Feb 18 (Reuters) - Automotive replacement parts distributor Genuine Parts GPC.N on Tuesday reported a better-than-expected fourth quarter profit, as store acquisitions and an extra selling day in the U.S. boosted sales.
Genuine Parts bought over 500 stores in the U.S. in 2024, helping it take advantage of a strong dollar, while an additional selling day in the country over the year-ago quarter bumped global automotive sales by about 0.9%. Strong performance in its Australasia market also lifted sales.
Adjusted profit per share for the quarter ended December 31 was $1.61, compared with analysts' average expectation of $1.55, according to date compiled by LSEG.
The company reported fourth quarter revenue of $5.77 billion, compared with expectations of $5.72 billion.
In 2024, the company had cut costs, including through reducing headcount, to offset a slower recovery in the European automotive aftermarket business.
The Atlanta, Georgia-based Genuine Parts said it intends to expand the global restructuring efforts in 2025, and anticipates around $150 million to $180 million of costs in the year.
"While the year presented challenges due to macroeconomic conditions and softer end-market demand, we remained focused on controlling what we could," Will Stengel, CEO, said in a statement.
The company also expects 2025 total sales to grow between 2% and 4%, compared with estimates of 2.92% growth.
(Reporting by Raechel Thankam Job; Editing by Sahal Muhammed)
((RaechelThankam.Job@thomsonreuters.com;))
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