Genuine Parts Company (GPC) Q4 2022 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, ladies and gentlemen. Welcome to the Genuine Parts Company Fourth Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. Please note, today’s call is being recorded.

At this time, I would like to turn the conference over to Sid Jones, Senior Vice President, Investor Relations. Please go ahead.

Sid Jones - SVP, IR

Good morning and thank you for joining us today for the Genuine Parts Company fourth quarter and full year 2022 earnings conference call. With me today are Paul Donahue, our Chairman and Chief Executive Officer; Will Stengel, our President; and Chief Operating Officer; 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 fourth quarter 2022 earnings conference call. We are pleased to report the GPC team capped off a record setting year with a strong fourth quarter highlighted by double-digit sales and earnings growth coupled with continued margin expansion.

We're incredibly proud of the progress in our operations and thankful to our teammates across the globe for their ongoing commitment to excellence.

With the support of strong industry fundamentals and resilience of our automotive and industrial businesses, our teams were focused on executing key initiatives to drive sales growth faster than the market, improved gross margin and enhance operational efficiencies. As a result, we delivered in several key areas in the fourth quarter and full year.