April 18 (Reuters) - Automotive parts distributor

Genuine Parts ( GPC ) raised its 2024 profit forecast on

Thursday, hinging on strong demand for parts and improving

automotive sales in the United States.

Higher prices and short supply of newer models have

continued to drive demand for used vehicles and replacement

parts as consumers try to make their existing vehicles last

longer.

In the past months, the company has been implementing

pricing initiatives and strategic sourcing programs to perk up

slowing sales in its U.S. automotive segment that was hurt by

high costs and other inflationary pressures.

"In Automotive, the actions taken in our U.S. Automotive

business are gaining traction, and we are encouraged by the

sequential improvement in performance," said President and Chief

Operating Officer Will Stengel.

The Atlanta-based company expects to report adjusted

earnings of between $9.80 and $9.95 per share for 2024, up from

a prior guidance of $9.70 to $9.90 per share.

It reaffirmed its sales growth forecast of 3% to 5% for the

full year.

Genuine Parts ( GPC ) reported an adjusted profit of $2.22 per share

for the quarter ended March 31, beating analysts' estimate of

$2.16 per share.

However, total sales of $5.78 billion fell below estimates

of $5.84 billion due to a decline at its Industrial business.

Revenue from the Automotive Parts segment, which made up 62%

of the company's sales in 2023, was $3.57 billion in the first

quarter of 2024.