Genuine Parts Acquires Exego - Analyst Blog
13 3월 2013 - 2:12AM
Zacks
Genuine Parts Company (GPC) revealed that it
will acquire the remaining 70% stake of Exego Group – a leading
aftermarket distributor of automotive replacement parts and
accessories in Australasia – for $800 million, including the
assumption of certain debt.
On Jan 1, 2012, Genuine Parts Company acquired a 30% stake in Exego
and held the option to acquire the remaining shares of the company
later. The company will purchase the remaining stake using a
combination of cash and debt. The transaction is expected to close
on Apr 1, 2013.
Formed in 1922 and headquartered in Melbourne, Australia, Exego
Group has annual revenues of more than $1 billion. It owns stores
at more than 430 locations across Australia and New Zealand.
Genuine Parts Company believes the acquisition will help the
company enjoy significant growth opportunities in the Australasian
aftermarket.
Genuine Parts Company, a Zacks Rank #3 (Hold) stock, posted a 19.8%
rise in earnings to $1.03 per share in the fourth quarter of 2012
from 86 cents in the corresponding quarter of 2011, beating the
Zacks Consensus Estimate by 10 cents. Net income increased 18.7% to
$160.2 million from $135.0 million in 2011.
Revenues went up 3.5% to $3.1 billion, which compared with the
Zacks Consensus Estimate of $3.2 billion. The revenue increase was
driven by a respectable sales growth in three of the company’s four
businesses.
Few stocks that are performing well in the industry where Genuine
Parts operates include STRATTEC Security
Corporation (STRT), Gentherm Incorporated
(THRM) and Standard Motor Products Inc. (SMP).
Gentherm and STRATTEC Security are Zacks Rank #1 (Strong Buy)
stocks while Standard Motor Products carries a Zacks Rank #2
(Buy).
GENUINE PARTS (GPC): Free Stock Analysis Report
STANDARD MOTOR (SMP): Free Stock Analysis Report
STRATTEC SEC CP (STRT): Free Stock Analysis Report
GENTHERM INC (THRM): Free Stock Analysis Report
To read this article on Zacks.com click here.
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Genuine Parts (NYSE:GPC)
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Genuine Parts (NYSE:GPC)
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