Genuine Parts Raises 2022 Outlook

(RTTNews) - Genuine Parts Company (GPC) said it achieved another record quarter, consisting of double-digit sales and earnings increases. Looking forward, the company updated full-year 2022 guidance. Adjusted earnings per share is now projected in a range of $7.80 to $7.95, revised from prior guidance range of $7.70 to $7.85. Automotive sales growth is now expected in a range of 6% to 8%, updated from prior guidance range of 5% to 7%. Total sales growth is estimated in a range of 12% to 14%, revised from prior guidance range of 10% to 12%.

Second quarter adjusted EPS was $2.20, an increase of 26.4% from prior year. Analysts on average had expected the company to earn $2.02 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Net income was $373 million, or $2.62 per share compared to $196 million, or $1.36 per share, prior year.

Sales were $5.6 billion, up 17.1%. The sales growth reflected an 11.5% increase in comparable sales and an 8.8% benefit from acquisitions.

Shares of Genuine Parts are up 7% in pre-market trade on Wednesday.

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