- Genuine Parts Co (NYSE:GPC) reported first-quarter FY22 sales growth of 18.6% year-on-year to $5.3 billion, beating the consensus of $5.06 billion.
- The company attributed the sales growth to a 12.3% increase in comparable sales and an 8.1% benefit from acquisitions.
- Automotive Group sales grew 10.9% Y/Y and constituted 62% of total company revenue. This segment's profit margin increased 10 basis points to 8.1%.
- Sales for the Industrial Parts Group rose 33.6% Y/Y and comprised 38% of total company revenues. This segment's profit margin expanded 100 basis points to 9.3%.
- Gross profit increased 18.5% Y/Y to $1.8 billion.
- Selling, administrative and other expenses were $1.4 billion, a 17.4% rise Y/Y.
- Cash and equivalents totaled $610.8 million as of March 31, 2022.
- Adjusted EPS of $1.86 beat the analyst consensus of $1.68.
- "The first quarter was highlighted by new sales records for GPC and our Automotive and Industrial segments, margin expansion, and our seventh consecutive quarter of double-digit earnings growth," said Chairman and CEO Paul Donahue.
- Outlook: Genuine parts raised FY22 revenue growth guidance to 10% - 12% versus the prior outlook of 9% - 11%.
- It raised FY22 adjusted EPS to $7.70 - $7.85 from $7.45 - $7.60 versus the consensus of $7.59.
- Price Action: GPC shares traded higher by 1.45% at $139.67 on the last check Thursday.
