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Genuine Parts Co. Reports First-Quarter 2011 Results

GPC reported record sales totaling $3 billion, up 14 percent compared to the first quarter of 2010.

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ATLANTA — Genuine Parts Co. (GPC) has reported it sales and earnings for the first quarter ended March 31.

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According to Thomas Gallagher, chairman, president and CEO, GPC reported record sales totaling $3 billion, up 14 percent compared to the first quarter of 2010. Net income for the quarter was $126.5 million, an increase of 26 percent over the $100.6 million recorded in the same period of the previous year. Earnings per share on a diluted basis were 80 cents, up 27 percent compared to 63 cents for the first quarter last year.

“We are pleased to report another period of solid sales and earnings growth for the company and are especially encouraged by the positive sales momentum in all four of our business units,” Gallagher said. “Our Automotive Group produced a 9 percent sales increase for the second consecutive quarter, which reflects the solid execution of our sales initiatives combined with the positive fundamentals of the aftermarket. Our Industrial and Electrical businesses continue to turn in the strongest results among our four business segments. Sales for Motion Industries, our Industrial Group, were up 24 percent in the quarter, and EIS, our Electrical Group, generated a 39 percent increase. Both Motion Industries and EIS sell into the manufacturing sector of the economy, which began its recovery in 2010 and continues to perform well today. S.P. Richards, our Office Products Group, showed a 5 percent sales increase for the quarter, marking its second consecutive period of sales growth and up sequentially from a 3 percent increase in the fourth quarter of 2010.”

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