Strong End to 2017 and Disappointing 2018 Guidance Leave Our Outlook Intact for Genuine Parts
We are unlikely to make a large change to our $96 per share valuation for narrow-moat Genuine Parts after it saw strong 2017 results but offered modest 2018 guidance relative to our targets. The firm reported $16.3 billion in sales and an 8% adjusted operating margin, besting our $16.1 billion and 7% respective 2017 forecasts, but management expects 12%-13% sales growth and adjusted diluted EPS of $5.60-$5.75, lagging our 14% and $5.95 marks.Management cited pressure in its business products s...
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