Genuine Parts (NYSE:GPC) Releases FY 2024 Earnings Guidance

Genuine Parts (NYSE:GPC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 8.000-8.200 for the period, compared to the consensus EPS estimate of 9.360. The company issued revenue guidance of $23.3 billion-$23.6 billion, compared to the consensus revenue estimate of $23.5 billion. Genuine Parts also updated its FY24 guidance to $8.00-$8.20 EPS.

Genuine Parts Stock Down 2.7 %

Shares of NYSE:GPC opened at $113.11 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.54 and a current ratio of 1.12. Genuine Parts has a 52-week low of $112.74 and a 52-week high of $164.45. The firm has a market capitalization of $15.76 billion, a P/E ratio of 12.61 and a beta of 0.90. The stock has a 50 day moving average price of $137.72 and a 200-day moving average price of $142.43.

Genuine Parts (NYSE:GPC) last announced its quarterly earnings data on Tuesday, October 22nd. The specialty retailer reported $1.88 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.54). The firm had revenue of $6 billion for the quarter, compared to analysts’ expectations of $5.94 billion. Genuine Parts had a net margin of 5.24% and a return on equity of 30.03%. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the business posted $2.49 EPS. As a group, equities research analysts anticipate that Genuine Parts will post 9.37 EPS for the current fiscal year.

Genuine Parts Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th were issued a dividend of $1.00 per share. The ex-dividend date was Friday, September 6th. This represents a $4.00 annualized dividend and a dividend yield of 3.54%. Genuine Parts’s payout ratio is 44.59%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GPC. Truist Financial reduced their price objective on Genuine Parts from $164.00 to $129.00 and set a “buy” rating for the company in a research report on Wednesday. The Goldman Sachs Group reduced their price target on Genuine Parts from $162.00 to $138.00 and set a “neutral” rating for the company in a report on Wednesday. JPMorgan Chase & Co. lowered their price target on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday. UBS Group cut their price objective on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Evercore ISI lifted their target price on shares of Genuine Parts from $155.00 to $160.00 and gave the stock an “in-line” rating in a report on Tuesday. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Genuine Parts presently has a consensus rating of “Hold” and a consensus price target of $139.57.

Genuine Parts Company Profile

Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates in two segments: Automotive Parts Group and Industrial Parts Group segments. The company distributes automotive replacement parts for hybrid and electric vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, marine equipment, and heavy duty equipment; and equipment and parts used by repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.