- Original Parts Co GPC reported Third quarter FY22 revenue growth of 17.8% year over year to $5.68 billion, beating the consensus of $5.38 billion.
- The company attributed the revenue growth to a 12.7% increase in comparable sales and a 9.1% gain from acquisitions.
- Automotive Group revenue increased 8.9% year-on-year. This segment’s margin increased 10 basis points to 8.9%.
- Industrial Parts Group sales rose 35.3% and the segment’s profit margin rose 80 basis points to 11.1%.
- Adjusted earnings per share of $2.23 beat analyst consensus of $2.05.
- Gross profit increased 15.7% year over year to $1.98 billion. SG&A expenses were $1.5 billion, up 8.9% y/y.
- Cash and cash equivalents as of September 30, 2022 totaled $629.2 million. Net cash generated from operations for the nine months totaled $1.2 billion.
- “The GPC team delivered record results with double-digit increases in sales and earnings, driven by the execution of effective strategies and the continued resilience of our automotive and industrial businesses,” said Chairman and CEO Paul Donahue.
- outlook: Genuine Parts raised guidance for FY22 sales growth to 15% to 16% from previous guidance of 12% to 14%.
- It raised FY22 adjusted EPS outlook to $8.05-8.15 from $7.80-7.95 versus $7.96 consensus.
- Price promotion: GPC shares traded up 2.54% to $163.00 premarket on the most recent check Thursday.
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