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This morning (04/18/19), GPC reported Q1 2019 earnings. Total revenue growth of +3.3% was 110bps below Consensus. Adj. EPS of $1.28 missed Consensus of $1.30 but beat our $1.25. Organic revenue was strong, and margins improved y/y for Industrial but contracted for Auto, mostly due to Europe. Shares were down 6% versus flattish for the S&P 500.
More data-points suggest that Ford and GM shares could outperform suppliers
Last week we discussed why we’ve been shifting towards the view that U.S. Autos are poised to outperform U.S. Auto Parts... for the first time since 2013. The biggest factor, in our view, is that GM and Ford should benefit from idiosyncratic positives
L2+ as a safety system could lead to much higher adoption rates
Recent Mobileye comments indicate that L2+ is not just for convenience. Delivering major safety benefits for a reasonable cost could have major implications
Dynamics in the cockpit suggest greater pricing pressure ahead
While integrated cockpit controllers are expected to grow rapidly over the next 6 years (through 2025), competition is rising. Meanwhile, peripheral components such as Clusters, Displays, and Infotainment Headunits are likely to come under further price pressure, which could have negative implications for Visteon
GPC - EU meltdown? Seen this movie before
Friday morning, GPC reported Q1 2019 earnings. Total revenue growth of +3.3% was 110bps below Consensus. Adj. EPS of $1.28 missed Consensus of $1.30 but beat our $1.25. Organic revenue was strong, and margins improved y/y for Industrial but contracted for Auto, mostly due to Europe
We wanted to flag a few highlights in today's Wolfe Research Auto Daily...
- Early Model 3 ASP data looks encouraging. Expect Q1 deliveries of 75k units.
- What if Ford cuts International in half?
- If you live in China, you may be waiting 3 more days to buy your car
This morning (02/19/19), GPC reported Q4 2018 earnings. Total revenue growth of +9.4% was 120bps above Consensus. Adj. EPS of $1.35 beat Cons. of $1.32 and our $1.31. Organic revenue was strong, and margins improved y/y for Industrial but contracted for Auto. Shares were up 1.5% versus flattish for the S&P 500.
This morning (10/18/18), GPC reported Q3 2018 earnings. Total revenue growth of +15.3% was 100bps above Consensus. Adj. EPS of $1.48 was in-line with Cons., but 1¢ below our $1.49. Organic revenue was strong, and margins improved y/y for Auto and Industrial. Stronger top-line trends and stable margins lifted shares 6% versus the S&P 500’s decline of 1.5%.
Add tariffs and commodity inflation to the growing list of headaches that investors/companies must contend with. We lay out our thoughts and some exhibits to help frame the impact of these macro issues on the auto part retailers and what we have observed to date.
We undertook the unenviable task of reading the proxy for every company under coverage (and one we don’t cover: TSLA).
Yesterday (5/9/2018), Sears (not covered) announced a partnership with Amazon (c/b S. Mushkin) to sell and install any brand of tire at Sears’ 400+ Auto Center locations. In Feb. 2018, Amazon began carrying Die Hard starters, chargers, and Gold AGM batteries (expensive). Stock reaction was mixed with the group only modestly trailing (+0.5%) the S&P 500 (+1.0%).
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