Genuine Parts maintains profit outlook despite cost pressure
Genuine Parts maintained its annual profit forecast despite lower Q1 earnings. It cited supply chain and cost pressures from the ongoing Middle East conflict.
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Genuine Parts reported a decline in first-quarter profit on Tuesday but maintained its full-year earnings guidance despite mounting supply chain challenges stemming from geopolitical tensions. The United States-based distributor, which operates as HF COMPANY on certain exchanges, noted that while revenue exceeded analyst expectations, rising costs associated with global conflicts are weighing on margins.
Chief Executive Officer Will Stengel highlighted the impact of regional instability on the movement of goods and operational expenses during a post-earnings call.
