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News Breaks
July 21, 2014
11:34 EDTGPCGenuine Parts raises FY14 EPS view to $4.54-$4.60 from $4.49-$4.59
Consensus is $4.60. Raises total 2014 revenue growth view to up 7%-8% from 6%-8%, consensus $15.09B.Says "cautiously optimistic" about outlook for industrial business over 2H. Sees tougher comps in 2H. Sees margins in 30% range for the balance of 2014. Sees FY tax rate in the 36%-36.3% range. Says "comfortable" with cash position at June 30. Sees FY cash from operations $950M, free cash flow $450M. Says first priority for cash is dividend; says will use cash to repay debt, acquisitions, repurchases. Will maintain dividend payout ratio ahead. Sees FY14 CapEx $130M-$140M. Says targeting bolt-on acquisitions in the $25M-$125M range. Says will remain active in share buybacks. Comments made on the Q2 earnings conference call.
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