Earnings Summary: Genuine Parts reports higher Q1 sales and adj. earnings

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
• 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