Genuine Parts Company Issues FY23 Guidance

(RTTNews) - Genuine Parts Company (GPC) said, for 2023, the company expects: earnings per share in a range of $8.80 to $8.95; and adjusted earnings per share in a range of $8.80 to $8.95.

The company expects 2023 total sales growth in a range of 4% to 6%, and automotive sales growth in a range of 4% to 6%. Industrial sales growth is also expected in a range of 4% to 6%.

Fourth quarter net income was $252 million, or EPS of $1.77. This is compared to net income of $256 million, or $1.79 per share in the prior year period. Adjusted net income was $292 million, an increase of 13.8% compared to adjusted net income of $256 million for the same period of the prior year. On a per share basis, adjusted net income was $2.05, an increase of 14.5% compared to $1.79. Analysts on average had expected the company to earn $1.89 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Sales were $5.5 billion, a 15.0% increase from prior year. The company said the improvement is attributable to an 11.1% increase in comparable sales and an 8.0% benefit from acquisitions, partially offset by a 4.1% unfavorable impact of foreign currency and other.

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