Genuine Parts Company, the parent group of subsidiaries Motion Industries and EIS, Inc., reported its 2015 first quarter financials Tuesday for the period ended March 31.
Motion Industries was No. 9 on Industrial Distribution's 2014 Big 50 List, while EIS was 26th.
GPC reported Q1 sales of $3.7 billion, up 3 percent year-over-year from Q1 2014. Profit was $161.0 million, up 2 percent. GPC's sales growth included approximately 4 percent underlying sales growth and a 1.5 percent contribution from acquisitions, offset by a currency headwind of 2 percent.
For Motion Industries, GPC's Industrial Group, Q1 sales were $1.18 billion, a 3.4 percent increase YOY. Operating profit was up 5.7 percent to $87.8 million. The sales increase included 3 percent underlying growth and a 1 percent contribution from acquisitions, offset by a currency headwind of 1 percent.
For EIS, GPC's Electrical/Electronic Group, Q1 sales were $182.0 million, a 1 percent increase YOY. Operating profit was $15.46 million, a flat change compared to $15.53 million in 2014. The sales increase included approximately 6 percent growth from acquisitions, a 4 percent net decrease in core sales and a negative 1 percent impact from copper pricing.
GPC's Automotive Parts Group, NAPA, had Q1 sales of $1.9 billion, identical to last year's. Operating profit of $150.6 million was also a flat change.
"We are pleased to report a solid start to 2015 and, although our sales and earnings growth rates moderated from the results reported in recent quarters, we performed in line with our expectations," said Tom Gallagher, GPC Chairman and CEO. "Our sales and earnings growth in the quarter was supported by solid cash flows and a strong balance sheet. As we move forward in the year, we are well positioned for further progress across our operations and remain optimistic that 2015 will be another successful year for the company."
