|
5,639
|
|
4,494
|
Total operating
expenses
|
|
1,604,098
|
|
1,495,842
|
Non-operating expense
(income):
|
|
|
|
|
Interest expense,
net
|
|
16,864
|
|
19,850
|
Other
|
|
(11,967)
|
|
(15,461)
|
Total non-operating
expense (income)
|
|
4,897
|
|
4,389
|
Income before income
taxes
|
|
404,406
|
|
325,716
|
Income taxes
|
|
100,449
|
|
79,878
|
Net income
|
|
$
303,957
|
|
$
245,838
|
Dividends declared per
common share
|
|
$
0.9500
|
|
$
0.8950
|
Basic earnings per
share
|
|
$
2.16
|
|
$
1.73
|
Diluted earnings per
share
|
|
$
2.14
|
|
$
1.72
|
GENUINE PARTS COMPANY
AND SUBSIDIARIES
SEGMENT INFORMATION
(UNAUDITED)
|
|
|
|
Three Months Ended
March 31,
|
(in
thousands)
|
|
2023
|
|
2022
|
Net sales:
|
|
|
|
|
Automotive
|
|
$ 3,505,827
|
|
$ 3,275,621
|
Industrial
|
|
2,259,291
|
|
2,019,014
|
Total net
sales
|
|
$
5,765,118
|
|
$ 5,294,635
|
Segment
profit:
|
|
|
|
|
Automotive
|
|
$
264,420
|
|
$
264,573
|
Industrial
|
|
261,987
|
|
188,353
|
Total segment
profit
|
|
526,407
|
|
452,926
|
Interest expense,
net
|
|
(16,864)
|
|
(19,850)
|
Intangible asset
amortization
|
|
(39,122)
|
|
(39,694)
|
Corporate
expense
|
|
(66,015)
|
|
(41,751)
|
Other unallocated costs
(1)
|
|
—
|
|
(25,915)
|
Income before income
taxes
|
|
$
404,406
|
|
$
325,716
|
|
(1) The following
table presents a summary of the other unallocated costs:
|
|
|
|
Three Months Ended
March 31,
|
(in
thousands)
|
|
2022
|
|
2022
|
Other unallocated
costs:
|
|
|
|
|
Gain on insurance
proceeds (2)
|
|
$
—
|
|
$
634
|
Transaction and other
costs (3)
|
|
—
|
|
(26,549)
|
Total other unallocated
costs
|
|
$
—
|
|
$
(25,915)
|
|
|
(2)
|
Adjustment reflects
insurance recoveries in excess of losses incurred on inventory,
property, plant and equipment and other fire-related
costs.
|
(3)
|
Adjustment primarily
reflects costs associated with the January 3, 2022 acquisition of
Kaman Distribution Group.
