Automotive replacement parts maker Genuine Parts Company ( GPC ) on Tuesday posted better-than-expected fourth quarter profits, but its revenue fell just shy of expectations.
The Atlanta-based company reported fourth quarter net income of $134.96 million, or 86 cents per share, compared with $118.65 million, or 75 cents per share, in the year-ago period.
Revenue rose 7% from last year to $3.01 billion.
On average, Wall Street analysts expected a smaller profit of 83 cents per share, albeit on higher revenue of $3.05 billion.
Genuine Parts shares posted modest gains in early trading Tuesday.
The Bottom Line
Shares of Genuine Parts ( GPC ) have a 3.02% dividend yield, based on the new higher payout and Friday's closing stock price of $65.58. The stock has technical support in the $60-$61 price area. The shares are trading right at all-time highs.
Genuine Parts Company ( GPC ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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