- Record Sales of $5.3 Billion,
Up 18.6%
- Diluted EPS of $1.72, Up
14.7%
- Adjusted Diluted EPS of $1.86,
Up 24.0%
- Raising 2022 Outlook for Revenue Growth and Diluted and
Adjusted Diluted EPS
- Made Significant Progress on Integration of Kaman
Distribution Group
- Strengthened Balance Sheet and Strong Cash Flow
ATLANTA, April 21,
2022 /PRNewswire/ -- Genuine Parts Company (NYSE:
GPC) announced today its results for the first quarter ended
March 31, 2022.
"We are pleased with the continued strength in our results to
start the year, and we could not be prouder of the hard work by all
our 52,000 teammates," said Paul
Donahue, Chairman and Chief Executive Officer. "The first
quarter was highlighted by new sales records for GPC and our
Automotive and Industrial segments, margin expansion and our
seventh consecutive quarter of double-digit earnings growth. The
GPC team successfully navigated through ongoing supply chain
challenges and inflationary pressures at levels we haven't seen in
40 years."
First Quarter 2022 Results
Sales were $5.3 billion, an 18.6%
increase compared to $4.5 billion in
the same period of the prior year. The sales growth is attributable
to a 12.3% increase in comparable sales and an 8.1% benefit from
acquisitions, partially offset by a 1.8% net unfavorable impact of
foreign currency and other.
Net income was $245.8 million, or
a diluted earnings per share of $1.72. This compares to net income of
$217.7 million, or $1.50 per diluted share, in the prior year
period.
Adjusted net income was $265.7
million, an increase of 22.0% compared to adjusted net
income of $217.7 million for the same
three-month period of the prior year. On a per share diluted basis,
adjusted net income was $1.86, an
increase of 24.0% compared to $1.50
per diluted share last year.
First Quarter 2022 Segment Highlights
Automotive Parts Group
Automotive sales were $3.3
billion, up 10.9% from the first quarter of 2021, and
representing 62% of total Company revenues. The improvement
consisted of a 10.3% global increase in comparable sales and a 3.1%
contribution from acquisitions, net of a 2.5% unfavorable impact of
foreign currency and other. Segment profit of $264.6 million increased 12.3%, with a segment
profit margin of 8.1%, up 10 basis points from 2021.
Industrial Parts Group
Industrial sales were $2.0
billion, up 33.6% from the first quarter of 2021, and
representing 38% of total Company revenues. The sales increase
reflects a 17.9% contribution from the acquisition of Kaman
Distribution Group (KDG) and a 16.1% increase in comparable sales,
slightly offset by a 0.4% unfavorable impact of foreign currency.
Segment profit of $188.4 million
increased 50.3%, with profit margin of 9.3%, up 100 basis points
from 2021.
Mr. Donahue added, "The continued strength in Automotive
reflects solid growth across our operations, with 12% and 13%
comparable sales increases in the U.S. and Canada, respectively, and high-single digit
comps in Europe and Australasia.
Additionally, Industrial posted its fourth consecutive quarter of
double-digit sales comps, driven by strengthening sales trends
throughout the quarter."
"Our focus on key strategic priorities helped to deliver
profitable sales growth, expand margins and generate strong cash
flow in the quarter," said Will
Stengel, President. "We are also pleased with the progress
to integrate Kaman Distribution Group which is trending ahead of
plan."
Balance Sheet, Cash Flow and Capital Allocation
The Company generated operating cash flow from operations of
$398.8 million during the first three
months of 2022, an increase from $300.9
million in the same period last year. The increase was
driven primarily by higher net income and the effective management
of our working capital, including a $200
million benefit related to our A/R Sales Agreement during
the quarter. We used $1.4 billion in
cash for investing activities, primarily in connection with the
acquisition of KDG, in addition to $78
million for capital expenditures. We also had $914.0 million in cash provided by financing
activities, which includes $1.1 billion of net proceeds from debt,
primarily related to the KDG acquisition. This was partially offset
by quarterly dividends of $115.9 million paid to shareholders and
$72.9 million of stock
repurchases. Free cash flow was $320.8
million for the first three months of 2022.
The Company ended the quarter with $2.0 billion in total liquidity, consisting
of $1.4 billion availability on the
revolving credit facility and $0.6
billion in cash and cash equivalents.
