Auto part company, Genuine Parts Company (GPC) saw a dip in profits for the first quarter, while EPS remained flat, but missed estimates on Friday.
The Atlanta, GA based company reported first quarter earnings of $144.39 million, down -1% from $146.26 million last year. EPS remained flat at 93 cents, and missed analysts estimate of 99 cents.
Revenue increased slightly to $3.2 billion, from $3.18 billion last year, but fell below analysts estimate of $3.29 billion.
The company’s CEO and Chairman Tom Gallagher commented, “entering 2013, we felt that the first quarter of the year would be our most challenging. Our earnings for the quarter are a direct reflection of the 0.6% sales increase.”
GPC saw a 3% increase in its automotive group sales segment to $1.54 billion, while industrial group sales dropped -2% to $1.1 billion during the quarter. Office product sales declined -1% to $420 million, while electrical/electronic materials fell -5% to $139 million.
Genuine Parts shares were down -$2.82, or -3.75% during Friday morning trading. The stock has increased 14% in the past year.
The Bottom Line
Shares of Genuine Parts Company (GPC) have a 2.96% yield, based on Friday morning’s price of $72.60.
Genuine Parts Company (GPC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.