Genuine Parts Company Reports Record Sales Of $3.68B
Seeking Alpha Analyst Since 2013
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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