2022 Outlook
In consideration of several factors, the Company is updating
full-year 2022 guidance previously provided in its earnings release
on February 17, 2022. 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 establishing its updated guidance, which is outlined in the
table below. Consistent with the previous outlook, the Company has
also accounted for an approximate 2% headwind from foreign currency
translation. The Company will continue to update full-year guidance
during 2022, as appropriate.
|
|
For the Year Ending
December 31, 2022
|
|
|
Previous
Outlook
|
|
Updated
Outlook
|
Total sales
growth
|
|
9% to 11%
|
|
10% to 12%
|
Automotive sales growth
|
|
4% to 6%
|
|
5% to 7%
|
Industrial sales growth
|
|
20% to 22%
|
|
21% to 23%
|
Diluted earnings per
share
|
|
$7.45 to
$7.60
|
|
$7.56 to
$7.71
|
Adjusted diluted
earnings per share
|
|
$7.45 to
$7.60
|
|
$7.70 to
$7.85
|
Effective tax
rate
|
|
Approximately
25%
|
|
Approximately
25%
|
Net cash provided by
operating activities
|
|
$1.5 billion to $1.7
billion
|
|
$1.5 billion to $1.7
billion
|
Free cash
flow
|
|
$1.2 billion to $1.4
billion
|
|
$1.2 billion to $1.4
billion
|
"The increase in our sales and earnings outlook reflects the
confidence in our plans for accelerated growth and profitability as
we build on the positive momentum in our Automotive and Industrial
businesses. While cognizant of the many uncertainties in the
global economy, we believe GPC is well-positioned with the
financial strength and flexibility to support our growth plans and
provide for disciplined, value-creating capital allocation while
enhancing 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 from operations, adjusted diluted
net income from operations per common share and free cash flow. We
believe that the presentation of adjusted net income from
operations, adjusted diluted net income from operations per common
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.
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 2523809. A replay will also be
available on our website or at 877-344-7529, conference ID 2602302,
two hours after the completion of the call.
About Genuine Parts Company
Founded in 1928, we are a global service organization engaged in
the distribution of automotive and industrial replacement parts.
Our 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. Our Industrial Parts Group
distributes industrial replacement parts in the U.S., Canada, Mexico and Australasia. In total, we serve our
global customers from an extensive network of more than 10,000
locations in 17 countries and has approximately 52,000 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, the extent
and duration of the disruption to our business operations caused by
the global health crisis associated with 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; disruptions in global
supply chains and in our suppliers operations, including as a
result of the impact of COVID-19 on our suppliers and our supply
chain; 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 and our suppliers
and customers; changes in general economic conditions, including
unemployment, inflation (including the impact of tariffs) or
deflation and geopolitical conflicts such as the conflict between
Russia and Ukraine; changes in tax policies; volatile
exchange rates; volatility in oil prices; significant cost
increases, such as rising fuel and freight expenses; 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 2021 and from time
to time in our subsequent filings with the SEC, all of which may be
amplified by the COVID-19 pandemic and the geopolitical conflicts,
such as the current conflict between Russia and Ukraine.
