Genuine Parts Q2 Results Beat Estimates; Raises FY21 Outlook - Genuine Parts (NYSE:GPC)

Genuine Parts Company GPC reported second-quarter FY21 net revenue growth of 25.1% year-on-year to $4.8 billion, beating the analyst consensus of $4.3 billion.
Automotive Group sales grew 28.1% Y/Y and comprised 67% of total company revenue. This segment's profit margin increased 30 basis points to 9.1%.
Sales for the Industrial Parts Group rose 19.6% Y/Y and comprised 33% of total company revenues. This segment's profit margin increased 130 basis points to 9.5%.
Gross profit increased 30.8% Y/Y to $1.7 billion.
Selling, administrative and other expenses were $1.3 billion, a 38.8% rise Y/Y.
Cash and equivalents totaled $987.4 million as of June 30, 2021.
Adjusted EPS of $1.74 beat the analyst consensus of $1.52.
"Our 25% total sales growth reflects the benefits of a strengthening global economy and positive sales environment in both our Automotive and Industrial businesses," said CEO Paul Donahue.
Outlook: Genuine parts raised FY21 revenue growth guidance to 10% - 12%, versus prior outlook of 5% - 7%.
It expects FY21 Adjusted EPS of $6.20 - $6.35 from the previous guidance of $5.85 - $6.05, versus the consensus of $6.06.
Price action: GPC shares are trading lower by 0.81% at $128.13 on the last check Thursday.