Genuine Parts Co. (GPC) released its fiscal 2024 projection along with their improved results for the fourth quarter. Despite foreseeing a decline in earnings based on reported basis, the company is optimistic about an increase on an adjusted basis, along with better sales.
The company anticipates earnings per share to range between $8.95 and $9.15 for fiscal 2024, and adjusted earnings per share to be around $9.70 to $9.90. The average estimate given by analysts predicts that the company will earn around $9.84 per share for the year. These figures are compiled by Thomson Reuters and usually exclude special items.
GPC projects a total sales growth of 3 to 5 percent. This breaks down to a projected increase in automotive sales growth of 2 to 4 percent and industrial sales growth of 3 to 5 percent.
Reflecting on fiscal 2023, the company reported $9.33 earnings per share on a reported and adjusted basis, along with a sales growth of 4.5 percent, amounting to $23.1 billion.
In addition to this, GPC's Board of Directors has approved a roughly 5 percent increase in its regular quarterly cash dividend for 2024. Shareholders of record as of March 1 will receive a quarterly cash dividend of $1.00 per share, payable on April 1.
In terms of its fourth quarter, Genuine Parts saw an increase in earnings compared to the same period of the previous year, beating the estimates made by Wall Street. The company reported $316.88 million in earnings for the quarter, or $2.26 per share, compared to $251.98 million, or $1.77 per share, in last year's fourth quarter. Analysts had anticipated earnings of $2.19 per share.
Furthermore, the company's quarterly revenue increased by 1.3 percent, rising to $5.59 billion from $5.52 billion in the previous year.
