ATLANTA Genuine Parts Co. has reported its fourth-quarter results and record sales and earnings per share for the year ended Dec. 31, 2010.
Tom Gallagher, chairman, president and CEO, announced that sales in 2010 were $11.2 billion, up 11 percent compared to 2009. Net income for the year was $476 million, an increase of 19 percent compared to $400 million in 2009. Earnings per share on a diluted basis were $3, up 20 percent compared to $2.50 in 2009.
Gallagher stated, “We are pleased to report record sales and earnings per share in 2010. The improving market conditions in the industries that we serve, which we began to see in the latter part of 2009, continued throughout the year and they further supported our internal growth initiatives, resulting in the strong performance for the year.”
Gallagher added, “Our 11 percent sales increase for the company was driven by positive sales growth in all four of our businesses. The Automotive Group reported a 7 percent sales increase for the year and we were encouraged to see our automotive sales momentum strengthen as the year progressed. Motion Industries, our Industrial Group, generated a 22 percent sales increase for the year and they benefited from the combination of good internal growth initiatives and the strong rebound that occurred across the manufacturing sector of the economy this past year. Likewise, EIS, our Electrical Group, had a fine year as well, with sales up 30 percent. Finally, revenues at S.P. Richards, our Office Products Group, were up just slightly over 2009.”