Genuine Parts had a genuinely awful quarter

Shares of Genuine Parts Co.are tumbling in the pre-market after the company reported brutal earnings along with a revised financial outlook that suggests the soft patch in its business will persist.

The provider of automotive and industrial replacement parts reported earnings per share of $1.88 in the third quarter; Wall Street was looking for $2.42. Its full-year guidance for both sales and profits was slashed — the latter by more than 20%. While the firm, which owns NAPA Auto Parts, still expects positive sales growth out of its automotive segment, industrial sales are poised to decline on an annual basis.

“Our results were below our expectations, primarily driven by continued weakness in market conditions in Europe and our Industrial business,” said President and CEO Will Stengel, adding that “the external environment remains challenging for the balance of 2024.”

The stock is slated to open the day as the worst-performing S&P 500 constituent.