Genuine Parts Co (NYSE:GPC) reported Q1 EPS of $1.86, $0.18 better than the analyst estimate of $1.68. Revenue for the quarter came in at $5.3 billion versus the consensus estimate of $5.06 billion.
2022 Outlook
In consideration of several factors, the Company is updating full-year 2022 guidance previously provided in its earnings release on February 17, 2022. The Company considered its recent business trends and financial results, current growth plans, strategic initiatives, global economic outlook, geopolitical conflicts and the potential impact on results in establishing its updated guidance, which is outlined in the table below. Consistent with the previous outlook, the Company has also accounted for an approximate 2% headwind from foreign currency translation. The Company will continue to update full-year guidance during 2022, as appropriate.
For the Year Ending December 31, 2022 | ||||
Previous Outlook | Updated Outlook | |||
Total sales growth | 9% to 11% | 10% to 12% | ||
Automotive sales growth | 4% to 6% | 5% to 7% | ||
Industrial sales growth | 20% to 22% | 21% to 23% | ||
Diluted earnings per share | $7.45 to $7.60 | $7.56 to $7.71 | ||
Adjusted diluted earnings per share | $7.45 to $7.60 | $7.70 to $7.85 | ||
Effective tax rate | Approximately 25% | Approximately 25% | ||
Net cash provided by operating activities | $1.5 billion to $1.7 billion | $1.5 billion to $1.7 billion | ||
Free cash flow | $1.2 billion to $1.4 billion | $1.2 billion to $1.4 billion | ||
"The increase in our sales and earnings outlook reflects the confidence in our plans for accelerated growth and profitability as we build on the positive momentum in our Automotive and Industrial businesses. While cognizant of the many uncertainties in the global economy, we believe GPC is well-positioned with the financial strength and flexibility to support our growth plans and provide for disciplined, value-creating capital allocation while enhancing shareholder value," Mr. Donahue concluded.
For earnings history and earnings-related data on Genuine Parts click here.