ATLANTA -- Genuine Parts Co. has reported its sales and earnings for the third quarter and nine months ended Sept. 30.

Thomas Gallagher, chairman, president and CEO, announced today that sales totaling $2.95 billion were up 13 percent compared to the third quarter of 2009. Net income for the quarter was $131.8 million, an increase of 22 percent from $107.6 million recorded in the same period of the previous year. Earnings per share on a diluted basis were 83 cents, up 24 percent compared to 67 cents for the third quarter last year.

For the nine months ended Sept. 30, sales totaled $8.4 billion, up 11 percent compared to the same period in 2009. Net income for the nine months was $356.9 million, an increase of 19 percent from $300.4 million recorded in the previous year. Earnings per share on a diluted basis were $2.25, up 20 percent compared to $1.88 for the same period last year.

"We are pleased to report another period of solid sales and earnings growth for Genuine Parts Co.,” Gallagher said. “Our Industrial and Electrical businesses continue to turn in the strongest results among our four business segments. Sales for Motion Industries, our Industrial Group, were up 29 percent in the quarter, and EIS, our Electrical Group, generated a 31 percent increase. Both Motion Industries and EIS sell into the manufacturing sector of the economy, which has experienced a nice recovery in 2010 and is performing well today. Our Automotive Group produced another solid quarter, with sales for this group up 7 percent for the second consecutive quarter. The ongoing improvement that we have seen in our Automotive results over the past several quarters is encouraging. S.P. Richards, our Office Products Group, ended the quarter down slightly from last year, consistent with the first two quarters of the year. Their results were in line with our expectations and they reflect the challenge of lackluster office employment, which has impacted the office products industry for some time now."

Gallagher added, "Our balance sheet as of Sept. 30, 2010 remains in excellent condition. We continue to generate strong cash flows as a result of our working capital, asset management and cost reduction initiatives. Our strong cash position offers us tremendous opportunities and we continue to use our cash in several key areas to maximize the total return to shareholders. These include the dividends paid to shareholders, the ongoing reinvestment back into each of our four businesses, strategic complimentary types of acquisitions and share repurchases."

Gallagher concluded, "We are encouraged by the sales and earnings growth achieved in the third quarter and through the first nine months in 2010, and we are optimistic that our businesses will show continued progress over the balance of the year. Our management team remains focused on achieving our four primary objectives for 2010: producing solid sales results; improving operating margins; generating strong cash flows; and maintaining the strength of our balance sheet."