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- Genuine Parts Co (NYSE:GPC) reported fourth-quarter FY21 sales growth of 13% year-on-year, to $4.80 billion, beating the consensus of $4.67 billion.
- The company attributed the improvement to an 11.3% increase in comparable sales and a 1.9% benefit from acquisitions.
- Automotive Group sales grew 13.1% Y/Y and constituted 66% of total revenues. This segment's profit margin decreased 20 basis points to 8.3%.
- Sales for the Industrial Parts Group rose 12.8% Y/Y and represented 34% of total revenues. This segment's profit margin increased 20 basis points to 9.5%.
- Gross profit increased 16.9% Y/Y to $1.7 billion. Selling, administrative and other expenses were $1.3 billion, a 13% rise Y/Y.
- Adjusted EPS of $1.79 beat the consensus of $1.60.
- Cash and equivalents totaled $714.7 million as of December 31, 2021.
- Outlook: Genuine Parts sees FY22 EPS of $7.45 - $7.60, above the consensus of $7.35. The company expects revenue growth of 9% - 11%.
- Price Action: GPC shares are trading lower by 0.25% at $129.63 on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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