Genuine Parts Lowers 2016 Earnings Guidance
WASHINGTON (dpa-AFX) - Genuine Parts Company (GPC) announced, for the full year 2016, the company now expects earnings per share to be $4.55 to $4.60 compared to previous guidance of $4.70 to $4.75. The company updated its sales guidance to flat to up 1% from up 1% to 2%. Analysts polled by Thomson Reuters expect the company to report profit per share of $4.73. Analysts' estimates typically exclude special items.
Net income for the third quarter was $185.3 million compared to $188.0 million recorded for the same period in the previous year. Earnings per share were $1.24, equal to the earnings per share for the third quarter last year. Sales were $3.94 billion compared to $3.92 billion for the same period in 2015.
Paul Donahue, CEO, said: "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. We recognize there is room for improvement and are working towards that in all aspects of our business. Our goal is to show improved results in the quarters ahead and better position the Company for sustainable growth well into the future. We have a strong balance sheet and excellent cash flows to support our efforts."
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