Genuine Parts Reduces FY19 Earnings Guidance - Quick Facts

(RTTNews) - Genuine Parts Company (GPC) updated its 2019 outlook for adjusted diluted earnings per share to $5.65 to $5.75. The prior guidance range was $5.75 to $5.90. Analysts polled by Thomson Reuters expect the company to report profit per share of $5.91. Analysts' estimates typically exclude special items.

For 2019, the company now expects sales to increase 4.5% to 5.5%, inclusive of an approximate 2% sales contribution from the PartsPoint and Inenco acquisitions. The previous guidance range was 3% to 4%.

For the second-quarter, adjusted net income was $230.3 million, or $1.57 per diluted share. On average, 10 analysts expected the company to report profit per share of $1.65 for the quarter.

Second-quarter sales were $4.9 billion, a 2.3% increase compared to $4.8 billion, prior year. Analysts expected revenue of $4.99 billion, for the quarter.

Shares of Genuine Parts Company were down by more than 3% in pre-market trade on Thursday.