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Genuine Parts trims outlook, citing ‘tough environment’

Genuine Parts’ businesses include the NAPA auto parts brand, represented here by NASCAR driver Chase Elliott’s #24 Chevrolet at a race in New Hampshire last month. (Photo by Jonathan Ferrey/Getty Images)
Genuine Parts’ businesses include the NAPA auto parts brand, represented here by NASCAR driver Chase Elliott’s #24 Chevrolet at a race in New Hampshire last month. (Photo by Jonathan Ferrey/Getty Images)
By Staff report
Oct 19, 2016

Genuine Parts cut its full-year sales and profit outlook while also posting nearly flat results for the third quarter.

The Atlanta-based company, whose businesses include the NAPA auto parts brand, said Wednesday it had profit of $185.3 million for the quarter ended Sept. 30, down from $188.0 million a year earlier. Sales totaled $3.94 billion vs. $3.92 billion.

The company revised its full-year guidance. It said it now expects sales growth of 0 to 1 percent, from 1 to 2 percent previously, and profit of $4.55 to $4.60 a share, from $4.70 to $4.75 previously.

“Our third quarter results fell short of our expectations. We continue to operate in a tough sales environment, but our teams are working hard to overcome these challenges and generate growth,” CEO Paul Donahue said in a release.

Genuine Parts stock was off more than 4 percent in midday trading after the earnings release.

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