Genuine Parts stock rises into record territory after earnings beat expectations, full-year guidance raised

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Shares of Genuine Parts Co. GPC, +0.77% jumped 2.4% into record territory in premarket trading Thursday, after the automotive and industrial replacement parts seller reported first-quarter earnings that beat expectations, amid a double-digit increase in same-store sales, and raised its full-year outlook. Net income rose to $245.8 million, or $1.72 a share, from $217.7 million, or $1.50 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.86 beat the FactSet consensus of $1.68. Sales grew 18.5% to $5.29 billion, above the FactSet consensus of $5.07 billion, with comparable sales up 12.3%, while cost of sales rose 18.6% to $3.47 billion. Automotive parts sales were up 10.9% to $3.3 billion and industrial parts sales increased 33.6% to $2.0 billion. For 2022, the company raised its guidance ranges for adjusted EPS to $7.70 to $7.85 from $7.45 to $7.60 and for sales growth to 10% to 12% from 9% to 11%. The stock, which was on track to open above the Jan. 4 record close of $140.34, has gained 5.4% over the past three months through Wednesday while the S&P 500 SPX, +0.99% has tacked on 1.4%.

This article was originally published by Marketwatch.com. Read the original article here.

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