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Genuine Parts Co (GPC) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Genuine Parts Co

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CIK: 819050 Ticker: GPC


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GENUINE PARTS COMPANY
NEWS RELEASE

FOR IMMEDIATE RELEASE



GENUINE PARTS COMPANY
REPORTS THIRD QUARTER 2020 RESULTS

•Sales of $4.4 billion, Down 3.4%; Excluding Divestitures, Up 0.8%
•Diluted Net Income per Share from Continuing Operations $1.61, Up 11%
•Diluted Adjusted EPS from Continuing Operations $1.63, Up 17%
•Segment Profit Up 100 basis points to 9.0%
•Strengthened Balance Sheet, Enhanced Liquidity and Strong Cash Flows


Atlanta, Georgia, October 22, 2020 -- Genuine Parts Company (NYSE: GPC) announced today its results for the third quarter and nine months ended September 30, 2020.

“The GPC team remained focused on our top priorities through the third quarter, aggressively managing our operations through the challenges of COVID-19. We are proud of everyone's hard work and commitment to operational excellence, which has required effective measures to maintain a safe work environment while also providing first class customer service,” said Paul Donahue, Chairman and Chief Executive Officer of Genuine Parts Company.

Third Quarter 2020 Results

Sales from continuing operations were $4.4 billion, a 3.4% decrease compared to $4.5 billion in the same period of the prior year. The decrease in sales is attributable to a 1.8% decline in comparable sales and a 4.2% impact from divestitures. These items were partially offset by a 1.3% benefit from acquisitions and a 1.3% net impact of foreign currency and other. Excluding divestitures, net sales from continuing operations were up 0.8% in the third quarter1, which compares to a 10.1% sales decrease in the second quarter.

Net income from continuing operations was $232.9 million, or a diluted earnings per share of $1.61. This compares to net income from continuing operations of $212.3 million, or $1.45 per diluted share in the prior year period. Excluding the impact of restructuring and transaction and other costs, the Company's adjusted net income from continuing operations was $236.8 million, compared to $203.8 million a year
1 Adjusted net income from continuing operations, adjusted diluted net income from continuing operations per common share, sales excluding divestitures and free cash flow referred in this press release are non-GAAP financial measures. Please refer to the supplemental information presented below for reconciliations of the non-GAAP financial measures used in this release to the most comparable GAAP financial measure and related disclosures.
(Cont.)
The following information was filed by Genuine Parts Co (GPC) on Thursday, October 22, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Genuine Parts Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Equity (Parenthetical)
Condensed Consolidated Statements Of Income
Accounts Receivable Sales Agreement
Accounts Receivable Sales Agreement (Details)
Accounts Receivable Sales Agreement (Tables)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Changes In Accumulated Other Comprehensive (Loss) By Component (Details)
Acquisitions, Divestitures And Discontinued Operations
Acquisitions, Divestitures And Discontinued Operations (Tables)
Acquisitions, Divestitures And Discontinued Operations - Additional Information (Details)
Acquisitions, Divestitures And Discontinued Operations - Assets And Liabilities (Details)
Acquisitions, Divestitures And Discontinued Operations - Results Of Operations For Discontinued Operations (Details)
Basis Of Presentation
Basis Of Presentation (Policies)
Commitments And Contingencies
Commitments And Contingencies (Details)
Credit Facilities
Credit Facilities (Details)
Derivatives And Hedging
Derivatives And Hedging (Tables)
Derivatives And Hedging - Schedule Of (Losses) Gains Related To Designated Cash Flow Hedges And Net Investment Hedges (Details)
Derivatives And Hedging - Schedule Of Location And Fair Value Amounts Of Derivative Instruments (Details)
Earnings Per Share
Earnings Per Share (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Components Of Net Periodic Benefit Income For The Pension Plans (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Details)
Goodwill And Other Intangible Assets (Tables)
Guarantees
Guarantees (Details)
Income Taxes
Income Taxes (Details)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Details)
Restructuring
Restructuring (Tables)
Restructuring - Additional Information (Details)
Restructuring - Rollforward Of Restructuring Liability (Details)
Restructuring - Summary Of Restructuring Costs (Details)
Segment Information
Segment Information (Tables)
Segment Information - Disaggregated Geographical Revenue By Reportable Segment (Details)
Segment Information - Operating Results By Segment (Details)
Segment Information - Summary Of Unallocated Costs (Details)

Material Contracts, Statements, Certifications & more

Genuine Parts Co provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: GPC
CIK: 40987
Form Type: 10-Q Quarterly Report
Accession Number: 0000040987-20-000044
Submitted to the SEC: Thu Oct 22 2020 2:58:24 PM EST
Accepted by the SEC: Thu Oct 22 2020
Period: Wednesday, September 30, 2020
Industry: Wholesale Motor Vehicle Supplies And New Parts

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