Genuine Parts Co. (GPC), parent company of NAPA Auto Parts, reported record third-quarter sales of $5.7 billion, a 17.8% year-over-year increase.
The sales growth reflects a 12.7% increase in comparable sales and a 9.1% benefit from acquisitions, according to the company.
“The GPC team delivered record results, with double-digit sales and earnings growth driven by the execution of effective strategies and continued resilience of our Automotive and Industrial businesses,” said Paul Donahue, chairman and CEO. “We are pleased with the continued strength of our results for 2022 and are proud of the great work by all our 53,000 teammates who are at the core of our success.”
Sales for the Automotive Parts Group were $3.5 billion, up 8.9% year-over-year. Industrial sales were $2.2 billion, up 35.3% from the same period in 2021, and reflecting a 19.6% increase in comparable sales and a 16.6% contribution from the acquisition of Kaman Distribution Group.
“Our third-quarter results were driven by sound industry fundamentals and execution of our key strategic initiatives to deliver accelerated sales growth and margin expansion in both segments,” said Will Stengel, president. “We were also pleased to further strengthen our balance sheet and generate continued strong cash flow.
“The solid growth in Automotive was broad-based, with double-digit total sales growth in local currency in each of our global operations. Likewise, the continued strength in Industrial led to its sixth consecutive quarter of double-digit sales comps.”
GPC revised its sales guidance for full-year 2022. The company said it now expects overall sales to grow between 15% and 16% year-over-year. The previous guidance was for sales growth between 12% and 14%.
