Genuine Parts (NYSE:GPC) Releases FY24 Earnings Guidance

Genuine Parts (NYSE:GPC) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $8.00-$8.20 for the period, compared to the consensus earnings per share 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 Stock Down 0.0 %

GPC stock opened at $143.14 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.12 and a quick ratio of 0.54. The company’s 50 day simple moving average is $138.97 and its 200-day simple moving average is $143.12. Genuine Parts has a 12 month low of $126.35 and a 12 month high of $164.45. The firm has a market capitalization of $19.94 billion, a PE ratio of 15.96 and a beta of 0.90.

Genuine Parts (NYSE:GPC) last released its quarterly earnings results on Tuesday, July 23rd. The specialty retailer reported $2.44 earnings per share for the quarter, missing the consensus estimate of $2.59 by ($0.15). Genuine Parts had a return on equity of 30.03% and a net margin of 5.24%. The company had revenue of $5.96 billion for the quarter, compared to analysts’ expectations of $6.03 billion. During the same period in the previous year, the business posted $2.44 EPS. The business’s quarterly revenue was up .8% on a year-over-year basis. Equities 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. Investors of record on Friday, September 6th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date of this dividend was Friday, September 6th. Genuine Parts’s dividend payout ratio is presently 44.59%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GPC. StockNews.com downgraded shares of Genuine Parts from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. upped their target price on Genuine Parts from $157.00 to $162.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. UBS Group decreased their price target on Genuine Parts from $165.00 to $150.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 3rd. Wedbush dropped their price objective on shares of Genuine Parts from $170.00 to $145.00 and set a “neutral” rating for the company in a research note on Wednesday, July 24th. Finally, Evercore ISI lowered their target price on shares of Genuine Parts from $150.00 to $148.00 and set an “in-line” rating for the company in a report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $157.29.

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.