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Genuine Parts earnings fall short in 'disappointing' quarter

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Shares of car parts retailer Genuine Parts Co. GPC, -8.50% fell about 3% in premarket trade Thursday, after third-quarter profit fell short of estimates and the company lowered profit guidance for the full year. The Atlanta-based company said it had net income of $158.4 million, or $1.08 a share, in the quarter, down from $185.3 million, or $1.24 a share, in the year-earlier period. Adjusted per-share earnings came to $1.16, below the FactSet consensus of $1.28. Sales rose to $4.1 billion from $3.9 billion, matching the FactSet consensus. "While we are disappointed with this quarter's results, we are excited about the opportunities ahead and we move forward with a deep sense of urgency as we focus on maximizing shareholder value and positioning the Company for long-term success," Chief Executive Paul Donahue said in a statement. The company raised its full-year sales growth forecast to 4% to 4.5% from a prior 3% to 4%, reflecting revenue to be added through acquisitions. But it lowered its profit outlook to $4.55 to $4.60 a share from a prior $4.70 to $4.75. Shares had gained 2.6% in 2017 through Wednesday, while the S&P 500 SPX, +0.03% has gained 14.4%.

http://www.marketwatch.com/story/genuine-parts-earnings-fall-short-in-disappointing-quarter-2017-10-19

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