Genuine Parts Co. (GPC) reported third-quarter sales of $4.7 billion, a 15.3 percent increase over its 2017 third-quarter sales.
Third-quarter net income was $220.2 million, up from $158.4 million in third-quarter 2017.
Third-quarter sales for the Automotive Group were up 23.3 percent, according to the company, while sales for the Industrial Group were up 8.3 percent.
“We are pleased to report the further strengthening of our sales, driven by positive sales comps across all our business segments and the favorable impact of strategic acquisitions,” said Paul Donahue, GPC president and CEO. “In addition, our teams made progress in driving operating improvement, resulting in an improved operating margin for the automotive and industrial segments and the company overall. We also did an excellent job of managing our working capital, which contributed to the strong cash flows for the quarter.”
Sales for the year through September were $14.1 billion, up nearly 17 percent from $12.1 billion in the first nine months of 2017.
“We enter the fourth quarter of 2018 with positive momentum and plans for continued sales and earnings growth,” Donahue said. “We remain focused on the further strengthening of our core sales growth, maximizing the benefits of our acquisitions and improving our operating results to further enhance our long-term sales and profit outlook. As always, we will support these initiatives with a strong balance sheet and continued strong cash flows.”
For the full year, GPC is projecting sales growth between 14 percent and 15 percent, up from its prior guidance of 13 percent to 14 percent.