ATLANTA — Genuine Parts Co. has reported sales and earnings for the third quarter and nine months, which ended on Sept. 30. Sales were up 7 percent compared to the third quarter of 2003, totaling $2.3 billion. Net income was $97.9 million, an increase of 11 percent compared to $88.3 million for the third quarter of 2003. On a per share diluted basis, net income equaled 56 cents compared to 51 cents for the third quarter of last year.
For the nine months, which ended on Sept. 30, sales totaled $6.8 billion, up 8 percent compared to the same period in 2003. Net income for the nine months was $299.2 million, an increase of 12 percent compared to $266.9 million for the same period in the prior year before the cumulative effect of an accounting change adopted January 1, 2003.
Earnings per share on a diluted basis were $1.71, up 12 percent compared to $1.53 for the same period last year before the accounting change. In accordance with the Financial Accounting Standards Board’s EITF 02-16 affecting the accounting treatment of cash consideration received from vendors, a non-cash charge of $20 million was recorded as of January 1, 2003, representing the cumulative effect of a change in accounting principle. After the cumulative effect adjustment in 2003, net income for the nine months ending September 30, 2004 was up 21 percent and diluted earnings per share were up 20 percent compared to the nine months ended September 30, 2003.
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