Genuine Parts Q3 Results Miss View - Quick Facts

(RTTNews) - Automotive replacement parts distributor Genuine Parts Co. (GPC) posted slightly higher third-quarter net income of $173.75 million, compared with $172.94 million recorded last year. On a per share basis, quarterly earnings amounted to $1.12, up 1% from $1.11 a year before. On average, 10 analysts polled by Thomson Reuters expected earnings per share of $1.19 for the quarter. Analysts' estimates typically exclude one-time items.

The company clocked sales of $3.69 billion for the quarter, a 9% increase over the prior year's $3.375 billion. Analysts estimated revenues of $3.76 billion for the quarter.

In review of the quarter, the firm stated, "While we achieved another quarter of record sales for the Company, the third quarter proved to be challenging for us. This was especially true in our non-automotive businesses, as the demand patterns across these segments decelerated in the quarter. Fortunately, our Automotive Group performed reasonably well for us and continues to report solid progress in their operations."

In the recent quarter, the Automotive 's sales advanced by 22% for the second consecutive period, which includes core North American growth of some 5% and the positive impact of the Australasian acquisition.