- Genuine Parts Co (NYSE:GPC) reported fourth-quarter FY21 sales growth of 13% year-on-year, to $4.80 billion, beating the consensus of $4.67 billion.
- The company attributed the improvement to an 11.3% increase in comparable sales and a 1.9% benefit from acquisitions.
- Automotive Group sales grew 13.1% Y/Y and constituted 66% of total revenues. This segment's profit margin decreased 20 basis points to 8.3%.
- Sales for the Industrial Parts Group rose 12.8% Y/Y and represented 34% of total revenues. This segment's profit margin increased 20 basis points to 9.5%.
- Gross profit increased 16.9% Y/Y to $1.7 billion. Selling, administrative and other expenses were $1.3 billion, a 13% rise Y/Y.
- Adjusted EPS of $1.79 beat the consensus of $1.60.
- Cash and equivalents totaled $714.7 million as of December 31, 2021.
- Outlook: Genuine Parts sees FY22 EPS of $7.45 - $7.60, above the consensus of $7.35. The company expects revenue growth of 9% - 11%.
- Price Action: GPC shares are trading lower by 0.25% at $129.63 on the last check Thursday.
