Motion reported Thursday that its sales and profits saw dramatic increases in its latest fiscal quarter.
The results prompted the industrial distribution giant to raise its full-year outlook heading into the final three months of the year.
Motion, the industrial parts division of Genuine Parts Company, said its third-quarter sales of $2.2 billion were up more than 35% compared to the same quarter of 2021. Company officials said comparable sales rose nearly 20% year-over-year, while the operations added through its acquisition of Kaman Distribution Group earlier this year contributed more than 16% to the overall total.
The results marked the company’s sixth consecutive quarter of double-digit increases in comparable sales, officials said.
The distributor posted a third-quarter profit of $243 million, an increase of more than 46% compared to last year. Its profit margin of 11.1% was up 80 basis points over that span.
Company officials said they now expect a 31% to 32% increase in industrial parts sales for the full year; Motion had previously anticipated a 26% to 28% increase.
Genuine Parts Company, which also includes the NAPA Auto Parts automotive equipment and retail business, said its overall sales rose 17.8% to a record-high $5.7 billion during the latest quarter. GPC raised its outlook for sales and earnings and noted that it ended the quarter with more than $2 billion in total liquidity — including nearly $630 million in cash.
"We are pleased with the continued strength of our results for 2022 and are proud of the great work by all our 53,000 teammates who are at the core of our success,” GPC Chairman and CEO Paul Donahue said in a statement.