Genuine Parts Company ( NYSE: GPC ) stock jumped on Thursday after the company cruised past earnings expectations for the fourth quarter.
The Atlanta-based auto repair provider notched $2.05 in earnings per share, beating estimates by $0.17. Meanwhile, a 14.6% jump in revenue year over year to $5.5B was $170M above the Street consensus. Profit margin of 8.6% for the quarter reflected a 30 basis point increase from the prior year quarter.
“The GPC team capped off a record-setting year with a strong fourth quarter highlighted by double-digit sales and earnings growth and continued margin expansion.” CEO Paul Donahue said. “Working together, we have been agile in navigating the dynamics of the macro-economy and continue to deliver market share gains and drive positive momentum in our top and bottom-line results."
For 2023, management expects sales to grow in the range of 4% to 6% from 2022, above the consensus expectation of 3.4%. Additionally, an adjusted EPS forecast between $8.80 to $8.95 came in above the Street consensus of $8.67.
Shares of Genuine Parts Company ( GPC ) rose 3.65% after Thursday’s market open.
Read more on the company’s dividend increase .
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Genuine Parts stock gains on earnings beat, upbeat guidance