Genuine Parts Company (NYSE: GPC) has released its third-quarter 2024 results, reporting sales of $6.0 billion. This marks a 2.5% increase from the same period in the prior year. However, net income for the quarter was $227 million, or $1.62 per diluted earnings per share, a decrease from $351 million, or $2.49 per diluted share in the prior year period.
Adjusted net income for the quarter was $263 million, excluding a net expense of $36 million after tax adjustments. This translates to $1.88 per diluted share, down from $2.49 in the same period of the prior year.
The company also revised its 2024 outlook, now expecting revenue growth of 1% to 2% as opposed to the previously forecasted 1% to 3%. Additionally, adjusted diluted earnings per share is now estimated to be $8.00 to $8.20, down from the previous outlook of $9.30 to $9.50.
Genuine Parts Company attributes the weaker results to continued market weakness in Europe and its industrial business, stating that the external environment remains challenging for the remainder of 2024. However, the company remains optimistic about the impact of near-term actions and long-term investments on its positioning when market conditions improve. Today the company's shares have moved -20.2% to a price of $114.16. For more information, read the company's full 8-K submission here.