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)
|
|
2022
|
|
2021
|
Net sales
|
|
$
5,294,635
|
|
$
4,464,714
|
Cost of goods
sold
|
|
3,468,688
|
|
2,923,899
|
Gross profit
|
|
1,825,947
|
|
1,540,815
|
Operating
expenses:
|
|
|
|
|
Selling, administrative and other expenses
|
|
1,403,979
|
|
1,195,164
|
Depreciation and amortization
|
|
87,369
|
|
72,296
|
Provision for doubtful accounts
|
|
4,494
|
|
4,909
|
Total operating
expenses
|
|
1,495,842
|
|
1,272,369
|
Non-operating expense
(income):
|
|
|
|
|
Interest expense, net
|
|
19,850
|
|
18,324
|
Other
|
|
(15,461)
|
|
(35,737)
|
Total non-operating
expense (income)
|
|
4,389
|
|
(17,413)
|
Income before income
taxes
|
|
325,716
|
|
285,859
|
Income taxes
|
|
79,878
|
|
68,149
|
Net income
|
|
$ 245,838
|
|
$ 217,710
|
Dividends declared per
common share
|
|
$
0.8950
|
|
$
0.8150
|
Basic earnings per
share
|
|
$
1.73
|
|
$
1.51
|
Diluted earnings per
share
|
|
$
1.72
|
|
$
1.50
|
|
|
|
|
|
Weighted average common
shares outstanding
|
|
141,916
|
|
144,413
|
Dilutive effect of
stock options and non-vested restricted stock awards
|
|
926
|
|
887
|
Weighted average common
shares outstanding – assuming dilution
|
|
142,842
|
|
145,300
|
GENUINE PARTS COMPANY
AND SUBSIDIARIES
|
SEGMENT
INFORMATION
|
(UNAUDITED)
|
|
|
|
Three Months Ended
March 31,
|
(in
thousands)
|
|
2022
|
|
2021
|
Net sales:
|
|
|
|
|
Automotive
|
|
$ 3,275,621
|
|
$ 2,953,165
|
Industrial
|
|
2,019,014
|
|
1,511,549
|
Total net sales
|
|
$ 5,294,635
|
|
$ 4,464,714
|
Segment
profit:
|
|
|
|
|
Automotive
|
|
$
264,573
|
|
$
235,678
|
Industrial
|
|
188,353
|
|
125,292
|
Total segment profit
|
|
452,926
|
|
360,970
|
Interest expense,
net
|
|
(19,850)
|
|
(18,324)
|
Intangible asset
amortization
|
|
(39,694)
|
|
(25,544)
|
Corporate
expense
|
|
(41,751)
|
|
(31,243)
|
Other unallocated costs
(1)
|
|
(25,915)
|
|
—
|
Income before income
taxes
|
|
$
325,716
|
|
$
285,859
|
|
|
(1)
|
The following table
presents a summary of the other unallocated costs:
|
|
|
Three Months Ended
March 31,
|
(in
thousands)
|
|
2022
|
|
2021
|
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,
2022
|
|
March 31,
2021
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
610,776
|
|
$
1,117,988
|
Trade accounts receivable, less allowance for doubtful
accounts
(2022 – $49,644; 2021 –
$39,800)
|
|
2,137,806
|
|
1,809,637
|
Merchandise inventories, net
|
|
4,211,496
|
|
3,600,658
|
Prepaid expenses and other current assets
|
|
1,467,356
|
|
1,149,877
|
Total current
assets
|
|
8,427,434
|
|
7,678,160
|
Goodwill
|
|
2,534,521
|
|
1,885,447
|
Other intangible
assets, less accumulated amortization
|
|
1,935,153
|
|
1,455,333
|
Property, plant and
equipment, less accumulated depreciation
(2022 – $1,386,714; 2021 – $1,296,920)
|
|
1,239,046
|
|
1,165,236
|
Operating lease
assets
|
|
1,125,803
|
|
1,044,127
|
Other assets
|
|
1,011,354
|
|
715,240
|
Total assets
|
|
$ 16,273,311
|
|
$ 13,943,543
|
|
|
|
|
|
Liabilities and equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Trade accounts payable
|
|
$
5,214,540
|
|
$
4,479,398
|
Current portion of debt
|
|
120,000
|
|
160,373
|
Dividends payable
|
|
126,891
|
|
117,714
|
Other current liabilities
|
|
1,788,101
|
|
1,578,866
|
Total current
liabilities
|
|
7,249,532
|
|
6,336,351
|
Long-term
debt
|
|
3,387,851
|
|
2,458,020
|
Operating lease
liabilities
|
|
847,342
|
|
788,907
|
Pension and other
post–retirement benefit liabilities
|
|
263,257
|
|
254,558
|
Deferred tax
liabilities
|
|
400,980
|
|
206,630
|
Other long-term
liabilities
|
|
516,473
|
|
562,968
|
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 – 2022 –
141,627,749 shares; 2021 – 144,458,057 shares
|
|
141,628
|
|
144,458
|
Additional paid-in
capital
|
|
126,064
|
|
117,867
|
Accumulated other
