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Genuine Parts 4Q Profit Rises 20% On Higher Industrial Sales

DOW JONES NEWSWIRES Genuine Parts Co.'s (GPC) fourth-quarter profit rose a better-than-expected 20% as the automotive parts seller and distributor attributed higher sales in all of its businesses--especially its industrial unit--to improving market conditions. The operator of the NAPA auto parts chain has posted improved results this year, helped by a recovering manufacturing sector. Its auto unit--the largest by revenue--has also seen demand improve after weathering the economic downturn as consumers fixed old vehicles rather than buy new ones. The company on Monday said its board approved a 10% increase to its quarterly dividend, to 45 cents a share, the 55th consecutive year of increases. Genuine Parts posted a profit of $118.7 million, or 75 cents a share, up from $99.2 million, or 62 cents a share, a year earlier. Analysts polled by Thomson Reuters most recently forecast a per-share profit of 70 cents. Net sales rose 14% to $2.81 billion, above the company's upbeat October forecast of $2.69 billion to $2.74 billion. Gross margin narrowed to 29.1% from 31.1% as overhead costs increased 4.6%. The company's automotive segment sales increased 8.9%, while its profit rose 9.5%. Sales in Genuine Parts' industrial business rose 24% over a prior-year drop, pushing up profit 23%. Shares closed Friday at $55.25 and were inactive premarket. The stock is up 16% in the past three months. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

Stock News for Genuine Parts (GPC)
DateTimeHeadline
06/21/201616:29:37Current Report Filing (8-k)
06/21/201616:22:00Genuine Parts Company Announces Two Acquisitions Adding $70 Million...
05/26/201614:15:13Statement of Changes in Beneficial Ownership (4)
05/26/201614:14:20Statement of Changes in Beneficial Ownership (4)
05/26/201614:12:59Statement of Changes in Beneficial Ownership (4)
05/26/201614:12:34Statement of Changes in Beneficial Ownership (4)
05/26/201614:11:12Statement of Changes in Beneficial Ownership (4)
05/26/201614:10:45Statement of Changes in Beneficial Ownership (4)
05/24/201608:30:00Why Investors Love These Stocks? - KAR Auction Services, Finish...
05/19/201609:30:13Current Report Filing (8-k)
05/19/201609:00:00Genuine Parts Company Announces Acquisition Of Safety Products...
05/09/201614:03:03Statement of Changes in Beneficial Ownership (4)
04/29/201610:33:41Quarterly Report (10-q)
04/28/201615:06:40Statement of Changes in Beneficial Ownership (4)
04/28/201615:05:20Statement of Changes in Beneficial Ownership (4)
04/28/201615:04:55Statement of Changes in Beneficial Ownership (4)
04/28/201615:04:28Statement of Changes in Beneficial Ownership (4)
04/28/201615:03:37Statement of Changes in Beneficial Ownership (4)
04/28/201615:02:19Statement of Changes in Beneficial Ownership (4)
04/26/201616:54:01Current Report Filing (8-k)

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