Genuine Parts beats by $0.03, beats on revs; raises FY17 EPS, reaffirms FY17 revs guidance :
- Reports Q1 (Mar) earnings of $1.08 per share, $0.03 better than the Capital IQ Consensus of $1.05; revenues rose 5.0% year/year to $3.91 bln vs the $3.85 bln Capital IQ Consensus.
- Co issues guidance for FY17, raises EPS to $4.75-4.85 from $4.70-4.80 vs. $4.76 Capital IQ Consensus; reaffirms FY17 revs +3-4% to ~$15.8-15.95 bln vs. $15.82 bln Capital IQ Consensus Estimate.
- "We are pleased that our total sales increase in the first quarter of 2017 represents positive sequential sales improvement and is our strongest quarterly growth since the fourth quarter of 2014. As a diversified global distributor, we benefited from strong total sales growth in our international automotive, industrial, electrical and office operations. The strength in these areas was partially offset by the headwinds in our U.S. automotive business, which we are working to overcome."
- First quarter sales for the Automotive Group were up 3%, including an approximate 0.5% comparable sales increase. Sales at Motion Industries, our Industrial Group, were up 7%, including a 3% comparable sales increase, and sales at EIS, our Electrical/Electronic Group, were up 5%, with comparable sales up 2.5%. Sales for S.P. Richards, our Office Products Group, were up 9% for the quarter, including a 2.5% decrease in comparable sales.
- "It is encouraging that our overall growth was driven by sales increases across all four of our businesses, with positive comparable sales in all but one segment.
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