Oct 22 (Reuters) - Auto parts replacement provider

Genuine Parts ( GPC ) cut its 2024 earnings per share forecast

on Tuesday, as third-quarter earnings per share missed estimates

due to weakness in its industrial segment and market conditions

in Europe.

Shares of the company fell more than 9% in pre-market

trading.

Slower recovery in the European automotive aftermarket

business has been a drag on the Atlanta-based company, even as

it tried to control costs through restructuring initiatives,

including headcount management.

Sales weakness also persists in the company's industrial

segment which distributes a wide variety of industrial bearings

and mechanical and fluid power transmission equipment.

The company now expects 2024 industrial segment sales to

decline by 2% to 1%, compared to its prior expectation of up to

2% growth.

Genuine Parts ( GPC ) also cut its full-year earnings per share

forecast and lowered the top end of its sales forecast range.

It now expects 2024 adjusted earnings per share to be in the

range of $8.00 to $8.20, compared to its prior forecast of $9.30

to $9.50 per share.

It expects total sales to grow by up to 2%, a revision to

its earlier outlook of up to 3% growth.

The company posted third-quarter adjusted earnings per share

of $1.88, down from $2.49 last year and well below analysts'

average estimate of $2.42, according to data compiled by LSEG.

It reported quarterly revenue of $5.97 billion, compared to

analysts' average estimate of $5.94 billion.