Genuine Parts Co. (GPC) was the biggest decliner in the S&P 500 Tuesday after its third-quarter net income fell well short of estimates and it lowered its profit projections for the full fiscal year.
The parent of NAPA Auto Parts and other brands narrowly beat consensus revenue estimates at $5.97 billion, but profit of $226.6 million fell well short of the $338.4 million expected by analysts polled by Visible Alpha.
“Our results were below our expectations, primarily driven by continued weakness in market conditions in Europe and our Industrial business,” GPC Chief Executive Officer (CEO) Will Stengel said. “While the external environment remains challenging for the balance of 2024, we expect the combination of near-term actions and long-term investments to better position us when market conditions improve.”
For the full fiscal year, GPC projects earnings per share (EPS)between $6.60 to $6.80, well below its previous range of $8.55 to $8.75. GPC also lowered the …