By Apratim Sarkar

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

The company, which missed its third-quarter profit estimate, also disclosed a relationship with First Brands in its global automotive business, representing about 3% of global sales in the segment.

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.

The company is in discussions with First Brands to support them in navigating their current situation, said CEO William Stengel, noting that the relationship had no negative impact on its third-quarter performance.

U.S. auto parts maker First Brands filed for bankruptcy protection in September, citing over $10 billion in liabilities as its financial troubles deepened, surprising debt investors.

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

Automotive sales rose 5% on year, primarily due to acquisitions and currency effects, while organic demand stayed weak.

The company now expects full-year adjusted earnings of $7.50 to $7.75 per share, compared with the previous forecast of $7.50 to $8.00 per share.

It, however, lifted its forecast on annual sales growth to 3%-4% from the previous expectation of 1%-3%.

Genuine Parts posted adjusted net income of $22.62 million, or $1.98 per share, for the third quarter, missing analysts' average estimate of $1.99 per share, according to data compiled by LSEG.

Its revenue reached $6.30 billion, above expectations of $6.12 billion.

(Reporting by Apratim Sarkar; Editing by Vijay Kishore)