Genuine Parts Q1 2023 Earnings Report
Key Takeaways
Genuine Parts Company reported record sales of $5.8 billion, an 8.9% increase year-over-year, and diluted EPS of $2.14, up 24.4%. The company's performance was driven by its multi-year strategic transformation and the geographic diversity of its operations. GPC updated its full-year outlook, increasing diluted EPS to $8.95 to $9.10 and cash from operations to $1.3 billion to $1.4 billion.
Record sales of $5.8 billion, up 8.9% year-over-year.
Diluted EPS of $2.14, up 24.4% year-over-year.
Global Automotive sales increased by 7.0%, driven by strong international performance.
Industrial sales increased by 11.9%, marking the eighth consecutive quarter of double-digit sales comps.
Genuine Parts
Genuine Parts
Genuine Parts Revenue by Segment
Forward Guidance
The company updated its full-year 2023 guidance, reflecting confidence in its strategic plans and ability to execute through continued economic uncertainty.
Positive Outlook
- Reaffirms total sales growth of 4% to 6%.
- Reaffirms Automotive sales growth of 4% to 6%.
- Reaffirms Industrial sales growth of 4% to 6%.
- Increases diluted earnings per share to $8.95 to $9.10.
- Increases cash from operations to $1.3 billion to $1.4 billion.
Challenges Ahead
- Global economic outlook uncertainty.
- Geopolitical conflicts and potential impact on results.
- Potential impact of public health emergencies.
- Uncertain credit markets and other macroeconomic conditions.
- Volatile exchange rates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income