Genuine Parts Company Raises 2018 Sales Guidance – Quick Facts
Genuine Parts Company (GPC) announced, for 2018, the company increased its sales guidance to be up 13% to 14%, an increase from the prior guidance of up 12% to 13%. The company expects diluted earnings per share to range from $5.49 to $5.64 and reiterated its earnings guidance for adjusted diluted earnings per share, which excludes any transaction-related costs, of $5.60 to $5.75.
Second-quarter adjusted EPS excluding transaction-related costs was $1.59, up 23% from prior year. Sales were a record $4.8 billion, a 17.6% increase compared to $4.1 billion for the same period in 2017. Sales for the Automotive Group were up 27.7%, including a 2.1% comparable sales increase as well as the benefit of acquisitions and a slightly favorable foreign currency translation. Sales for the Industrial Group were up 8.7%, including a 6.5% comparable sales increase, and sales for the Business Products Group were flat with the prior year quarter in both total and comparable sales.
Paul Donahue, CEO, said, “We are pleased to report another quarter of record sales, driven by the favorable impact of strategic acquisitions and improved organic sales trends across our business segments. The positive shift in the underlying sales environment in the automotive business is especially encouraging and, combined with the execution of our plans to drive operating improvement, including plans to address our automotive margin, we are optimistic for improved margin trends as we move ahead.”
by RTTNews Staff Writer
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