Genuine Parts Company stock research
FY2024 Q1
Genuine Parts (GPC) Gross Margin — Quarter Ended Mar 31, 2024
Revenue rose from the prior quarter while cost of revenue also increased, resulting in a slightly weakened gross margin sequentially. Compared with the same quarter last year, revenue was stable while cost of revenue declined, leading to an improved gross margin.
Gross margin takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue rose from the prior quarter while cost of revenue also increased, resulting in a slightly weakened gross margin sequentially. Compared with the same quarter last year, revenue was stable while cost of revenue declined, leading to an improved gross margin.
- The relationship between revenue and cost of revenue drove the gross margin outcome: sequential revenue growth was outpaced by cost of revenue growth, while year-over-year cost of revenue declined with revenue unchanged.
- Compared with the immediately preceding quarter, gross margin was lower; compared with the same quarter one year earlier, gross margin was higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
35.9%
Gross profit
$2.1B
Revenue
$5.8B
Cost of revenue
$3.7B
Quarter-over-quarter change
-0.5 pts
Year-over-year change
+0.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2023 | $5.9B | $2.1B | $3.8B | 36.1% |
| Sep 30, 2023 | $5.8B | $2.1B | $3.7B | 36.2% |
| Dec 31, 2023 | $5.6B | $2.0B | $3.6B | 36.4% |
| Mar 31, 2024 | $5.8B | $2.1B | $3.7B | 35.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2023
-0.5 pts
Year-over-year change
Mar 31, 2023
+0.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The relationship between revenue and cost of revenue drove the gross margin outcome: sequential revenue growth was outpaced by cost of revenue growth, while year-over-year cost of revenue declined with revenue unchanged.
Compared with the immediately preceding quarter, gross margin was lower; compared with the same quarter one year earlier, gross margin was higher.
Monitor the relative change of cost of revenue against revenue in upcoming quarters to assess margin sustainability.