Genuine Parts Company (GPC) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 20, 2022 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Good day, ladies and gentlemen. Welcome to the Genuine Parts Company Third Quarter 2022 Earnings Conference Call. Today’s call will be recorded.At this time, I would like to turn the conference over to Sid Jones, Senior Vice President, Investor Relations. Please go ahead, sir.

Sid Jones - SVP, IR

Good morning and thank you for joining us today for the Genuine Parts Company third quarter 2022 earnings conference call. With me today are Paul Donahue, our Chairman and Chief Executive Officer; Will Stengel, our President; and Bert Nappier, Executive Vice President and Chief Financial Officer.

As a reminder, today’s conference call and webcast includes slide presentation that can be found on the Investors page of the Genuine Parts Company website. Please be advised this call may include certain non-GAAP financial measures, which maybe referred to during today’s discussion of our results as reported under Generally Accepted Accounting Principles. A reconciliation of these measures is provided in the earnings press release issued this morning, which is also posted on the Investor page of our website.

Today’s call may also involve forward-looking statements regarding the company and its businesses. The company’s actual results could differ materially from any forward-looking statements due to several important factors described in the company’s latest SEC filings, including this morning’s press release. The company assumes no obligation to update any forward-looking statements made during the call.

Now I will turn it over to Paul for his remarks.

Paul Donahue - Chairman and CEO

Thank you, Sid and good morning. Welcome to our third quarter 2022 earnings conference call. Before diving into the details of the quarter, we want to say that our hearts go out to our teammates, suppliers, customers and all those affected by the devastating impact of Hurricane Ian in late September. GPC is committed to providing care and support through our GPC Relief Fund and our partners at the American Red Cross.

So now turning to the quarter. We are pleased with the continued strength of our results for 2022 and we are proud of the great work by all of our 53,000 GPC teammates who are at the core of our success. Our team delivered record results with double-digit sales and earnings growth driven by the execution of effective strategies and continued resilience of our automotive and industrial businesses.