Genuine Parts cuts FY24 adjusted view to $9.30-$9.50 from $9.80-$9.95

Consensus $9.86. Cuts FY24 revenue view to up 1%-3% from up 3%-5%, consensus $23.75B. Backs FY24 free cash flow view $800M-$1B. Backs FY24 effective tax rate 24%. The company said, “The company is revising full-year 2024 guidance previously provided in its earnings release on April 18, 2024. The company considered its recent business trends and financial results, current growth plans, strategic initiatives, global economic outlook, geopolitical conflicts and the potential impact on results in updating its guidance, which is outlined in the table below.”