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Genuine Parts 1Q Profit Up 13% As Non-Auto Operations Rebound

DOW JONES NEWSWIRES Genuine Parts Co.'s (GPC) first-quarter earnings rose 13% on sales growth and cost containment, though gross margin fell. Results topped expectations, but shares fell 0.9% to $45.00 in light premarket trading. Chairman and Chief Executive Thomas Gallagher said, "We are the most encouraged by the sales results in our industrial and electrical groups." The parts distributor and seller was heavily impacted by the economic slowdown especially in those two businesses, which serve the manufacturing sector. The operator of NAPA parts stores' automotive parts business, which has been somewhat recession-resistant as consumers repair old vehicles rather than buying new ones, has also slowed last year. But management said it has seen some recent rebound in that segment. Genuine Parts reported a profit of $100.6 million, or 63 cents a share, up from $89.2 million, or 56 cents, a year earlier. Revenue increased 6% to $2.6 billion. Analysts polled by Thomson Reuters had most recently forecast earnings of 61 cents on $2.52 billion in revenue. Gross margin fell to 29.2% from 30%, but just a 2% rise in overhead costs offset that. Genuine Parts' automotive segment -- its biggest -- saw revenue rise 6% while operating profit rose 1.7%. The industrial segment's revenue increased 9% and profit surged 43%, while the electrical segment's results rose 16% and 20%, respectively. The company is the largest member and majority owner of the National Automotive Parts Association, a voluntary trade group that distributes automotive replacement parts in North America. Genuine Parts also distributes industrial parts, business products and electrical components. -By Jodi Xu, Dow Jones Newswires; 212-416-3037; jodi.xu@dowjones.com

Stock News for Genuine Parts (GPC)
DateTimeHeadline
06/30/201509:18:44Current Report Filing (8-k)
06/30/201509:05:00Genuine Parts Company Announces 2nd Quarter 2015 Earnings Release...
05/22/201510:25:27Securities Registration: Employee Benefit Plan (s-8)
05/20/201512:15:10What Is the S&P 500 Index?
05/13/201514:00:48Statement of Changes in Beneficial Ownership (4)
05/13/201513:59:51Statement of Changes in Beneficial Ownership (4)
05/07/201508:58:57Quarterly Report (10-q)
05/04/201503:31:12Genuine Parts Company Upgraded at Sterne Agee CRT (GPC)
04/30/201514:36:46Statement of Changes in Beneficial Ownership (4)
04/30/201514:36:21Statement of Changes in Beneficial Ownership (4)
04/30/201514:35:03Statement of Changes in Beneficial Ownership (4)
04/30/201514:33:21Statement of Changes in Beneficial Ownership (4)
04/30/201514:32:28Statement of Changes in Beneficial Ownership (4)
04/30/201514:31:07Statement of Changes in Beneficial Ownership (4)
04/28/201510:16:48Current Report Filing (8-k)
04/27/201514:09:00Genuine Parts Company Declares Regular Quarterly Dividend
04/24/201511:12:56Statement of Changes in Beneficial Ownership (4)
04/23/201512:37:17Statement of Changes in Beneficial Ownership (4)
04/23/201512:36:27Statement of Changes in Beneficial Ownership (4)
04/23/201512:35:40Statement of Changes in Beneficial Ownership (4)

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