ATLANTA – Genuine Parts Company (GPC) announced its first quarter sales and earnings for the quarter ended March 31, 2015.
Sales for the first quarter increased 3 percent to $3.7 billion compared to sales of $3.6 billion for the same period in 2014. Net income for the first quarter was $161 million, up 2 percent from $157.5 million recorded for the same period in the previous year. Earnings per share on a diluted basis were $1.05, up 3 percent compared to $1.02 for the first quarter last year.
Tom Gallagher, chairman and CEO, commented, “We are pleased to report a solid start to 2015 and, although our sales and earnings growth rates moderated from the results reported in recent quarters, we performed in line with our expectations. Our total sales increase of 3 percent included approximately 4 percent underlying sales growth and a 1.5 percent contribution from acquisitions, offset by a currency headwind of approximately 2 percent.”
Gallagher added that sales for the Automotive Group were flat with the prior year and consisted of core automotive growth of approximately 3 percent and a slight benefit from acquisitions, less the negative impact of currency of approximately 4 percent. Sales at Motion Industries, GPC’s Industrial Group, were up approximately 3 percent, including 3 percent underlying growth and 1 percent from acquisitions, offset by a currency headwind of approximately 1 percent. Sales at EIS, the company’s Electrical/Electronic Group, increased by 1 percent and included approximately 6 percent growth from acquisitions, net of a 4 percent decrease in core sales and a 1 percent negative impact of copper pricing. Sales for S. P. Richards, GPC’s Office Products Group, were up approximately 17 percent, consisting of 11 percent underlying growth and 6 percent from acquisitions.”
Gallagher concluded, “Our sales and earnings growth in the quarter was supported by solid cash flows and a strong balance sheet. As we move forward in the year, we are well-positioned for further progress across our operations and remain optimistic that 2015 will be another successful year for the company.”