News

(RTTNews) - Genuine Parts Co. (GPC), while reporting weak profit in its first quarter, on Thursday updated fiscal 2024 adjusted earnings outlook above market estimates, and reaffirmed revenue growth forecast.

In pre-market activity on the NYSE, Genuine Parts shares were gaining around 2 percent to trade at $147.

For fiscal 2024, the company now projects earnings per share of $9.05 to $9.20 and adjusted earnings per share of $9.80 to $9.95.

For the year, the company was projecting earnings per share of $8.95 to $9.15 and adjusted earnings per share of $9.70 to $9.90.

Analysts on average expect the company to earn $9.78 per share for the year, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total sales growth is still projected between 3 percent and 5 percent, with automotive sales growth of 2 percent to 4 percent and industrial sales growth of 3 percent to 5 percent.

In fiscal 2023, earnings per share were $9.33 on a reported and adjusted basis, with sales growth of 4.5 percent to $23.1 billion.

The company said it considered its recent business trends and financial results, current growth plans, strategic initiatives, global economic outlook, geopolitical conflicts and the potential impact on results in updating its guidance.

In its first quarter, Genuine Parts' profit decreased from last year but beat the Street estimates.

The company's bottom line came in at $248.89 million, or $1.78 per share. This compares with $303.96 million, or $2.14 per share, in last year's first quarter.

Adjusted earnings were $310.90 million or $2.22 per share for the period. Analysts had expected the company to earn $2.16 per share.

The company's revenue for the quarter rose 0.2% to $5.78 billion from $5.77 billion last year.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.