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Genuine Parts Raises Dividend by 3% Despite Mixed Q4

Genuine Parts Company (GPC) is a global distributor of automotive replacement parts and industrial parts through a network of more than 3,600 operations around the world.

The company generated 68% of its revenue from its automotive division and 32% from its industrial segment during the third quarter of 2020. These sales were spread out across North America (74%), Australasia (11%) and Europe (15%) markets.

Mixed Q4 Financial Results

Genuine Parts Co. reported fourth-quarter revenue that fell by 0.7% to $4.25 billion, missing consensus estimates by $60 million, with non-GAAP earnings of $1.52 per share, beating consensus estimates by 17 cents. Despite COVID-19-related challenges, the company continued to benefit from its ongoing strategic plans while adapting to dynamic conditions.

With $1 billion in cash and nearly $3 billion in liquidity, the company has a strong balance sheet that’s supported by $2 billion in cash from operations. The company has leveraged this cash to reinvest in its operations, make strategic acquisitions, reinstate an opportunistic share repurchase program and pay its 65th consecutive years of increased dividends.

The company raised its quarterly dividend by 3.2% to $0.815 per share, which represents a 3.1% forward yield. The dividend is payable on April 1, 2021 to shareholders on record as of March 5, 2021.

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