Our look back at the week’s top news begins with another quarter of record sales and earnings for Genuine Parts Co. (GPC). GPC reported sales totaling $3.3 billion, up 11 percent compared to the third quarter of 2010. Net income for the quarter was $151.8 million, an increase of 15 percent from $131.8 million recorded in the same period of the previous year. Earnings per share on a diluted basis were 97 cents, up 17 percent compared to 83 cents for the third quarter last year. GPC’s Automotive Group posted its fourth consecutive quarter of 9 percent sales growth. “Automotive’s strong and consistent growth reflects the positive impact of our sales initiatives and the sound fundamentals that continue to be evident in the automotive aftermarket,” said Chairman, President and CEO Thomas Gallagher.
Other top news of the week comes from ACDelco, which announced it will unveil its new chassis line at AAPEX, which kicks off Nov. 1 in Las Vegas. The new ACDelco Advantage chassis line includes ball joints, control arms, idler arms, sway bar links and tie rod ends. The company says the Advantage line offers competitive pricing on the chassis parts the independent aftermarket uses the most, without compromising quality.
On the global front this week, Affinia Group reported on the grand opening of its new brake manufacturing center in China. The 383,000-square-foot facility, which operates under the name Affinia Qingdao Braking System Co. Ltd., is located in Laixi, which is north of Qingdao in the Wangcheng Industry Zone. When fully operational, the manufacturing center will employ approximately 500 people and have an annual capacity of 10 million pad sets. The new manufacturing center will focus on the production of friction components, disc brake pads and accessories.
Meanwhile in the distribution segment, Federated member Woodbury Automotive has reached a significant milestone – 40 years in business. The company celebrated with a special dinner Oct. 1 at the Southward Ho Country Club in Bay Shore, N.Y. Since 1971, Woodbury Automotive Warehouse has served the tri-state area of New York, New Jersey and Connecticut from 12 pickup locations and its main distribution center in the Bronx, N.Y.
Last this week, we report on the extensive coverage and outpouring of condolences that have come in following the death of two-time Indy 500 winner Dan Wheldon. Wheldon died of injuries suffered during a multi-car crash at Las Vegas Motor Speedway on Oct. 16. He was 33 years old. Wheldon’s funeral, along with a public memorial, will take place Oct. 23 in Indianapolis. To read remembrances of friends and fellow drivers, click here.
