Genuine Parts Company sales up 17.4 percent
Genuine Parts Company reported sales for the first quarter were a record $4.6 billion, a 17.4 percent increase compared to $3.9 billion for the same period in 2017.
Net income for the quarter was $176.6 million and earnings per share on a diluted basis were $1.20.
Sales for the Industrial Group, which includes both Motion Industries and EIS, were up 8.3 percent, including a 5 percent comparable sales increase.
Operating profit for the Industrial Group was $112 million, a 7.9 percent increase from $104 million in the same quarter last year.
"We were pleased to complete the first quarter of 2018 with double-digit total sales growth, driven by increases in our core global automotive and industrial businesses. While our operating margins were challenged, we remain focused on the execution of our plans to drive additional operating improvement and better position the company for sustained long-term growth and profitability," said Paul Donahue, president and chief executive officer. "With our recent announcement to spin-off the Business Products Group, we took an important step that will allow us to commit more resources and increase our focus on our core growth and higher-margin global businesses. This is an exciting time for Genuine Parts, and we look forward to effectively executing on the opportunities ahead."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
