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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
07/22/201514:02:04Statement of Changes in Beneficial Ownership (4)
07/22/201513:58:56Statement of Changes in Beneficial Ownership (4)
07/22/201513:57:03Statement of Changes in Beneficial Ownership (4)
07/22/201513:50:23Statement of Changes in Beneficial Ownership (4)
07/22/201509:14:00Specialty Retail, Other Technical Review -- Staples, Jumei Intl...
07/20/201510:10:10Genuine Parts Profit Slips, Misses Expectations
07/20/201509:02:43Current Report Filing (8-k)
07/20/201508:41:00Genuine Parts Company Reports Sales and Earnings for the Second...
07/17/201509:14:05Current Report Filing (8-k)
07/17/201508:58:00Genuine Parts Company Announces Automotive Acquisition In Australia
07/08/201507:30:00Gabelli & Company’s 39th Annual Automotive Aftermarket Symposium
07/07/201512:53:43Statement of Changes in Beneficial Ownership (4)
07/07/201512:52:50Statement of Changes in Beneficial Ownership (4)
07/07/201512:51:02Statement of Changes in Beneficial Ownership (4)
07/07/201512:50:33Statement of Changes in Beneficial Ownership (4)
07/07/201512:47:53Statement of Changes in Beneficial Ownership (4)
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?

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