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Genuine Parts narrows FY'18 EPS guidance

Genuine Parts Co. on Oct. 18 narrowed its adjusted diluted EPS guidance range for fiscal 2018 as it reported sales and earnings for the third quarter ended Sept. 30.

The auto-parts distributor said it now expects adjusted diluted EPS for the year to come in between $5.60 and $5.70 compared to its previous outlook of $5.60 to $5.75.

Genuine Parts raised its sales growth outlook to a range of 14% to 15%, from a prior growth expectation of 13% to 14%.

For the three months ended Sept. 30, the company posted adjusted diluted EPS of $1.48, up from $1.15 in the year-ago period. The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was also $1.48.

Sales for the quarter came in at $4.72 billion, 15.3% higher than in the same period last year. Comparable sales growth of 4.3% and sales increase from acquisitions of approximately 12% offset the negative impact of about 1% from foreign currency translation.