2023-04-20 13:50:27 ET
Genuine Parts Company ( NYSE: GPC ) stock rose into afternoon trading on Thursday, rebounding from a midday dip.
In a first quarter report provided on Thursday morning, the Atlanta-based auto parts and service company posted $2.14 in earnings per share, beating the analyst consensus by $0.09. Meanwhile, a 9.4% rise in revenue to $5.8B came in $120M above estimates .
“Our performance was a clear example of how our multi-year strategic transformation to a global Automotive and Industrial company is a competitive advantage that distinguishes GPC in the marketplace,” CEO Paul Donahue commented. “We benefited from our business mix and the geographic diversity of our operations with continued strong performances in our international automotive businesses and in the industrial segment.”
Following the positive Q1 report, the company hiked its full-year forecasts for EOS and cash from operations. Management now anticipates $8.95 to $9.10 in earnings per share for the full-year, raised from a prior forecast of $8.80 to $8.95 and above the $8.93 consensus expectation. The guidance for cash from operations was narrowed to a range of $1.3B to $1.4B from $1.2B to $1.4B. Revenue growth in the range of 4% to 6% was reaffirmed, analysts anticipate about a 5.5% jump for the full-year.
Shares of Genuine Parts Company ( GPC ) pushed about 2% higher, rebounding from a mid-day dip that briefly placed shares in the red.
Read the earnings call transcript .
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Genuine Parts stock gains on earnings beat, raised profit outlook