ATLANTA Genuine Parts Co. (GPC) has reported sales and earnings for the second quarter and six months ended June 30, 2011. Sales totaling $3.2 billion were up 12 percent compared to the second quarter of 2010. Net income for the quarter was $151.8 million, an increase of 22 percent from $124.5 million recorded in the same period of the previous year. Earnings per share on a diluted basis were 96 cents, up 23 percent compared to 78 cents for the second quarter last year.
In reviewing the quarter, Thomas Gallagher, chairman, president and CEO, commented, “We are especially pleased to report record sales and earnings for the second quarter. The Automotive Group produced another period of solid growth, with sales up 9 percent for the third consecutive quarter. We remain encouraged by the ongoing positive impact of our sales initiatives and the sound fundamentals of the aftermarket. Our Industrial and Electrical businesses continue to produce the strongest growth among our four business segments. Sales for Motion Industries, our Industrial Group, reached the $1 billion mark for the first time in their history and were up 19 percent in the quarter. EIS, our Electrical Group, generated a 28 percent sales increase. Both Motion Industries and EIS sell into the manufacturing sector of the economy, which continues to perform well today. S.P. Richards, our Office Products Group, showed a 4 percent sales increase for the quarter, marking its third consecutive period of sales growth, despite the continued moderation in demand in the office products industry. We believe this positive sales trend reflects the ongoing benefits of their internal growth initiatives.”
For the six months ended June 30, sales totaled $6.2 billion, up 13 percent compared to the same period in 2010. Net income for the six months was $278.3 million, an increase of 24 percent from the same period in 2010. Earnings per share on a diluted basis were $1.76, up 24 percent compared to $1.42 for the same period last year.
Gallagher added, “In addition to these fine results for the quarter and six months, our balance sheet as of June 30, 2011 remains in excellent condition. We ended the period with cash of $517 million and we continue to generate strong cash flows as a result of our working capital, asset management and cost-reduction initiatives.”