Genuine Parts Co beat first-quarter profit estimates and raised full-year earnings forecast on Thursday, helped by growing demand for auto and industrial parts.Strong demand for cars and trucks has kept older vehicles on the road for longer, driving demand for components and aftermarket services at parts distributors.
The company forecasts adjusted earnings per share between $8.95 and $9.10 for 2023, up from its prior outlook of $8.80 to $8.95. Analysts on average were expecting a per share profit of $8.92, according to Refinitiv data.
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