Genuine Parts Stock Price, News & Analysis

Genuine Parts Company (GPC) reported record sales of $5.8 billion for Q1 2023, an 8.9% increase from the previous year. The diluted EPS rose by 24.4% to $2.14, reflecting strong performance in both the Automotive and Industrial segments. Automotive sales reached $3.5 billion, up 7.0%, while Industrial sales increased by 11.9% to $2.3 billion. The company has raised its diluted EPS outlook for the year to between $8.95 and $9.10 and expects cash from operations to be $1.3 billion to $1.4 billion.

The firm emphasizes its strategic transformation and geographic diversity as key growth drivers, despite some foreign currency impacts. GPC maintains a balanced portfolio and optimism for continued growth amidst economic challenges.

Genuine Parts Company (NYSE: GPC) will release its first quarter financial results on April 20, 2023, at 11:00 a.m. ET. A conference call will follow, accessible via the company's investor relations website or by dialing 888-317-6003 with conference ID 8846157. A replay of the call will be available within two hours after its conclusion. Genuine Parts Company, established in 1928, specializes in the distribution of automotive and industrial replacement parts across multiple countries, serving customers from over 10,000 locations worldwide.

Genuine Parts Company (NYSE: GPC) hosted its 2023 Investor Day in Atlanta, reaffirming its full-year 2023 financial outlook. The company expects total sales growth of 4-6% and diluted earnings per share between $8.80 and $8.95 for the year ending December 31, 2023. Additionally, GPC set a target of $11.00 to $11.50 for diluted EPS in 2025 alongside a 10% EBITDA margin. The company aims for compounded annual sales growth of 6-7% and EPS growth of 10-11% over the next three years, with cumulative free cash flow projected at $2.6-$2.8 billion. GPC emphasizes its strategic initiatives focusing on technology, supply chain, and sales effectiveness.

Genuine Parts Company (GPC) has partnered with Google Cloud as part of its business transformation strategy aimed at enhancing customer experience and modernizing technology infrastructure. Announced on March 22, 2023, this collaboration will leverage Google Cloud's services to optimize over 10,000 stores and fulfillment centers globally, improving supply chain visibility and productivity. GPC's Executive VP highlighted the critical role of Google Cloud in accelerating their innovation efforts, while Google Cloud expressed honor in supporting GPC's growth strategies.

Genuine Parts Company (GPC) reported strong financial results for Q4 2022, with sales of $5.5 billion, a 15.0% increase year-over-year, driven by an 11.1% gain in comparable sales and contributions from acquisitions. Diluted EPS stood at $1.77, while adjusted diluted EPS reached $2.05, up 14.5%.

For the full year, GPC achieved record sales of $22.1 billion (up 17.1%), with a net income of $1.2 billion. The company returned $719 million to shareholders through dividends and buybacks. Looking ahead, GPC forecasts a 4% to 6% sales growth for 2023, projecting diluted EPS of $8.80 to $8.95.

Genuine Parts Company (NYSE: GPC) announced a 6% increase in its quarterly cash dividend, raising the annual rate to $3.80 per share from $3.58 in 2022. The quarterly dividend of $0.95 is set to be paid on April 3, 2023, to shareholders of record as of March 3, 2023. This marks the 67th consecutive year of increased dividends, showcasing the company's strong commitment to returning value to shareholders. Genuine Parts has maintained a cash dividend every year since going public in 1948.

On February 23, 2023, Genuine Parts Company (NYSE: GPC) will report its fourth quarter and full-year 2022 results during a conference call at 11:00 a.m. ET. The public can access the call via the company's investor relations website or by dialing 888-317-6003 (Conference ID: 0079869). A replay will be available shortly after the call. Additionally, GPC will host an Investor Day on March 23, 2023, at 8 a.m. ET in Atlanta, focusing on key growth initiatives. The event is by invitation only, but a webcast will be available for broader access.

Genuine Parts Company (NYSE: GPC) has appointed William P. Stengel as president and chief operating officer, effective January 1, 2023, expanding his role after serving as president since 2021. Stengel, with significant leadership experience, will oversee daily operations and continue driving GPC's strategic vision. Christopher T. Galla has been named senior vice president and general counsel, bringing nearly 18 years of experience and expanding his responsibilities in governance and compliance. Both appointments reflect the company's commitment to leadership continuity.