Genuine Parts (GPC) Q2 Earnings and Revenues Miss Estimates

Core Viewpoint - Genuine Parts (GPC) reported quarterly earnings of $2.44 per share, missing the Zacks Consensus Estimate of $2.59 per share, and matching the earnings from a year ago [1][6] Financial Performance - The company posted revenues of $5.96 billion for the quarter ended June 2024, which was 1.34% below the Zacks Consensus Estimate, compared to revenues of $5.92 billion a year ago [7] - This quarterly report represents an earnings surprise of -5.79% [6] - Over the last four quarters, the company has surpassed consensus EPS estimates three times [2] Market Position and Outlook - Genuine Parts has underperformed the market this year, with shares losing about 0.1% since the beginning of the year, while the S&P 500 gained 16.7% [12] - The estimate revisions trend for Genuine Parts is currently unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [4] - The current consensus EPS estimate for the upcoming quarter is $2.67 on revenues of $6.07 billion, and for the current fiscal year, it is $9.86 on revenues of $23.75 billion [14] Industry Context - Genuine Parts operates within the Zacks Automotive - Retail and Wholesale - Parts industry, which is currently in the top 40% of over 250 Zacks industries [10] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry outlook can significantly impact stock performance [9][10]