ATLANTA — Genuine Parts Company (GPC) has reported increased sales and earnings for the third quarter and nine months ended Sept. 30.
Sales totaling $2.9 billion were up 3 percent, compared to the third quarter of 2007. Net income for the quarter was $131 million, an increase of 2 percent over $128.6 million recorded in the same period of the previous year. Earnings per share on a diluted basis were 81 cents, up 7 percent compared to 76 cents for the third quarter last year.
For the nine months ended Sept. 30, sales totaled $8.5 billion, up 3 percent compared to the same period in 2007. Net income for the nine months was $387.6 million, an increase of 2 percent over $380.3 million recorded in the previous year. Earnings per share on a diluted basis were $2.36, up 6 percent compared to $2.23 for the same period last year.
In review of the quarter, Thomas Gallagher, chairman, president and chief executive officer, commented, "We are pleased to report that the third quarter of 2008 was another period of steady and consistent sales and earnings growth for Genuine Parts Company. EIS, our Electrical Group, reported another excellent quarter and, once again, generated the strongest sales growth among our four business segments. They were up 13 percent in the quarter, following a 7 percent increase in the first quarter and 11 percent growth in the second quarter. Motion Industries, our Industrial Group, is also performing well, with their sales increasing 7 percent for the second consecutive quarter, following a 6 percent sales increase in the first quarter. We expect to see both EIS and Motion continue their positive sales trends in the fourth quarter. Our two most challenging businesses currently are Automotive and Office Products. The Automotive Group reported a 1 percent sales increase in the quarter and S.P. Richards, our Office Products Group, ended the quarter even with the prior year. Our results in each of these segments are reflective of the overall slowdown in their respective industries and, while we do not anticipate a quick recovery in either case, we do remain optimistic about our prospects in each of these businesses in the quarters ahead."