|
GENUINE PARTS COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
(in thousands, except
share and per share data)
|
|
March 31,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
651,183
|
|
$
653,463
|
Trade accounts
receivable, less allowance for doubtful accounts
(2023 – $56,236; 2022 – $53,872)
|
|
2,420,848
|
|
2,188,868
|
Merchandise
inventories, net
|
|
4,579,590
|
|
4,441,649
|
Prepaid expenses and
other current assets
|
|
1,532,810
|
|
1,532,759
|
Total current
assets
|
|
9,184,431
|
|
8,816,739
|
Goodwill
|
|
2,599,770
|
|
2,588,113
|
Other intangible
assets, less accumulated amortization
|
|
1,790,120
|
|
1,812,510
|
Property, plant and
equipment, less accumulated depreciation
(2023 – $1,476,073; 2022 – $1,435,677)
|
|
1,373,541
|
|
1,326,014
|
Operating lease
assets
|
|
1,121,007
|
|
1,104,678
|
Other assets
|
|
838,663
|
|
847,325
|
Total assets
|
|
$ 16,907,532
|
|
$ 16,495,379
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Trade accounts
payable
|
|
$
5,677,134
|
|
$
5,456,550
|
Current portion of
debt
|
|
290,326
|
|
252,029
|
Dividends
payable
|
|
133,737
|
|
126,191
|
Other current
liabilities
|
|
1,816,327
|
|
1,851,340
|
Total current
liabilities
|
|
7,917,524
|
|
7,686,110
|
Long-term
debt
|
|
3,094,319
|
|
3,076,794
|
Operating lease
liabilities
|
|
844,174
|
|
836,019
|
Pension and other
post–retirement benefit liabilities
|
|
198,552
|
|
197,879
|
Deferred tax
liabilities
|
|
391,526
|
|
391,163
|
Other long-term
liabilities
|
|
521,801
|
|
502,967
|
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 – 2023 –
140,545,475 shares; 2022 – 140,941,649 shares
|
|
140,545
|
|
140,941
|
Additional paid-in
capital
|
|
147,690
|
|
140,324
|
Accumulated other
comprehensive loss
|
|
(1,006,801)
|
|
(1,032,542)
|
Retained
earnings
|
|
4,644,770
|
|
4,541,640
|
Total parent
equity
|
|
3,926,204
|
|
3,790,363
|
Noncontrolling
interests in subsidiaries
|
|
13,432
|
|
14,084
|
Total equity
|
|
3,939,636
|
|
3,804,447
|
Total liabilities and
equity
|
|
$ 16,907,532
|
|
$ 16,495,379
|
GENUINE PARTS COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
Three Months Ended
March 31,
|
(in
thousands)
|
|
2023
|
|
2022
|
Operating
activities:
|
|
|
|
|
Net income
|
|
$
303,957
|
|
$
245,838
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
87,215
|
|
87,369
|
Share-based
compensation
|
|
8,646
|
|
7,171
|
Excess tax benefits
from share-based compensation
|
|
(584)
|
|
(714)
|
Changes in operating
assets and liabilities
|
|
(201,727)
|
|
59,144
|
Net cash provided by
operating activities
|
|
197,507
|
|
398,808
|
Investing
activities:
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
(88,100)
|
|
(78,045)
|
Proceeds from sale of
property, plant and equipment
|
|
1,971
|
|
5,895
|
Proceeds from sale of
investments
|
|
80,482
|
|
—
|
Acquisitions and other
investing activities
|
|
(39,589)
|
|
(1,348,795)
|
Net cash used in
investing activities
|
|
(45,236)
|
|
(1,420,945)
|
Financing
activities:
|
|
|
|
|
Proceeds from
debt
|
|
693,400
|
|
2,890,000
|
Payments on
debt
|
|
(652,138)
|
|
(1,784,585)
|
Shares issued from
employee incentive plans
|
|
(1,265)
|
|
(1,063)
|
Dividends
paid
|
|
(126,191)
|
|
(115,876)
|
Purchases of
stock
|
|
(67,501)
|
|
(72,919)
|
Other financing
activities
|
|
(4,118)
|
|
(1,593)
|
Net cash (used in)
provided by financing activities
|
|
(157,813)
|
|
913,964
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
3,262
|
|
4,248
|
