Genuine Parts Co. (GPC), a distributor of automotive replacement parts, on Thursday reported a 16 percent increase in profit for the first quarter amid strong revenue growth at its automotive and industrial segments. Both earnings and revenue topped analysts' estimates.
The automotive segment, the company's largest, recorded a 6 percent increase in sales to $1.49 billion. Industrial segment sales rose 12 percent to $1.12 billion, helped by a recovery in the manufacturing sector of the economy. However, sales at the office products segment declined 1.5 percent to $426.15 million, reflecting the difficult environment for the office products industry.
The company's net income for the first quarter was $146.26 million or $0.93 per share, up from $126.52 million or $0.80 per share in the year-ago period. On average, six analysts polled by Thomson Reuters expected the company to earn $0.87 per share. Analysts' estimates typically exclude special items.
Net sales for the quarter rose 7 percent to $3.18 billion from $2.97 billion in the prior-year quarter. Analysts had a consensus estimate of $3.16 billion.
In Thursday's session, GPC is trading at $64.17, down $0.38 or 0.59 percent on a volume of 634,298 shares.
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