- Genuine Parts Co (NYSE: GPC) reported second-quarter FY22 sales growth of 17.1% year-on-year, to $5.60 billion, beating the consensus of $5.29 billion.
- The company attributed the sales growth to an 11.5% increase in comparable sales and an 8.8% benefit from acquisitions.
- Automotive Group sales grew 8.5% Y/Y. This segment's profit margin increased 20 basis points to 9.3%.
- Sales for the Industrial Parts Group rose 34.5%, and the segment's profit margin expanded 110 basis points to 10.6%.
- Adjusted EPS of $2.20 beat the analyst consensus of $2.02.
- Gross profit increased 16% Y/Y to $1.96 billion.
- Selling, administrative and other expenses were $1.4 billion, a 1.1% rise Y/Y.
- Cash and equivalents totaled $519.1 million as of June 30, 2022.
- "We are benefiting from the resiliency of our Automotive and Industrial businesses and the strategic mix of our operations," said Chairman and CEO Paul Donahue.
- Outlook: Genuine parts raised FY22 revenue growth guidance to 12% - 14% versus the prior outlook of 10% - 12%.
- It raised the FY22 adjusted EPS outlook to $7.80 - $7.95 from $7.70 - $7.85 versus the consensus of $7.83.
- Price Action: GPC shares traded higher by 1.28% at $144.55 on the last check Wednesday.
Read at Benzinga