comprehensive loss
|
|
(804,877)
|
|
(1,023,760)
|
Retained
earnings
|
|
4,132,925
|
|
4,085,998
|
Total parent
equity
|
|
3,595,740
|
|
3,324,563
|
Noncontrolling
interests in subsidiaries
|
|
12,136
|
|
11,546
|
Total equity
|
|
3,607,876
|
|
3,336,109
|
Total liabilities and
equity
|
|
$ 16,273,311
|
|
$ 13,943,543
|
GENUINE PARTS COMPANY
AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
|
|
|
Three Months Ended
March 31,
|
(in
thousands)
|
|
2022
|
|
2021
|
Operating activities:
|
|
|
|
|
Net income
|
|
$ 245,838
|
|
$ 217,710
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and amortization
|
|
87,369
|
|
72,296
|
Share-based compensation
|
|
7,171
|
|
6,235
|
Excess tax
benefits from share-based compensation
|
|
(714)
|
|
(1,764)
|
Changes in
operating assets and liabilities
|
|
59,144
|
|
6,465
|
Net cash provided by
operating activities
|
|
398,808
|
|
300,942
|
Investing activities:
|
|
|
|
|
Purchases
of property, plant and equipment
|
|
(78,045)
|
|
(48,391)
|
Proceeds
from sale of property, plant and equipment
|
|
5,895
|
|
16,863
|
Proceeds
from divestitures of businesses
|
|
25,939
|
|
10,345
|
Acquisitions of businesses and other investing
activities
|
|
(1,374,734)
|
|
(19,489)
|
Net cash
used in investing activities
|
|
(1,420,945)
|
|
(40,672)
|
Financing activities:
|
|
|
|
|
Proceeds
from debt
|
|
2,890,000
|
|
31,599
|
Payments
on debt
|
|
(1,784,585)
|
|
(26,767)
|
Share-based awards exercised
|
|
(1,063)
|
|
(5,429)
|
Dividends
paid
|
|
(115,876)
|
|
(114,043)
|
Purchases
of stock
|
|
(72,919)
|
|
—
|
Other
financing activities
|
|
(1,593)
|
|
(1,354)
|
Net cash provided by
(used in) financing activities
|
|
913,964
|
|
(115,994)
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
4,248
|
|
(16,454)
|
Net (decrease) increase
in cash and cash equivalents
|
|
(103,925)
|
|
127,822
|
Cash and cash
equivalents at beginning of period
|
|
714,701
|
|
990,166
|
Cash and cash
equivalents at end of period
|
|
$ 610,776
|
|
$
1,117,988
|
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)
|
|
2022
|
|
2021
|
GAAP net
income
|
|
$
245,838
|
|
$
217,710
|
|
|
|
|
|
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
|
|
$
265,650
|
|
$
217,710
|
The table below represent amounts per common share assuming
dilution:
|
|
Three Months Ended
March 31,
|
(in thousands, except
per share data)
|
|
2022
|
|
2021
|
GAAP net
income
|
|
$
1.72
|
|
$
1.50
|
|
|
|
|
|
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
|
|
$
1.86
|
|
$
1.50
|
Weighted average common
shares outstanding – assuming dilution
|
|
142,842
|
|
145,300
|
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)
|
|
2022
|
|
2021
|
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, 2022
|
|
|
Comparable
Sales
|
|
Acquisitions
|
|
Foreign
Currency
|
|
Other
|
|
GAAP Total
Net Sales
|
Automotive
|
|
10.3 %
|
|
3.1 %
|
|
(2.4) %
|
|
(0.1) %
|
|
10.9 %
|
Industrial
|
|
16.1 %
|
|
17.9 %
|
|
(0.4) %
|
|
— %
|
|
33.6 %
|
Total Net Sales
|
|
12.3
%
|
|
8.1
%
|
|
(1.7)
%
|
|
(0.1)
%
|
|
18.6
%
|
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)
|
|
2022
|
|
2021
|
Net cash provided by
operating activities
|
|
$
398,808
|
|
$
300,942
|
Purchases of property,
plant and equipment
|
|
(78,045)
|
|
(48,391)
|
Free Cash Flow
|
|
$
320,763
|
|
$
252,551
|
|
|
|
For the Year Ending
December 31, 2022
|
|
|
Previous
Outlook
|
|
Updated
Outlook
|
Net cash provided by
operating activities
|
|
$1.5 billion to $1.7
billion
|
|
$1.5 billion to $1.7
billion
|
Purchases of property,
plant and equipment
|
|
$300 million to $350
million
|
|
$300 million to $350
million
|
Free Cash Flow
|
|
$1.2 billion to $1.4
billion
|
|
$1.2 million to $1.4
million
|
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SOURCE Genuine Parts Company