Genuine Parts Company (NYSE: GPC), Atlanta, Ga., a distributor of automotive and industrial replacement parts, reported sales for the fourth quarter 2023 were $5.6 billion, up 1.1%. Profit was $317 million.
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Sales for the full year 2023 were $23.1 billion, up 4.5%.
For the fourth quarter, by segment:
- Automotive sales were $3.5 billion, up 0.8% from a year ago. Segment profit was $259 million.
- Industrial parts group sales (Motion Industries) were up 1.7% to $2.1 billion. Segment profit was $275 million.
GPC also reported a global restructuring to “align the company’s assets and further improve the efficiency of the business.”
According to GPC: “This initiative includes an announced voluntary retirement offer in the U.S., along with a rationalization and optimization of certain distribution centers, stores and other facilities. GPC expects to incur costs of approximately $100 million to $200 million related to the restructuring efforts in 2024 and will report these costs as a non-recurring expense. Through these efforts, the company expects to realize approximately $20 million to $40 million of savings in 2024, and approximately $45 million to $90 million on an annualized basis.”
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