ATLANTA, Ga. – Genuine Parts Co. (GPC) has announced its fourth quarter results and record sales and earnings for the year ended Dec. 31, 2014.
Sales in the fourth quarter increased 9 percent to $3.8 billion, compared to sales of $3.5 billion for the same period in 2013. Net income in the fourth quarter was $166 million, or $1.07 per share on a diluted basis, compared to $150 million, or 97 cents per diluted share, in 2013, up 10 percent.
In review of the fourth quarter, Tom Gallagher, chairman and CEO, commented, “We are pleased to report another solid quarter of sales and earnings growth for Genuine Parts Co. Our 9 percent total sales increase includes approximately 7.6 percent underlying sales growth and a 2.7 percent contribution from acquisitions, offset by a currency headwind of approximately 1.6 percent. Our overall sales growth was supported by increases in each of our four business segments. Sales for the Automotive Group were up 4 percent, consisting of core automotive growth of 6 percent and a 0.5 percent contribution from acquisitions. These items were offset by a 2.5 percent negative impact of currency. Sales at Motion Industries, our Industrial Group, were up 10 percent, including 9 percent underlying growth and 2 percent from acquisitions offset by a currency headwind of approximately 1 percent. Sales at EIS, our Electrical/Electronic Group, increased by 23 percent and include a 20 percent contribution from acquisitions and 3 percent underlying growth. Sales for S. P. Richards, our Office Products Group, were up 22 percent, consisting of 14 percent underlying growth and 8 percent from acquisitions.”
Sales for the year ended Dec. 31, 2014 were $15.3 billion, up 9 percent compared to 2013. Net income for the year was $711 million, an increase of 4 percent compared to $685 million in 2013. Earnings per share on a diluted basis were $4.61, up 5 percent compared to $4.40 in 2013.
