Genuine Parts Company (NYSE: GPC), Atlanta, Ga., a distributor of automotive and industrial replacement parts and value-added services, reported sales for its 2024 third quarter ended Sept. 30, 2024, were $6 billion, up 2.5% from the prior year period.
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Profit was $227 million, down 43% from the prior-year period.
Motion Industries — its Industrial Parts Group — reported sales of $2.2 billion, down 1.2% from the same period in 2023.
Sales for its Automotive Parts Group were $3.8 billion, up 4.8% from the prior year period.
Sales for the nine months ended Sept. 30, 2024, were $17.7 billion, up 1.2% from the same period in 2023. Profit was $771 million.
“Our results were below our expectations, primarily driven by continued weakness in market conditions in Europe and our Industrial business. While the external environment remains challenging for the balance of 2024, we expect the combination of near-term actions and long-term investments to better position us when market conditions improve,” said Will Stengel, president and CEO.
The company is revising their full-year 2024 guidance based on recent business trends, financial results, current growth plans, strategic initiatives, global economic outlook, and impacts from geopolitical conflicts. The updated outlook shows revenue growth of 1% to 2%.
