Genuine Parts Lifts 2017 Profit View; To Buy Merle's Automotive Supply

(RTTNews) - Genuine Parts Co. (GPC) said that it expects sales to be up 3% to 4% for the full year 2017, which is unchanged from the initial guidance, and raised its outlook for earnings per share to $4.75 to $4.85 compared to the initial outlook of $4.70 to $4.80. Analysts polled by Thomson Reuters expect the company to report earnings of $4.76 per share for fiscal year 2017. Analysts' estimates typically exclude special items.

Genuine Parts said it has entered into a definitive agreement to acquire Merle's Automotive Supply, with an effective close date of May 1, 2017.

Merle's, founded in 1969 and based in Tucson, Arizona, is a 14 location automotive parts distributor serving both the commercial and retail markets in the greater Tucson and southern Arizona area. The addition of Merle's will consolidate into U.S. automotive operations and is expected to generate approximate annual revenues of $45 million.