(Reuters) -Genuine Parts Co on Tuesday cut its full-year profit forecast on higher restructuring costs and weak demand for auto parts.

The company also missed its third-quarter profit estimate.

High interest rates, rising costs and tariffs, along with persistent inflation, have led U.S. consumers to delay non-essential vehicle repairs, leading to softer demand and straining margins in the automotive segment.

The company is conducting a strategic review to boost profitability and unlock shareholder value, following a settlement with activist investor Elliott Investment Management, which has taken a more than $1 billion stake and secured two board seats.

Genuine Parts incurred $49 million in after-tax expenses or 36 cents per share, tied to restructuring efforts aimed at streamlining ope

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