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WASHINGTON, Sept 6 (Reuters) - A bipartisan group of lawmakers asked the CEOs of six major auto parts retailers if they bought products from a Chinese company that may evaded U.S. tariffs, according to letters seen by Reuters on Friday.
Representative John Moolenaar, a Republican chairs a House panel on China and the committee's top Democrat Raja Krishnamoorthi along with other lawmakers asked AutoZone AZO.N, O’Reilly Auto Parts ORLY.O, Genuine Parts GPC.N, Advance Auto Parts AAP.N, First Brands Group, and Factory Motor Parts to address concerns they are purchasing parts from China's Qingdao Sunsong and its U.S. based subsidiary.
The lawmakers -- which also include Senators Sherrod Brown, a Democrat and Republican Bill Cassidy -- raised concerns Qingdao may be illegally transshipping Chinese products through Thailand into the United States to evade U.S. customs duties.
(Reporting by David Shepardson)
(( David.Shepardson@thomsonreuters.com ; 2028988324; ))
Keywords: USA-AUTO PARTS/ (URGENT)
Valued at a operates in the automotive and industrial replacement parts sector. Based in Atlanta, Georgia, the company distributes a wide range of parts and materials, including those for hybrid and electric vehicles, as well as industrial components and related services.
Shares of the auto and industrial parts distributor have lagged behind the broader market over the past 52 weeks. GPC has declined 7.9% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 27%. In 2024, shares of GPC are up 2.7%, compared to SPX's 18.1% gain on a YTD basis.
Zooming in further, GPC is also underperforming the Nasdaq Transportation ETF's 7.6% gain over the past 52 weeks and a 3.9% increase on a YTD basis.
Genuine Parts has underperformed due to weak consumer demand from high interest rates and persistent inflation, compounded by softness in European markets and ongoing headwinds in the automotive and industrial sectors. Moreover, the stock dropped more than 1% after its Q2 earnings release on Jul. 23 due to missing both revenue and EPS expectations. Additionally, the company reported flat same-store sales growth and lowered its full-year earnings forecast, contributing to a decline in the stock.
For the current fiscal year, ending in December, analysts expect GPC's EPS to grow marginally year over year to $9.37. The company's earnings surprise history is mixed. It beat the consensus estimates in three of the last four quarters while missing on one another occasion.
Among the nine analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on three “Strong Buy” ratings and six “Holds.”
On Jul. 24, Evercore ISI's Greg Melich removed Genuine Parts from the "Tactical Underperform" list, lowering the price target to $148 while keeping an "In Line" rating due to challenges in navigating a difficult automotive and industrial environment amid wage inflation.
The mean price target of $154.88 represents a premium of just 8.9% to GPC's current levels. The Street-high price target of $165 implies a modest potential upside of 16% from the current price levels.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
A month has gone by since the last earnings report for O'Reilly Automotive . Shares have added about 3.2% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is O'Reilly Automotive due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
O'Reilly Q2 Earnings Miss Mark, 2024 Profit View Cut
O’Reilly reported second-quarter 2024 adjusted earnings per share (EPS) of $10.55, falling short of the Zacks Consensus Estimate of $10.95. The bottom line increased from $10.22 per share reported in the prior-year quarter. The automotive parts retailer registered quarterly revenues of $4.27 billion, missing the Zacks Consensus Estimate of $4.32 billion. The top line, however, increased 5% year over year.
During the quarter, comparable store sales grew 2.3%. The company opened 27 new stores in the United States and Mexico during the quarter. It operates 23 stores in Canada after completing the acquisition of Vast Auto in January. The total store count was 6,244 as of Jun 30, 2024.
Financials, Share Repurchase & Costs
In the reported quarter, selling, general and administrative expenses rose 6% year over year to $1.3 billion. Operating income rose to $863 million from $854 million generated in the year-ago period. Net income was $623 million, down from $627 million in the year-ago quarter.
During the reported quarter, O’Reilly repurchased 0.8 million shares for $794 million at an average price of $1,012.14 per share. After the end of the quarter until the release date, ORLY repurchased an additional 0.2 million shares of common stock for a total investment of $224 million at an average price of $1,036.84 per share. As of Jul 24, the company had nearly $1.28 billion remaining under the current share repurchase authorization.
It had cash and cash equivalents of $145 million at the end of the reported quarter, down from $279.1 million recorded as of 2023-end. Its long-term debt was $5.4 billion, lower than $5.57 billion as of Dec 31, 2023.
During the reported quarter, O’Reilly generated $949 million in cash from operating activities, compared with the year-ago period’s $937.5 million. Capital expenditures totaled $225.4 million, compared with $237 million in the year-ago period. Free cash flow was $718.2 million, indicating an uptick of 5.4% year over year.
Updated 2024 Outlook
For full-year 2024, O’Reilly estimates total revenues in the range of $16.6-$16.9 billion, down from the prior guidance of $16.8-$17.1 billion. It now expects earnings per share in the range of $40.75-$41.25, down from the previous estimate of 41.35-$41.85. The outlook for comparable store sales growth was revised downward to 2-4% from 3-5%. The outlook for free cash flow remained unchanged at $1.8-$2.1 billion. Capital expenditure guidance remained unchanged in the range of $900 million to $1 billion. The company intends to open 190-200 stores this year.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in fresh estimates.
VGM Scores
At this time, O'Reilly Automotive has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, O'Reilly Automotive has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
O'Reilly Automotive is part of the Zacks Automotive - Retail and Wholesale - Parts industry. Over the past month, Genuine Parts , a stock from the same industry, has gained 2.5%. The company reported its results for the quarter ended June 2024 more than a month ago.
Genuine Parts reported revenues of $5.96 billion in the last reported quarter, representing a year-over-year change of +0.8%. EPS of $2.44 for the same period compares with $2.44 a year ago.
Genuine Parts is expected to post earnings of $2.45 per share for the current quarter, representing a year-over-year change of -1.6%. Over the last 30 days, the Zacks Consensus Estimate has changed -3.7%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #4 (Sell) for Genuine Parts. Also, the stock has a VGM Score of C.
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