Genuine Parts Co. Shares Plummet After Missing Earnings Expectations

The company cut its profit and sales forecasts for 2024 amid ongoing economic challenges in Europe and its industrial sector.

Genuine Parts Co. reported a third-quarter profit of $226.6 million, significantly below the expected $338.4 million.
The company's earnings per share fell short of expectations, coming in at $1.88 compared to the anticipated $2.42.
The firm lowered its full-year earnings per share guidance to $6.60-$6.80, down from a previous range of $8.55-$8.75.
Sales growth for the automotive segment was positive at 4.8%, while industrial sales declined by 1.2%.
Genuine Parts Co. stock dropped by 20% on Tuesday, marking its lowest point since March 2021.