Motion Q3 Sales Increase Slightly, Profits Up by Double Digits

The distributor’s parent company maintained its earlier forecast for the full year.

Motion Ai facility, Eden Prairie, Minn.
Motion Ai facility, Eden Prairie, Minn.

MRO distribution giant Motion said its sales saw a modest 0.6% increase in its latest fiscal quarter, while its profit jumped by more than 16%.

The company — no. 2 on ID’s recently released Big 50 — reported nearly $2.2 billion in net sales in the third quarter of the year, up from $2.18 billion in the same quarter of 2022. Parent company Genuine Parts Co. (GPC) said the Motion business had a 0.3% increase in comparable sales and a 0.6% jump that was attributed to acquisitions. Unfavorable foreign currency impacts affected its sales by 0.3%, and the latest quarter also had one fewer selling day compared to 2022, reducing growth in sales by an estimated 1.6%.

Motion’s profit climbed from $242 million to nearly $283 million in the latest quarter, and its profit margin rose by 180 basis points year-over-year to 12.9%

"Our third-quarter results reflect continued improvement in segment margins, driven by strong team operating discipline despite the slower growth environment,” GPC President and COO Will Stengel said in a statement.

Overall, GPC — which also includes the NAPA Auto Parts brand — posted $5.8 billion in net sales in the latest quarter, a 2.6% increase compared to last year, despite results in the automotive segment that fell “below our expectations." The company largely affirmed its full-year forecast heading into the final quarter of the fiscal year — both GPC as a whole and the Motion segment are expected to see 4% to 6% sales growth — but it tightened its projections for diluted earnings per share from the previous $9.15 to $9.30 up to $9.20 to $9.30.

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