Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, April 19, 2024

Article Excerpt

GENUINE PARTS CO., $162.39, New York symbol GPC, is a buy. The company is a leading seller of replacement auto parts. It has about 10,000 company-owned stores (mainly operating under the famous NAPA banner) and independent outlets in North America, Europe, Australia and New Zealand. Genuine also distributes industrial parts such as bearings, seals, pumps and hoses. The stock rose 10% this week after the company reported better-than-expected first quarter earnings. It also raised its full-year outlook. Genuine’s sales in the three months ended March 31, 2024, rose 0.3%, to $5.78 billion from $5.77 billion a year earlier. However, that missed the consensus forecast of $5.84 billion. If you factor out acquisitions and currency rates, sales declined 0.9%. Earnings before unusual items also improved 2.3%, to $310.9 million from $304.0 million. Due to fewer shares outstanding, per-share earnings rose at a faster rate of 3.7%, to $2.22 from $2.14. That beat the consensus estimate of $2.16. Under a new restructuring plan, Genuine is cutting jobs and…