July 23 (Reuters) - Automotive replacement parts

distributor Genuine Parts ( GPC ) lowered its profit and sales

forecast for 2024 on Thursday, as macroeconomic pressures weigh

down sales growth.

Shares of the company fell 3% before the bell.

High interest rates and cost of living have created an

increasingly cautious consumer base for auto part makers and

distributors.

Slow recovery in U.S. sales and an uncertain demand

environment for Industrials has also challenged growth prospects

for the company.

The Atlanta-based company now sees adjusted earnings of

between $9.30 and $9.50 per share for 2024, compared with the

earlier range of $9.80 to $9.95 per share. Analysts' had

estimated $9.87 per share, according to LSEG data.

It expects total sales growth of 3% to 5% in 2024, compared

with 1% to 3% growth forecast earlier.

Genuine Parts ( GPC ) reported a second-quarter adjusted net income

of $2.44 per share, below estimates of $2.65.

The company's second-quarter net sales were $5.96 billion,

below expectations of $6.03 billion.

"Our quarterly results reflect softer-than-expected market

conditions, which are tempering demand particularly in our

Industrial and U.S. and European Automotive businesses," said

CEO Will Stengel

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

of the company's total sales in 2023, rose nearly 2% to $3.73

billion in the three months through June 30.

Sales in the segment for the fiscal year are now expected to

grow by 1%-3%, versus 2%-4% earlier.