Genuine Parts slumps on annual forecast cut, Q3 profit miss

Genuine Parts

22/10/2024 14:06

** Shares of automotive and industrial spare parts maker
Genuine Parts Company  GPC.N  tumble 15% to $121.25 premarket 
    ** GPC lowers FY profit forecast to $8.00 - $8.20 from prior
forecast of $9.30 to $9.50 per share
    ** Co revised FY rev growth to 1%-2% vs 1%-3% previously
    ** Co posts Q3 EPS $1.88, below analysts' expectations of
$2.42, as per LSEG data
    ** "Our results were below our expectations, primarily
driven by continued weakness in market conditions in Europe and
our industrial business," - Will Stengel, CEO
    ** 4 of 13 brokerages rate the stock "buy" or above, and 9
"hold"; their median PT is $155.70 - LSEG data
    ** As of last close, stock rose ~3.34% YTD
    

 (Reporting by Ankita Bora in Bengaluru)
 ((Ankita.Bora@thomsonreuters.com;))