Genuine Parts Co. (GPC: Quote) reported first quarter net income of $146.26 million or $0.93 per share, up from $126.52 million or $0.80 per share a year ago. On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.87 per share. Analysts' estimates typically exclude special items.
Net sales were up to $3.18 billion from $2.97 billion in the prior-year quarter. Analysts estimated revenues of $3.16 billion.
Thomas Gallagher, Chairman and Chief Executive Officer, said,
"...In the first quarter, the Automotive Group posted a 6% sales increase. This Group has experienced steady and consistent sales growth dating back to the fourth quarter of 2009, reflecting the positive impact of our sales initiatives and the sound fundamentals in the automotive aftermarket, which continue to support a healthy marketplace. Sales for Motion Industries, our Industrial Group, remain the strongest among our four business segments, growing by 12% in the quarter. EIS, our Electrical Group, posted a 5% sales increase. Both Motion Industries and EIS have generated very strong sales growth over the last two years, driven by their internal initiatives and the recovery of the manufacturing sector of the economy..."
Gallagher concluded, "..As we turn to the second quarter, we are optimistic that our businesses will show continued progress over the balance of the year."
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by RTT Staff Writer
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