Why Genuine Parts Shares Are Sliding Today
Portfolio Pulse from Akanksha Bakshi
Genuine Parts Co (NYSE:GPC) reported Q2 FY23 sales growth of 5.6% YoY to $5.92 billion, missing the consensus of $5.96 billion. The company attributed the growth to a 4.9% increase in comparable sales and a 1.8% benefit from acquisitions. Adjusted EPS of $2.44 beat the consensus of $2.34. The company ended the quarter with $2 billion in total liquidity. For FY23, the company expects a revenue growth of 4% - 6% and raised its EPS outlook to $9.15-$9.30 from $8.95-$9.10. GPC shares are trading lower by 6.46% at $157.21.
July 20, 2023 | 2:43 pm
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Genuine Parts Co reported lower than expected Q2 FY23 sales but beat EPS estimates. The company raised its FY23 EPS outlook. Shares are down 6.46%.
Despite beating EPS estimates and raising its FY23 EPS outlook, Genuine Parts Co's shares are down due to lower than expected Q2 sales. This indicates that the market is reacting more to the sales miss than the EPS beat.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100