GPC Genuine Parts Co

Genuine Parts Co. said its first-quarter revenue edged down 0.5% as growth in the automotive replacement-parts distributor's core business was offset by declines in its other segments.

In the latest period, revenue decreased to $3.72 billion from $3.74 billion a year earlier. Analysts polled by Thomson Reuters had expected revenue of $3.73 billion.

The company, which operates NAPA Auto Parts, said automotive segment sales increased 1.8% to $1.9 billion, while industrial segment revenue fell 2.5%, office product revenue dropped 2.8%, and electrical and electronic materials sales fell 3.4%.

In prepared remarks Tuesday, Chairman and Chief Executive Tom Gallagher said growth initiatives for the company's automotive business along with consistently strong industry fundamentals continue to drive the segment's performance. "Our nonautomotive businesses continue to operate in a difficult economic environment," Mr. Gallagher stated.

Mergers and acquisitions have been an important part of the Atlanta company's growth strategy. On its fourth-quarter conference call in February, Mr. Gallagher said Genuine Parts would be more aggressive in pursuing acquisitions this year, following several deals in 2015.

The company said it again was hurt by a stronger dollar, which makes its products more expensive outside of the U.S. and diminishes revenue once repatriated. In the latest period, currency effects reduced revenue growth by 1.5 percentage points and earnings by a penny a share, Genuine Parts said.

Over all, Genuine Parts reported a profit of $158 million, down from $161 million a year earlier. Per-share earnings were flat at $1.05 on fewer shares outstanding. Analysts had expected per-share profit of $1.03.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

April 19, 2016 10:05 ET (14:05 GMT)

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