NAPA Auto Parts Parent's Stock Tumbles on Weak Profit, Lowered Outlook

Investopedia10-23

Key Takeaways Genuine Parts Co. was the biggest decliner in the S&P 500 Tuesday after its third-quarter profit missed estimates.Macroeconomic difficulties in a number of its international markets hurt...

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GPC executives said in the company's earnings call that it faced \"market headwinds\" in Europe and Australia that negatively impacted sales, according to a transcript provided by AlphaSense. The","collect":0,"end_time":0,"defaultTopTitle":"investopedia.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GPC":"Genuine Parts Co","BK4585":"ETF&股票定投概念","BK4169":"酿酒商与葡萄酒商","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","BK4588":"碎股","NAPA":"The Duckhorn Portfolio, Inc.","BK4159":"经销商","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","CEO":"中海油","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD"},"translate_title":"纳帕汽车零部件母公司股价因利润疲软和前景下调而暴跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CEO":1,"GPC":1,"NAPA":1},"content_text":"Key Takeaways\nGenuine Parts Co. was the biggest decliner in the S&P 500 Tuesday after its third-quarter profit missed estimates.Macroeconomic difficulties in a number of its international markets hurt the company's results, which CEO Will Stengel said is likely to continue through the rest of 2024.GPC also lowered its full-year profit projections and now sees industrial sales declining by 1% to 2% from flat to 2% growth previously.\n Genuine Parts Co. (GPC) was the biggest decliner in the S&P 500 Tuesday after its third-quarter net income fell well short of estimates and it lowered its profit projections for the full fiscal year.\n\n\n The parent of NAPA Auto Parts and other brands narrowly beat consensus revenue estimates at $5.97 billion, but profit of $226.6 million fell well short of the $338.4 million expected by analysts polled by Visible Alpha.\n\n\n  'Continued Weakness' in Europe Hits Results  \n \"Our results were below our expectations, primarily driven by continued weakness in market conditions in Europe and our Industrial business,\" GPC Chief Executive Officer (CEO) Will Stengel said. \"While the external environment remains challenging for the balance of 2024, we expect the combination of near-term actions and long-term investments to better position us when market conditions improve.\"\n\n\n For the full fiscal year, GPC projects earnings per share (EPS) between $6.60 to $6.80, well below its previous range of $8.55 to $8.75. GPC also lowered the top of its total sales growth range to 2% from 3%, and now sees industrial sales declining by 1% to 2% from flat to 2% growth previously.\n\n\n GPC executives said in the company's earnings call that it faced \"market headwinds\" in Europe and Australia that negatively impacted sales, according to a transcript provided by AlphaSense. The negative trends are likely to continue through 2024, leading to the lowered outlook, the company said.\n\n\n GPC shares were down 20% at $114.30 midday Tuesday, their lowest point since March 2021.\n\nDo you have a news tip for Investopedia reporters? 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