ATLANTA Genuine Parts Co. (GPC) has reported record sales and earnings for the third quarter and nine months ended Sept. 30.
Thomas Gallagher, chairman, president and CEO, announced that sales totaling $3.3 billion were up 11 percent compared to the third quarter of 2010.
Net income for the quarter was $151.8 million, an increase of 15 percent from $131.8 million recorded in the same period of the previous year. Earnings per share on a diluted basis were 97 cents, up 17 percent compared to 83 cents for the third quarter last year.
For the nine months ended Sept. 30, sales totaled $9.4 billion, up 12 percent compared to the same period in 2010.
Net income for the nine months was $430.2 million, an increase of 21 percent from $356.9 million recorded in the previous year. Earnings per share on a diluted basis were $2.72, up 21 percent compared to $2.25 for the same period last year.
In review of the quarter, Gallagher commented, “We are pleased to report another period of record sales and earnings for Genuine Parts Co. The Automotive Group posted its fourth consecutive quarter of 9 percent sales growth. Automotive’s strong and consistent growth reflects the positive impact of our sales initiatives and the sound fundamentals that continue to be evident in the automotive aftermarket.
“Our Industrial and Electrical businesses once again produced the strongest growth among our four business segments. Sales for Motion Industries, our Industrial Group, reached over $1 billion for the second straight quarter and were up 18 percent. EIS, our Electrical Group, generated a 22 percent sales increase.
Both Motion Industries and EIS sell into the manufacturing sector of the economy, which has performed well over the last seven quarters and current customer demand continues to be encouraging. S.P. Richards, our Office Products Group, showed a 3 percent sales increase for the quarter, marking their fourth consecutive period of sales growth. This positive sales trend is encouraging and reflects the ongoing benefits of their internal growth initiatives, as demand across the office products industry remains relatively weak.” Gallagher added, “Our balance sheet as of Sept. 30, 2011 remains in excellent condition.”