Genuine Parts Q3 EPS misses; cuts FY2024 adjusted EPS outlook to $8.00-$8.20 from $9.30-$9.50

GENUINE PARTS CO

2024-Q3 EPS reported $5.51 revenue$17,716,396,000

Q3 sales $6.0B (+2.5% YoY); GAAP diluted EPS $1.62, adjusted diluted EPS $1.88 (vs $2.49 prior year).
Automotive segment profit down 18.6% to $262M; Industrial segment profit down 8.5% to $259M.
Full-year adjusted diluted EPS guidance cut to $8.00-$8.20 from $9.30-$9.50; total sales growth lowered to 1%-2%.
Management cites continued weakness in Europe and Industrial market conditions.
Nine-month free cash flow $711M; dividends and buybacks total $523M.

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