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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;

Stock News for Genuine Parts (GPC)
10/21/201614:10:04Statement of Changes in Beneficial Ownership (4)
10/20/201614:26:31Statement of Changes in Beneficial Ownership (4)
10/20/201614:25:33Statement of Changes in Beneficial Ownership (4)
10/20/201614:24:40Statement of Changes in Beneficial Ownership (4)
10/20/201614:23:45Statement of Changes in Beneficial Ownership (4)
10/20/201607:00:00Gabelli Automotive Symposium Keynote to Focus on Internet of...
10/19/201608:54:50Current Report Filing (8-k)
10/19/201608:37:00Gabelli & Company’s 40th Annual Automotive Aftermarket Symposium
10/19/201608:33:00Genuine Parts Company Reports Sales And Earnings For The Third...
10/05/201616:32:00Current Report Filing (8-k)
10/05/201616:14:00Genuine Parts Company Announces Acquisition Of Industrial Automation...
10/05/201615:09:45Statement of Changes in Beneficial Ownership (4)
10/05/201615:08:50Statement of Changes in Beneficial Ownership (4)
10/05/201615:08:24Statement of Changes in Beneficial Ownership (4)
10/05/201615:06:56Statement of Changes in Beneficial Ownership (4)
10/05/201615:06:15Statement of Changes in Beneficial Ownership (4)
10/05/201615:04:45Statement of Changes in Beneficial Ownership (4)
09/30/201613:09:14Current Report Filing (8-k)
09/30/201611:28:00Genuine Parts Company Announces 3rd Quarter 2016 Earnings Release...
09/22/201610:43:00Gabelli & Company’s 40th Annual Automotive Aftermarket Symposium

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