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- Genuine Parts Co GPC reported third-quarter FY22 sales growth of 17.8% year-on-year to $5.68 billion, beating the consensus of $5.38 billion.
- The company attributed the sales growth to a 12.7% increase in comparable sales and a 9.1% benefit from acquisitions.
- Automotive Group sales grew 8.9% Y/Y. This segment's profit margin increased 10 basis points to 8.9%.
- Sales for the Industrial Parts Group rose 35.3%, and the segment's profit margin expanded 80 basis points to 11.1%.
- Adjusted EPS of $2.23 beat the analyst consensus of $2.05.
- Gross profit increased 15.7% Y/Y to $1.98 billion. Selling, administrative and other expenses were $1.5 billion, an 8.9% rise Y/Y.
- Cash and equivalents totaled $629.2 million as of September 30, 2022. Net cash generated from operating activities for nine months totaled $1.2 billion.
- "The GPC 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," said Chairman and CEO Paul Donahue.
- Outlook: Genuine parts raised FY22 revenue growth guidance to 15% - 16% versus the prior outlook of 12% - 14%.
- It raised the FY22 adjusted EPS outlook to $8.05 - $8.15 from $7.80 - $7.95 versus the consensus of $7.96.
- Price Action: GPC shares traded higher by 2.54% at $163.00 in premarket on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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