DOW JONES NEWSWIRES Genuine Parts Co.'s (GPC) first-quarter earnings climbed 26% as the parts distributor and seller reported growth across its businesses, particularly its industrial and electrical units. The results beat analysts' expectations. The operator of the NAPA parts chain began turning in stronger performances last year as a manufacturing rebound spurred growth in its industrial and electrical businesses. Its somewhat recession-resistant automotive segment also saw improvement as many consumers repaired rather than replaced older vehicles. However, growth at its smaller office-products business has been modest. "We feel good about the sales and earnings growth achieved in the first quarter and are optimistic that our businesses will show continued progress over the balance of the year," Chairman and Chief Executive Tom Gallagher said. Genuine Parts reported a profit of $126.5 million, or 80 cents a share, up from $100.6 million, or 63 cents a share, a year earlier. Revenue jumped 14% to $3 billion. Analysts polled by Thomson Reuters most recently forecast earnings of 75 cents on revenue of $2.85 billion. Gross margin fell to 28.5% from 29.2%. In the company's automotive business, which accounts for nearly half of its revenue, sales improved 8.9%. Industrial sales, which accounted for about a third of revenue, climbed 24%. Sales at its smaller electrical unit surged 39%. Shares were up 1.7% at $54.90 in premarket trading. The stock is up 19% in the past year. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com
