Genuine Parts Company's Q1 2024 Financial Performance: Sales Increase and Adjusted Earnings Rise
Genuine Parts Company (NYSE: GPC), a leading automotive replacement parts distributor, Thursday reported financial results for the first quarter of 2024.
First-quarter sales came in at $5.8 billion, slightly higher than the $5.76 billion sales reported a year earlier.
Key Highlights:
- Global Automotive sales were $3.6 billion in Q1, up 1.9% from the same period in 2023.
- Net income decreased to $249 million in the first quarter from $304 million in the same period of the prior year.
Earnings, on a per-share basis, dropped 17% annually to $1.78 in the March quarter.
At $2.22 per share, adjusted profit was up 3.7% year-over-year during the three months.
The company reaffirmed its full-year 2024 revenue growth guidance in the range of 3% to 5%.
- It also revised full-year adjusted earnings per share forecast to $9.80-$9.95 from the earlier guidance of $9.70-$9.90.
- The company generated cash flow from operations of $318 million for the first three months of 2024.
The post Earnings Summary: Genuine Parts reports higher Q1 sales and adj. earnings first appeared on AlphaStreet.
Genuine Parts Company (NYSE: GPC), a leading automotive replacement parts distributor, Thursday reported financial results for the first quarter of 2024.
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