Genuine Parts Co. (GPC) reported 2021 sales of $18.9 billion, a 14.1% increase over 2020.
Full-year sales for GPC’s Automotive Parts Group were $12.5 billion, up from $10.9 billion in 2021.
GPC closed the year on a high note. Fourth-quarter sales were up 13% year-over-year to $4.8 billion. GPC attributed the fourth-quarter performance to an 11.3% increase in comparable sales and a 1.9% benefit from acquisitions, partially offset by a slightly unfavorable impact of foreign currency and other.
Fourth-quarter sales for the Automotive Parts Group were $3.2 billion, up 13.1% from 2020 and representing 66% of total company revenues.
“The GPC team finished the year with a strong fourth quarter, further building on the positive momentum of the first nine months of 2021,” said Paul Donahue, chairman and CEO of GPC. “We are proud of our progress through the year and thankful to our 52,000 teammates for their hard work and ongoing commitment to excellence.
“Strong sales growth combined with ongoing initiatives to improve gross margin and control expenses in an inflationary environment drove an 18% increase in adjusted earnings per share, which, along with our continued focus on working capital improvement, helped us to deliver strong cash flow. Our capital-allocation priorities remain investing for enhanced productivity and growth, while also returning capital to shareholders via the dividend and share repurchases.”
For 2022, GPC offered guidance that included year-over-year sales growth between 9% and 11%. The company expects sales in the Automotive Parts Group to increase between 4% and 6%, and sales in the Industrial Parts Group to increase between 20% and 22%.
“Looking ahead, we remain confident in our plans for accelerated growth and profitability as we build on the underlying momentum in our automotive and industrial operations and begin to realize the benefits from our recent industrial acquisition of Kaman Distribution Group,” Donahue said in a news release.
