Genuine Parts (NYSE:GPC) Releases FY24 Earnings Guidance

Genuine Parts (NYSE:GPC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $8.00-$8.20 for the period, compared to the consensus estimate of $9.35. The company issued revenue guidance of $23.33-$23.56 billion, compared to the consensus revenue estimate of $23.46 billion. Genuine Parts also updated its FY 2024 guidance to 8.000-8.200 EPS.

Genuine Parts Price Performance

Genuine Parts stock traded down $2.74 during mid-day trading on Thursday, hitting $113.50. The stock had a trading volume of 313,177 shares, compared to its average volume of 992,770. The company has a current ratio of 1.12, a quick ratio of 0.54 and a debt-to-equity ratio of 0.66. The firm’s 50 day moving average is $138.23 and its 200 day moving average is $142.63. The firm has a market capitalization of $15.81 billion, a P/E ratio of 12.96 and a beta of 0.90. Genuine Parts has a one year low of $112.74 and a one year high of $164.45.

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

Genuine Parts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date was Friday, September 6th. Genuine Parts’s dividend payout ratio (DPR) is currently 44.59%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on Genuine Parts from $162.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday. Wedbush cut their target price on shares of Genuine Parts from $145.00 to $120.00 and set a “neutral” rating on the stock in a research report on Wednesday. UBS Group lowered their price target on shares of Genuine Parts from $145.00 to $125.00 and set a “neutral” rating for the company in a research report on Wednesday. StockNews.com lowered shares of Genuine Parts from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Truist Financial decreased their price objective on Genuine Parts from $164.00 to $129.00 and set a “buy” rating for the company in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $139.57.

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.