Genuine Parts cuts 2024 earnings forecast on industrial business weakness; shares dip
Oct 22 (Reuters) -Auto parts replacement provider Genuine Parts GPC.N cut its 2024 earnings per share forecast on Tuesday, as third-quarter earnings per share missed estimates due to weakness in its industrial segment and market conditions in Europe.
Shares of the company fell more than 9% in pre-market trading.
Slower recovery in the European automotive aftermarket business has been a drag on the Atlanta-based company, even as it tried to control costs through restructuring initiatives, including headcount management.
Sales weakness also persists in the company's industrial segment which distributes a wide variety of industrial bearings and mechanical and fluid power transmission equipment.
The company now expects 2024 industrial segment sales to decline by 2% to 1%, compared to its prior expectation of up to 2% growth.
Genuine Parts also cut its full-year earnings per share forecast and lowered the top end of its sales forecast range.
It now expects 2024 adjusted earnings per share to be in the range of $8.00 to $8.20, compared to its prior forecast of $9.30 to $9.50 per share.
It expects total sales to grow by up to 2%, a revision to its earlier outlook of up to 3% growth.
The company posted third-quarter adjusted earnings per share of $1.88, down from $2.49 last year and well below analysts' average estimate of $2.42, according to data compiled by LSEG.
It reported quarterly revenue of $5.97 billion, compared to analysts' average estimate of $5.94 billion.
Reporting by Raechel Thankam Job and Ananta Agarwal; Editing by Shilpi Majumdar and Mrigank Dhaniwala
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
