Genuine Parts Raises 2022 Outlook For Revenue Growth, Adjusted EPS

(RTTNews) - Genuine Parts Company (GPC) said it is updating full-year 2022 guidance in consideration of several factors. For the year ending December 31, 2022, the company now expects adjusted earnings per share in a range of $8.05 to $8.15, revised from prior guidance range of $7.80 to $7.95. Total sales growth is now expected in a range of 15% to 16%, revised from prior outlook range of 12% to 14%.

Third quarter adjusted net income per share was $2.23, an increase of 18.6%. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $2.05, for the quarter. Analysts' estimates typically exclude special items.

Net income was $312 million, or $2.20 per share compared to $229 million, or $1.59 per share, last year.

Sales were $5.7 billion, a 17.8% increase compared to $4.8 billion, prior year. The sales growth reflects a 12.7% increase in comparable sales and a 9.1% benefit from acquisitions. Analysts on average had estimated $5.38 billion in revenue.

The company ended the quarter with $2.1 billion in total liquidity, consisting of $1.5 billion availability on the revolving credit facility and $629 million in cash and cash equivalents.

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