Shares of
Genuine Parts
were sinking Thursday after the distributor of automotive and industrial replacements parts missed third-quarter sales estimates.
Genuine Parts
(ticker: GPC) reported third-quarter sales of $5.82 billion, rising from the year-ago quarter but below Wall Street’s call for $5.91 billion, according to FactSet.
The company posted third-quarter earnings of $2.49 a share, higher than $2.20 a year earlier and above expectations of $2.42.
The company also narrowed its earnings guidance range for 2023 to $9.20 and $9.30 a share, compared with a prior range of $9.15 to $9.30 a share.
Shares of Genuine Parts were falling 11% to $132.33 on Thursday, putting them on pace for their largest percent decrease since March 20, 2020, when they dropped 14%, according to Dow Jones Market Data. The stock was the worst-performing stock in the
S&P 500.
Write to Emily Dattilo at [email protected]
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