WASHINGTON (dpa-AFX) - (Adds Outlook)
Genuine Parts Co (GPC) has raised its full-year adjusted earnings outlook to the range of $9.15-$9.30 from the previous outlook of $8.95 to $9.10.
Analysts on average polled by Thomson-Reuters expect the company to report earnings of $9.08 per share for the year.
Outlook for sales growth remains at 4%-6%. The consensus estimate is for 6.10% growth.
For the second quarter, Genuine Parts reported a profit that decreased from the same period last year but beat the Street estimates.
The company's bottom line came in at $344.49 million, or $2.44 per share. This compares with $372.53 million, or $2.62 per share, in last year's second quarter.
Excluding items, Genuine Parts Co reported adjusted earnings of $344.49 million or $2.44 per share for the period.
Analysts on average had expected the company to earn $2.34 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 5.7% to $5.92 billion from $5.60 billion last year.
Genuine Parts Co Q2 earnings at a glance (GAAP) :
-Earnings (Q2): $344.49 Mln. vs. $372.53 Mln. last year. -EPS (Q2): $2.44 vs. $2.62 last year. -Analyst Estimates: $2.34 -Revenue (Q2): $5.92 Bln vs. $5.60 Bln last year.
-Guidance: Full year EPS guidance: $9.15 to $9.30
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