GPC Reports Record Sales And Earnings For The Third Quarter - aftermarketNews

GPC Reports Record Sales And Earnings For The Third Quarter

Net income for the quarter was $172.9 million, an increase of 14 percent from $151.8 million recorded in the same period of the previous year.

ATLANTA – Genuine Parts Co. (GPC) reported record sales and earnings for the third quarter and nine months ended Sept. 30, 2012. Thomas Gallagher, chairman and CEO, announced today that sales totaling $3.4 billion were up 3 percent compared to the third quarter of 2011. Net income for the quarter was $172.9 million, an increase of 14 percent from $151.8 million recorded in the same period of the previous year. Earnings per share on a diluted basis were $1.11, up 14 percent compared to 97 cents for the third quarter last year.
 
For the nine months ended Sept. 30, 2012, sales totaled $9.9 billion, up 5 percent compared to the same period in 2011. Net income for the nine months was $487.8 million, an increase of 13 percent from $430.2 million recorded in the previous year. Earnings per share on a diluted basis were $3.11, up 14 percent compared to $2.72 for the same period last year.
 
In review of the quarter, Gallagher commented, "We are pleased to report another quarter of record sales and earnings for Genuine Parts Co. After adjusting our sales results for one less selling day in the current quarter, total sales increased 4 percent from the third quarter of 2011. The Automotive Group reported a 2.5 percent sales increase and adjusted for the selling days, automotive sales were up 4 percent. Motion Industries, our Industrial Group, posted a 4.5 percent sales increase for the quarter and this reflects a 6 percent increase in sales on a daily basis. EIS, our Electrical Group, reported the strongest growth among our business segments, up 5 percent, or a 7 percent comparable sales increase. S. P. Richards, our Office Products Group, showed a 1 percent sales decrease for the quarter, which translates to a 1 percent increase in sales on a daily basis.
 
"Our balance sheet as of Sept. 30, 2012, remains in excellent condition and we continue to generate strong cash flows from increased earnings and working capital, asset management and cost reduction initiatives," he added. "Our cash position offers us tremendous opportunities, and we continue to use our cash in several key areas to maximize the total return to shareholders. Our priorities for cash include the dividends paid to shareholders, the ongoing reinvestment back into each of our four businesses, strategic acquisitions and share repurchases."
 
Gallagher concluded, "We are encouraged by the record level of sales and earnings achieved for the quarter. While disappointed with the slower sales growth over the past two quarters, we are performing in-line or better than the current growth in our respective industries. The company is well positioned to show continued growth in our businesses and we remain optimistic in our outlook for the fourth quarter of 2012 and beyond. Our management team remains committed to sustaining good revenue growth, further improving operating margins, generating solid cash flows and maintaining a strong balance sheet."
 
 
 

You May Also Like

ChargeLab Expands Leadership Team with Two Hires

ChargeLab appointed Kevin Alfred as vice president of finance, and Ariel Maidansky as head of growth.

ChargeLab Bolsters leadership team with two hires

ChargeLab announces the appointment of Kevin Alfred, CFA, CMA, as vice president of finance, and Ariel Maidansky as head of growth.

"We are thrilled to welcome Kevin and Ariel to ChargeLab," said CEO Zak Lefevre. "Their wealth of experience and expertise will play a crucial role in driving our company's growth and innovation in the EV charging industry. With Kevin leading our finance operations and Ariel spearheading our growth initiatives, we are confident we can accelerate charger deployments in 2024."

MEMA Aftermarket Suppliers Forms New CEO Council

The council brings together executives from the automotive, commercial vehicle and remanufacturing sectors.

Standard Motor Products Announces 123 New Numbers

The release provides new coverage in 53 distinct product categories and 47 part numbers for 2023 and 2024 model-year vehicles.

Standard Motor Products Announces 123 New Numbers
ASE Practice Tests Available Online

Those preparing for ASE certification can get a good idea of what to expect by adding the official ASE practice tests to their study plans.

ASE Practice Tests Available Online
CCC Report Analyzes Labor Pressures, Vehicle Complexity

Report shows advanced technology is contributing to costlier repairs, higher claims costs and longer cycle times.

CCC Report Analyzes Labor Pressures, Vehicle Complexity

Other Posts

UAF Scholarship Deadline Fast Approaching

The deadline to submit an application is March 31.

UAF Scholarship Deadline Fast Approaching
Opposition Grows for California’s Mandate Banning New Gas-Powered Vehicle Sales

SEMA members and industry consumers sent EPA over 5,000 letters in opposition to the ACC II Waiver.

Opposition Grows for California’s Mandate Banning New Gas-Powered Vehicle Sales
Demand for REE Automotive Full By-Wire EVs Continues to Grow

REE has expanded its authorized dealer network, which now covers 66 locations of sales and service across the U.S. and Canada.

AAPEX Named One of 50 Fastest-Growing Shows in 2023  

This is the second consecutive year that AAPEX earned a spot in TSE’s Fastest 50 Class.