Genuine Parts (NYSE:GPC) Releases FY 2024 Earnings Guidance

Genuine Parts (NYSE:GPC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 8.000-8.200 for the period, compared to the consensus EPS estimate of 9.360. The company issued revenue guidance of $23.3 billion-$23.6 billion, compared to the consensus revenue estimate of $23.5 billion. Genuine Parts also updated its FY24 guidance to $8.00-$8.20 EPS.

Genuine Parts Price Performance

Shares of NYSE:GPC opened at $114.00 on Wednesday. The firm has a fifty day moving average price of $138.64 and a 200 day moving average price of $142.82. Genuine Parts has a fifty-two week low of $112.74 and a fifty-two week high of $164.45. The firm has a market cap of $15.88 billion, a price-to-earnings ratio of 12.71 and a beta of 0.90. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.54 and a current ratio of 1.12.

Genuine Parts (NYSE:GPC) last posted its earnings results on Tuesday, October 22nd. The specialty retailer reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.54). The business had revenue of $6 billion during the quarter, compared to the consensus estimate of $5.94 billion. Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The business’s quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.49 earnings per share. As a group, sell-side analysts expect that Genuine Parts will post 9.37 earnings per share for the current fiscal year.

Genuine Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were given a dividend of $1.00 per share. The ex-dividend date was Friday, September 6th. This represents a $4.00 dividend on an annualized basis and a yield of 3.51%. Genuine Parts’s dividend payout ratio (DPR) is presently 44.59%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group reduced their target price on shares of Genuine Parts from $166.00 to $162.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. JPMorgan Chase & Co. cut their price target on shares of Genuine Parts from $162.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday. StockNews.com downgraded shares of Genuine Parts from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Truist Financial reaffirmed a “buy” rating and set a $164.00 target price on shares of Genuine Parts in a research report on Wednesday, August 28th. Finally, UBS Group dropped their price objective on shares of Genuine Parts from $165.00 to $150.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 3rd. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $155.14.

About Genuine Parts

Genuine Parts Company distributes automotive replacement parts, and industrial parts and materials. It operates in two segments: Automotive Parts Group and Industrial Parts Group segments. The company distributes automotive replacement parts for hybrid and electric vehicles, trucks, SUVs, buses, motorcycles, recreational vehicles, farm vehicles, small engines, farm equipment, marine equipment, and heavy duty equipment; and equipment and parts used by repair shops, service stations, fleet operators, automobile and truck dealers, leasing companies, bus and truck lines, mass merchandisers, farms, and individuals.