This morning GPC reported Q3 results. Revenue growth of +6.2% was 30bps below Consensus. Adj. EPS of $1.50 beat Cons of $1.47 and our $1.46. Automotive margins declined 60bps y/y, largely due to deleverage in Europe on a MSD comp sales decline. GPC also lowered guidance for sales & EPS largely due to EIS divestiture. Shares were up 1%.
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Wolfe Research's Senior Hardlines & Internet Retail Analyst Chris Bottiglieri hosted a webcast to discuss his downgrades of AAP and LOW, bottom-up TAM analyses on both home improvement retail and auto parts retail, his valuation black box: what is driving retail valuations, and more.
Today (10/07/19) we are assuming broader coverage of hardlines and internet retail with deep-dive reports on four companies, including a LOW downgrade to PP. We also have two ratings changes from our existing retail coverage (AAP to UP and ORLY to OP), and assuming coverage of six additional retail names with concise 1-page investment tear sheets.
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