Motion said its sales jumped nearly 35% in its latest fiscal quarter as the industrial distribution giant continued to feel the impact of its acquisition of Kaman Distribution Group.
Genuine Parts Company, the distributor’s parent, said Wednesday that sales in the industrial parts group reached $2.1 billion in the second quarter, up from nearly $1.6 billion in the same quarter last year. The company said comparable sales increased 17.8% over that span, while the KDG deal added 17.6% to the latest numbers.
Motion’s quarterly profit increased nearly 50% — from $150 million to $225 million — year-over-year, and income before taxes climbed from $270 million to more than $490 million. Its profit margin of 10.6% was up 110 basis points from the previous April-June window. The segment took a 0.9% hit from unfavorable foreign currency effects.
Motion officials said the second quarter was its fifth consecutive reporting period of double-digit comparable sales growth.
GPC, which also includes automotive parts subsidiary NAPA, said the company’s total sales of $5.6 billion set a new record, while its diluted earnings per share of $2.62 was up more than 90%. The company raised its outlook both overall and for its auto and industrial parts divisions. Motion now expects to see sales growth of 26% to 28% for the full fiscal year, up from the 21% to 23% range in its previous forecast.
"We have had an exceptional first half of 2022, boosted by our industrial business and success of our acquisition of KDG, along with solid automotive results,” GPC Chairman and CEO Paul Donahue said in a statement. “Our outlook for the full year reflects our ongoing confidence in our businesses to execute our strategies despite a dynamic and uncertain external landscape.”