Motion on Thursday posted $2.26 billion in sales in its latest fiscal quarter, a nearly 6% increase compared to the same period in 2022 and part of a record sales quarter for its parent company.
The industrial supply giant — no. 2 on ID’s most recent Big 50 — also reported a profit of $283 million, a more than 25% year-over-year increase, while its profit margin of 12.5% was up by 190 basis points compared to the second quarter of last year. Officials with parent company Genuine Parts Co. said Motion's sales were helped by a 0.6% boost attributed to acquisitions, although that was offset by the 0.7% impact of foreign currency rates.
GPC President and COO Will Stengel noted that the company’s industrial segment saw its 12th consecutive quarter of increased profit margins.
"Our industrial sales growth was broad-based, with all product categories and major industries served growing from the prior year,” Stengel said in a statement.
The company maintained its earlier outlook for the Motion business, anticipating 4% to 6% sales growth over the full fiscal year.
GPC — which also includes an automotive division headlined by auto parts retailer NAPA — reported total sales of $5.9 billion in the quarter, which set a new company record. Net income and diluted earnings per share, however, fell compared to the second quarter of 2022.
Although its sales projections remained the same — also at 4% to 6% — GPC raised its forecast for earnings from the earlier $8.95 to $9.10 per share up to $9.15 to $9.30.
“Our second quarter performance, once again, highlights the value and benefit of our global automotive and industrial business mix and geographic diversity," said GPC Chairman and CEO Paul Donahue.
