ATLANTA – Genuine Parts Co. has reported sales and earnings for the first quarter ended March 31, 2014.
Thomas Gallagher, chairman and CEO, announced that sales for the first quarter ended March 31, 2014, were $3.6 billion, up 13 percent compared to $3.2 billion in the first quarter of 2013. Net income for the quarter was $157.5 million, up 9 percent from $144.4 million recorded in the same period of the previous year. Earnings per share on a diluted basis were $1.02, up 10 percent compared to 93 cents for the first quarter last year.
Gallagher stated, "We are encouraged by our results in the first quarter and pleased to report a solid start to 2014. Our total sales increase included a 10 percent contribution from acquisitions and 4 percent underlying sales growth offset by a 1 percent headwind from currency. Automotive sales remained the strongest among our segments, up 23 percent and driven by a 17 percent contribution from the GPC Asia Pacific acquisition and underline growth of approximately 7 percent. These strong results were offset by a negative translation effect of 1.6 percent. Sales at Motion Industries, our Industrial Group, were up 4 percent and include 3 percent from acquisitions less a 1 percent translation effect. Sales at EIS, our Electrical/Electronic Group, increased by 30 percent due primarily to acquisitions. Sales for S. P. Richards, our Office Products Group, were down slightly in the quarter, although a small acquisition in the quarter positively impacted the results."
Gallagher concluded, "During the first quarter, we achieved our core objectives of growing sales and earnings, producing operating margin improvement, generating solid cash flows and maintaining a strong balance sheet. Looking ahead, we are well-positioned to demonstrate continued progress in driving improved results and remain optimistic about our prospects for growth in each of our four businesses."
