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Genuine Parts 3Q Profit Up 22% Amid Higher Sales

DOW JONES NEWSWIRES Genuine Parts Co.'s (GPC) third-quarter profit jumped a bigger-than-expected 22% as its auto and industrial businesses' sales continued to improve. The operator of the NAPA automotive parts chain has seen results improve this year, helped by a recovering manufacturing sector that Chairman and Chief Executive Thomas Gallagher said Friday "is performing well today." Its auto unit--the largest by revenue--has also seen demand improve after weathering the downturn relatively well as consumers fixed old vehicles rather than buy new ones. Genuine Parts posted a profit of $131.8 million, or 83 cents a share, up from $107.6 million, or 67 cents a share, a year earlier. Sales rose 13% to $2.95 billion. Analysts polled by Thomson Reuters most recently forecast earnings of 76 cents on $2.85 billion in revenue. Gross margin narrowed to 28.9% from 29.4% amid higher costs. But that was more than offset by overhead expenses rising just 8.1%. Genuine Parts' automotive segment saw revenue increase 7.2% while profit grew 15%. Earnings at the industrial business doubled as sales jumped 29% following last year's 22% drop. Shares closed Thursday at $45.54 and were inactive premarket. The stock is up 20% this year. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

Stock News for Genuine Parts (GPC)
DateTimeHeadline
11/14/201307:21:25GAMCO Asset Management Inc. 3Q 13F: Largest -2-
11/14/201307:21:24GAMCO Asset Management Inc. 3Q 13F: Largest Sales
11/14/201307:21:23GAMCO Asset Management Inc. 3Q 13F: Holdings As Of Sep 30
11/14/201307:21:23GAMCO Asset Management Inc. 3Q 13F: Holdings As -2-
03/11/201310:20:09Genuine Parts to Buy Rest of Exego Group for $800Mln
07/15/201109:50:05Genuine Parts 2Q Net Rises 22%; Margins Fall On Higher Costs
04/15/201109:38:22Genuine Parts 1Q Net Up 26% On Sales Growth; Beats Expectations
02/22/201109:33:15Genuine Parts 4Q Profit Rises 20% On Higher Industrial Sales
10/15/201009:42:11Genuine Parts 3Q Profit Up 22% Amid Higher Sales
07/16/201009:29:10Genuine Parts 2Q Earnings Rise 20% On Broad Sales Jump
04/16/201009:36:49Genuine Parts 1Q Profit Up 13% As Non-Auto Operations Rebound
02/16/201010:31:33Genuine Parts 4Q Net Rises 13% On Improved Auto Performance

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