This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Genuine Parts Takes a Genuine Hit

(Genuine Parts story updated with recent share price movement and S&P analyst view.)

NEW YORK ( TheStreet) -- Genuine Parts (GPC - Get Report) stock retreated 5.9% Friday to close at $42.70, after the release of its first quarter earnings report.

For the first quarter, Genuine Parts reported net income of $100.6 million, an increase of 13% over $89.2 million recorded in the same period last year, or 63 cents a share. Sales totaled $2.6 billion, up 6% beating the consensus the Wall Street estimate of 61 cents on revenue of $2.52 billion.

The company said it's most encouraged by sales results in its industrial and electrical businesses.

"Sales were better than we projected, and weaker than expected gross margins were outweighed by cost cutting elsewhere," Standard & Poor's Equity Research analyst Efraim Levy noted in a research report. "We forecast increased sales as white-collar employment and manufacturing utilization rates improve."

Standard & Poor's has raised its 2010 earnings per share estimate by 4 cents to $2.71 and has initiated 2011 at $3.06. Levy is reiterating his strong buy opinion on Genuine Parts stock with a price target of $49.

-- Reported by Andrea Tse in New York

Follow on Twitter and become a fan on Facebook.
Copyright 2010 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
GPC $96.76 0.00%
AAPL $93.64 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%
TSLA $241.80 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs