Genuine Parts Surges To Lead S&P 500 Gains ThursdayHere’s Why [Video]

Genuine Parts (GPC) was the best-performing stock in the S&P 500 in intraday trading Thursday as shares surged close to 11% after the automotive and industrial parts distributor beat profit estimates and raised its guidance as it benefited from acquisitions.

The owner of the NAPA Auto Parts brand posted first quarter earnings per share (EPS) of $1.78, exceeding forecasts. Revenue rose 0.3% from a year ago to $5.78 billion, short of expectations.

Sales at the company’s Global Automotive unit were up 1.9% to $3.57 billion, boosted by a 0.2% increase in comparable sales and a 2.8% benefit from acquisitions. Industrial Parts Group sales declined 2.2% to $2.21 billion, dragged down by a 2.6% comparable sales drop.

CFO Will Stengel said the firm showed “operating discipline that delivered improved overall earnings against a backdrop of low sales growth.”

Genuine Parts now anticipates full-year EPS in a range of $9.80 to $9.95, up from the …