Genuine Parts (GPC) Reports Q1: Everything You Need To Know Ahead Of Earnings
Auto and industrial parts retailer Genuine Parts (NYSE:GPC) will be announcing earnings results tomorrow before market hours. Here's what to expect.
Last quarter Genuine Parts reported revenues of $5.59 billion, up 1.1% year on year, missing analyst expectations by 1.4%. It was a mixed quarter for the company, with a decent beat of analysts' EPS estimates. On the other hand, its revenue unfortunately missed analysts' expectations as its same-store sales shrunk.
Is Genuine Parts buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting Genuine Parts's revenue to grow 1.3% year on year to $5.84 billion, slowing down from the 8.9% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.16 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates three times over the last two years.
Looking at Genuine Parts's peers in the automotive and marine retail segment, only CarMax has so far reported results, with revenues decreasing 1.7% year on year, missing analyst estimates by 3.2%. The stock was down 9.8% on the results.
Read our full analysis of CarMax's earnings results here.Tech stocks have had a rocky start in 2022 and while some of the automotive and marine retail stocks have fared somewhat better, they have not been spared, with share price declining 8.6% over the last month. Genuine Parts is down 6.8% during the same time, and is heading into the earnings with analyst price target of $153.4, compared to share price of $144.5.
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