Genuine Parts Co. (GPC) reported that its fourth-quarter net income was $160.23 million, an increase of about 19% compared to $134.96 million in the year ago quarter. Earnings per share for the fourth quarter were $1.03, up 20% compared to $0.86 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.93 per share for the quarter. Analysts' estimates typically exclude special items.
Tom Gallagher, Chairman and Chief Executive Officer, said "Our total sales increase for the year was driven by respectable sales growth in three of our four businesses. The Automotive Group reported a 4% sales increase, led by solid progress in NAPA AutoCare and Major Accounts, our two primary commercial initiatives, combined with the incremental volume from the Quaker City acquisition. Motion Industries, our Industrial Group, increased sales by 7% for the year, driven by the combination of effective growth initiatives and a generally healthy industrial economy, although we did observe slower levels of manufacturing growth over the latter part of 2012. EIS, our Electrical/Electronic Group, was up 5% for the year."
Net sales increased about 3.5% to $3.12 billion from $3.01 billion in the year ago quarter. Eight analysts had consensus revenue estimate of $3.19 billion for the quarter.
In December 2012 the Company's pension plan was amended to freeze future benefit accruals for all participants as of December 31, 2013. In connection with the amendment, the company recorded a one-time noncash curtailment gain of $23.5 million, which was included in earnings results for the quarter.
Gallagher said, "As we turn our focus to the new year, we remain committed to our core objectives of growing sales and earnings, showing continued operating margin improvement, generating solid cash flows and maintaining a strong balance sheet. Further progress in each of these important areas will ensure another successful year in 2013."
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