Genuine Parts Company (NYSE:GPC) will look for M&A. Herbert Nappier Executive Vice President and Chief Financial Officer said during the Fourth Quarter 2023 Earnings Conference Call, "With our strong balance sheet and cash flows, we are well positioned to take advantage of opportunities that fit with our long-term growth strategies regardless of the economic backdrop. In 2024, we will continue our long history of balanced capital allocation with four priorities: capital expenditures, M&A, our dividend and share repurchases. During the fourth quarter, we added a new capability and further flexibility to pursue strategic investments with our commercial paper program launched in December.

Our cash flows will remain strong in 2024 as we expect cash from operations to be in a range of $1.3 billion to $1.5 billion with free cash flow of $800 million to $1 billion. As we outlined at Investor Day, investments in our supply chain and IT capabilities are central to our success. For 2024, we expect CapEx to be approximately $500 million or 2% of revenue, consistent with 2023.

As we look at 2024, the growth capital we are deploying, which is approximately 55% of our forecast will drive modernization of our supply chain through automation and new DCs and fulfillment locations that are partnered with technology that enhances our customer experience like our investments in catalog and search platforms through our partnership with Google. As we look at M&A, our global pipeline remains robust and we continue to remain disciplined pursuing opportunities that create value. Our strong track record of success, combined with our ability to put our balance sheet to work positions us well to further grow our global scale and footprint.

In maintaining our focus on shareholder returns, this morning, our Board approved a $4 per share annual dividend for 2024, representing our 68th consecutive increase to our annual dividend. This represents a 5.3% increase from the $3.80 per share paid in 2023".