Why Genuine Parts Stock Jumped Today
Shares of automotive and industrials parts maker Genuine Parts (NYSE: GPC) jumped on Thursday even though it's normally a sleepy stock. The company reported financial results for the first quarter of 2024 and raised its full-year profit guidance, which is why Genuine Parts stock was up 12% as of 11 a.m. ET.
In Q1, Genuine Parts' sales increased by less than 1% to $5.8 billion and its earnings per share (EPS) plunged by 17% to $1.78. Some investors might be surprised that these numbers were met with such enthusiasm today. But there's a good explanation.
With a company as mature as Genuine Parts, nobody expects torrid top-line growth. But investors do monitor profits and the company delivered higher profits than expected in Q1. Because of this, management raised full-year profit guidance.
Source Fool.com
