ATLANTA (AP) — ATLANTA (AP) — Genuine Parts Co. (GPC) on Thursday reported first-quarter profit of $248.9 million.
The Atlanta-based company said it had profit of $1.78 per share. Earnings, adjusted for restructuring costs, came to $2.22 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.15 per share.
The auto and industrial parts distributor posted revenue of $5.78 billion in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $5.85 billion.
Genuine Parts expects full-year earnings in the range of $9.80 to $9.95 per share.
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