Net decrease in cash
and cash equivalents
|
|
(2,280)
|
|
(103,925)
|
Cash and cash
equivalents at beginning of period
|
|
653,463
|
|
714,701
|
Cash and cash
equivalents at end of period
|
|
$
651,183
|
|
$
610,776
|
GENUINE PARTS COMPANY
AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME AND
GAAP
DILUTED NET INCOME PER COMMON SHARE TO ADJUSTED DILUTED NET INCOME
PER
COMMON SHARE
(UNAUDITED)
|
|
|
|
Three Months Ended
March 31,
|
(in
thousands)
|
|
2023
|
|
2022
|
GAAP net
income
|
|
$
303,957
|
|
$
245,838
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
Gain on insurance
proceeds (1)
|
|
—
|
|
(634)
|
Transaction and other
costs (2)
|
|
—
|
|
26,549
|
Total
adjustments
|
|
—
|
|
25,915
|
Tax impact of
adjustments
|
|
—
|
|
(6,103)
|
Adjusted net
income
|
|
$
303,957
|
|
$
265,650
|
|
The table below
represent amounts per common share assuming dilution:
|
|
|
|
Three Months Ended
March 31,
|
(in thousands, except
per share data)
|
|
2023
|
|
2022
|
GAAP net
income
|
|
$
2.14
|
|
$
1.72
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
Gain on insurance
proceeds (1)
|
|
—
|
|
(0.01)
|
Transaction and other
costs (2)
|
|
—
|
|
0.19
|
Total
adjustments
|
|
—
|
|
0.18
|
Tax impact of
adjustments
|
|
—
|
|
(0.04)
|
Adjusted net
income
|
|
$
2.14
|
|
$
1.86
|
Weighted average common
shares outstanding – assuming dilution
|
|
141,725
|
|
142,842
|
|
The table below
clarifies where the items that have been adjusted above to improve
comparability of the
financial information from period to period are presented in the
condensed consolidated statements of
income.
|
|
|
Three Months Ended
March 31,
|
(in
thousands)
|
|
2023
|
|
2022
|
Line item:
|
|
|
|
|
Cost of goods
sold
|
|
$
—
|
|
$
5,000
|
Selling,
administrative and other expenses
|
|
—
|
|
21,549
|
Non-operating expense
(income): Other
|
|
—
|
|
(634)
|
Total
adjustments
|
|
$
—
|
|
$
25,915
|
|
|
(1)
|
Adjustment reflects
insurance recoveries in excess of losses incurred on inventory,
property, plant and equipment and other fire-related
costs.
|
(2)
|
Adjustment primarily
reflects costs associated with the January 3, 2022 acquisition of
Kaman Distribution Group.
|
GENUINE PARTS COMPANY
AND SUBSIDIARIES
CHANGE IN NET SALES SUMMARY
(UNAUDITED)
|
|
|
|
Three Months Ended
March 31, 2023
|
|
|
Comparable
Sales
|
|
Acquisitions
|
|
Foreign
Currency
|
|
Other
|
|
GAAP Total
Net Sales
|
Automotive
|
|
6.6 %
|
|
3.5 %
|
|
(3.2) %
|
|
0.1 %
|
|
7.0 %
|
Industrial
|
|
12.1 %
|
|
0.6 %
|
|
(0.8) %
|
|
— %
|
|
11.9 %
|
Total Net
Sales
|
|
8.7 %
|
|
2.4 %
|
|
(2.3) %
|
|
0.1 %
|
|
8.9 %
|
GENUINE PARTS COMPANY
AND SUBSIDIARIES
RECONCILIATION OF GAAP NET CASH PROVIDED BY OPERATING ACTIVITIES TO
FREE
CASH FLOW
(UNAUDITED)
|
|
|
|
Three Months Ended
March 31,
|
(in
thousands)
|
|
2023
|
|
2022
|
Net cash provided by
operating activities
|
|
$
197,507
|
|
$
398,808
|
Purchases of property,
plant and equipment
|
|
(88,100)
|
|
(78,045)
|
Free Cash
Flow
|
|
$
109,407
|
|
$
320,763
|
|
|
For the Year Ending
December 31, 2023
|
|
|
Previous
Outlook
|
|
Updated
Outlook
|
Net cash provided by
operating activities
|
|
$1.2 billion to $1.4
billion
|
|
$1.3 billion to $1.4
billion
|
Purchases of property,
plant and equipment
|
|
$375 million to $400
million
|
|
$375 million to $400
million
|
Free Cash
Flow
|
|
$800 million to $1.0
billion
|
|
$900 million to $1.0
billion
|
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SOURCE Genuine Parts Company