Genuine Parts Reports Sales Growth But Misses Analyst Consensus, Reaffirms Outlook
Portfolio Pulse from Shivani Kumaresan
Genuine Parts Co (NYSE:GPC) reported Q3 FY23 sales growth of 2.6% to $5.82 billion, missing the analyst consensus estimate of $5.92 billion. The company attributed the sales growth to an increase in comparable sales and benefit from acquisitions. Adjusted EPS of $2.49 beat the analyst consensus of $2.40. The company reaffirmed its FY23 revenue growth outlook of 4% - 6% and raised its FY23 adjusted EPS outlook from $9.15 - $9.30 to $9.20 - $9.30.
October 19, 2023 | 3:46 pm
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Genuine Parts Co reported lower than expected Q3 sales but beat EPS estimates. The company reaffirmed its FY23 revenue growth outlook and raised its EPS outlook.
While Genuine Parts Co reported lower than expected sales for Q3, it beat EPS estimates and raised its EPS outlook for FY23. This mixed result could lead to neutral short-term price movement.
CONFIDENCE 90
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