Genuine Parts Co. Reports Record Revenue, Earnings for Second Quarter

Genuine Parts Co. Reports Record Revenue, Earnings for Second Quarter

“We enter the second half of 2018 excited for the opportunities ahead at GPC,” CEO Paul Donahue said.

Genuine Parts Co. (GPC) reported record revenue and earnings per share for the second quarter of 2018.

The company reported record second-quarter sales of $4.8 billion, a nearly 18-percent increase over second-quarter 2017.

Net income was $227 million, up from $190 million in second-quarter 2017.

GPC reported diluted earnings per share of $1.54, also a record high.

“We are pleased to report another quarter of record sales, driven by the favorable impact of strategic acquisitions and improved organic sales trends across our business segments,” said Paul Donahue, president and CEO of GPC. “The positive shift in the underlying sales environment in the automotive business is especially encouraging and, combined with the execution of our plans to drive operating improvement, including plans to address our automotive margin, we are optimistic for improved margin trends as we move ahead.”

During GPC’s second-quarter conference call, Donahue attributed the “positive shift” to “the continuing favorable affect of this winter’s more normalized weather, as well as the summer heat across most of the U.S. in both May and June.”

“After a slow start out of the gate, largely due to the cold and wet conditions at the start of spring, our sales were much improved in both May and June,” Donahue added.

NAPA AutoCare sales were up 3 percent for the quarter.

For the first half of 2018, GPC reported sales of $9.4 billion, up 17.5 percent from $8 billion in first-half 2017.

“We enter the second half of 2018 excited for the opportunities ahead at GPC,” Donahue said. “As we move forward with the planned spinoff of our Business Products Group, we remain committed to our core growth and higher-margin global automotive and industrial businesses. To this end, we are focused on the further strengthening of our core sales growth, maximizing the benefits of our acquisitions and effectively reducing our cost structure to improve our operating results and enhance our long-term sales and profit outlook.”

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