Genuine Parts Co. shares rose 3.8% in early trade Wednesday, after the car parts maker reported better-than-expected earnings for the first quarter. Atlanta-based Genuine Parts said it had net income of $160.2 million, or $1.08, in the quarter, up from $158.0 million, or $1.05 a share, in the year-earlier period. Sales rose 5% to $3.91 billion. The FactSet consensus was for EPS of $1.05 and sales of $3.85 billion. Chief Executive Paul Donahue said earnings were driven by strong growth in international automotive, industrial, electrical and office operations, which offset headwinds in the U.S. automotive business. The company raised its outlook for 2017 EPS to $4.75 to $4.85 from a prior $4.70 to $4.80. Shares are down 2% in 2017, while the S&P 500 has gained about 5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News