Genuine Parts Co. Q2 FY2024 results: revenue $6.0 billion, up 0.8% on the year

Genuine Parts Co. (GPC) reported revenue of $6.0 billion for Q2 FY2024, the quarter ended 30 June 2024, up 0.8% on the same quarter a year earlier. Net income was $296 million, down 14.2% on the year, and diluted earnings per share $2.11. The figures are the company's own, from the 10-Q it filed with the SEC on 23 July 2024.

Revenue$6.0 billionup 0.8%

Net income$296 milliondown 14.2%

Diluted EPS$2.11

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	5,963	5,784	n/a	n/a
Cost of revenue	3,782	3,709	n/a	n/a
Gross profit	2,180	2,075	n/a	n/a
Gross margin	36.6%	35.9%	n/a
Selling, general and administrative	1,647	1,575	n/a	n/a
Operating income	4,180	4,029	n/a	n/a
Operating margin	70.1%	69.7%	n/a
Interest expense	21.9	17.7	n/a	n/a
Pre-tax income	386	325	n/a	n/a
Income tax	90.7	76.3	n/a	n/a
Effective tax rate	23.5%	23.5%	n/a
Net income	296	249	n/a	n/a
Net margin	5.0%	4.3%	n/a
Diluted EPS	$2.11	$1.78	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	294	318	n/a	n/a
Capital expenditure	144	116	n/a	n/a
Free cash flow	150	203	n/a	n/a
Free cash flow margin	2.5%	3.5%	n/a
Depreciation and amortisation	99.2	90.6	n/a	n/a
Share-based compensation	18.0	8.6	n/a	n/a
Buybacks	37.5	37.5	n/a	n/a
Dividends paid	139	133	n/a	n/a
Dividend per share	$1.00	$1.00	n/a	n/a
Diluted shares, weighted	140m	140m	n/a	n/a
Shares outstanding at period end	139m	139m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	18,869	18,337	n/a	n/a
Cash and equivalents	555	1,050	n/a	n/a
Inventory	5,104	4,736	n/a	n/a
Goodwill	2,859	2,737	n/a	n/a
Long-term debt	3,027	3,030	n/a	n/a
Operating lease liabilities	1,318	1,070	n/a	n/a
Shareholders' equity	4,541	4,402	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	5,825	5,586	5,784	5,963	5,970	5,770	5,866	6,164	6,260	6,009	6,265	6,537
Cost of revenue	3,715	3,553	3,709	3,782	3,772	3,700	3,692	3,840	3,919	3,908	3,926	4,066
Gross profit	2,109	2,033	2,075	2,180	2,198	2,070	2,174	2,324	2,341	2,101	2,339	2,471
Gross margin	36%	36%	36%	37%	37%	36%	37%	38%	37%	35%	37%	38%
SG&A	1,552	1,522	1,575	1,647	1,722	1,698	1,710	1,771	1,806	1,864	1,857	1,918
Operating income	4,181	3,971	4,029	4,180	4,094	3,889	3,980	4,217	4,253	3,870	4,212	4,403
Operating margin	72%	71%	70%	70%	69%	67%	68%	68%	68%	64%	67%	67%
Interest expense	15.8	15.3	17.7	21.9	27.8	29.4	37.2	40.2	40.3	45.7	44.0	n/a
Pre-tax income	465	419	325	386	298	167	252	339	292	-830	245	294
Tax rate	24%	24%	23%	23%	24%	20%	23%	25%	22%	n/a	23%	23%
Net income	351	317	249	296	227	133	194	255	226	-609	189	228
Net margin	6%	6%	4%	5%	4%	2%	3%	4%	4%	-10%	3%	3%
Diluted EPS	$2.49	$2.26	$1.78	$2.11	$1.62	$0.96	$1.40	$1.83	$1.62	-$4.38	$1.37	$1.65
Operating cash flow	625	353	318	294	484	155	-40.8	210	342	380	63.9	400
Capital expenditure	145	163	116	144	126	182	120	129	102	119	97.6	108
Free cash flow	481	190	203	150	358	-26.7	-161	81.0	240	261	-33.6	292
Buybacks	37.5	89.1	37.5	37.5	37.5	37.5	0.0	0.0	0.0	0.0	n/a	n/a
Dividends paid	133	133	133	139	139	144	134	143	143	143	142	146
Shares outstanding	140m	140m	139m	139m	139m	139m	139m	139m	139m	138m	138m	138m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 23 July 2024, accession 0000040987-24-000178: the filing on EDGAR. All of Genuine Parts Co.'s filings: EDGAR company page.

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