Automotive replacement parts distributor Genuine Parts Co.'s (GPC) first-quarter net income declined 1% to $144.4 million, from $146.3 million a year earlier, while quarterly per-share earnings remained unchanged at $0.93, from last year. On average, 8 analysts polled by Thomson Reuters expected earnings per share of $0.99 for the quarter. Analysts' estimates typically exclude one-time items.
On the other hand, sales for the quarter totaled $3.20 billion, up 0.6% from $3.18 billion in the first quarter of 2012. Analysts estimated revenues of $3.29 billion for the quarter.
Among the company's divisions, the Automotive Group posted a 3% sales growth, driven by its commercial growth and the positive impact of the Quaker City acquisition. Motion Industries, its Industrial Group, was down 2% in the quarter; and EIS, its Electrical/Electronic Group, dropped 5%.
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