Genuine Parts Company, the parent company of Motion Industries and EIS Inc., reported its 2016 second quarter financials on Tuesday, highlighted by slight dips in year-over-year sales and profit.
GPC posted Q2 sales of $3.94 billion, down 1 percent from last year, while profit of $191.4 million was down 2 percent.
Sales of $1.17 billion at Motion Industries — No. 10 on Industrial Distribution's 2015 Big 50 List — were down 1.7 percent from a year ago, including a 3 percent decline in organic sales and an approximate 0.5 percent currency headwind, offset by a 2 percent gain from acquisitions. Operating profit of $88.3 million was down 0.7 percent. Q1 sales were $1.15 billion.
Sales of $184.5 million at EIS — No. 23 on ID's Big 50 — were down approximately 5 percent, including a 1 percent negative impact of copper pricing. Operating profit of $16.0 million was down 13.9 percent. Q1 sales were $175.8 million.
GPC's other business' performance included a 0.7 percent sales decline at NAPA, its automotive group; and a 1 percent sales gain at S.P. Richards, its office products group.
Paul Donahue, President and Chief Executive Officer, commented, "Total sales in the second q
Mr. Donahue stated, "This quarter our automotive sales along with our other distribution businesses were all impacted by the challenging sales environment," said Paul Donahue, GPC president and CEO. "We offset some of this impact with key sales and gross margin initiatives as well as tight expense controls."