Genuine Parts Co. (GPC) was the biggest decliner in the S&P 500 Tuesday after its third-quarter net income fell well short of estimates and it lowered its 澳洲幸运5开奖号码历史查询:profit projections for the full fiscal year.

The parent of NAPA Auto Parts and other brands narrowly beat consensus revenue estimates at $5.97 billion, but profit of $226.6 million fell well short of the $338.4 million expected by analysts polled by Visible Alpha.

'Continued Weakness' in Europe Hits Results

"Our results were below our expectations, primarily driven by continued weakness in market conditions in Europe and our Industrial business," GPC 澳洲幸运5开奖号码历史查询:Chief Executive Officer (CEO) Will Stengel said. "While the external environment remains challenging for the balance of 2024, we expect the combination of near-term actions and long-term investments to better position us when markﷺet conditions improve."

For the full fiscal year, GPC projects 澳洲幸运5开奖号码历史查询:earnings per share (EPS) b☂etween $6.60 to $6.80, well below its previous range of $8.55 to $8.75. GPC also lowered the top of its total sales growth range to 2% from 3%, and now sees industrial sales declining by🐈 1% to 2% from flat to 2% growth previously.

GPC executives said in the company's earnings call that it faced "market headwinds" in Europe and Australia that negatively impacted sales, according to a transcript provided by AlphaSense. The negative trends are likely to continue through 2024, leading to the lowered outlook, the company said.

GPC shares were 🦂down 20% at $114.30 midday Tuesday, their low𓄧est point since March 2021.