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Genuine Parts Company Reports Record Sales Of $3.68B

Jul. 18, 2013 10:32 AM ETGPC
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Seeking Alpha Analyst Since 2013

Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.

Originally published at www.seclive.com

Genuine Parts Company (GPC), a distributor of automotive replacement parts, reported record quarterly sales of $3.68B, a 10% increase from the same quarter last year. Net income increased from $168.6M the year prior by 28% to $216.4M while earnings per share increased similarly by 29% from $1.08 to $1.39 per share. Sifting through remarks made by the company's chairman and CEO Thomas Gallagher, the company's biggest challenge is non-automotive business, which experienced sales decreases this quarter. The success of the company this quarter can be attributed mostly to its automotive group, which reported 22% growth when factoring in 6% growth in North American sales and the positive impact of its acquisition of GPC Asia Pacific.

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