Motion on Tuesday reported a 5% increase in sales and a double-digit jump in adjusted earnings in its latest quarter as it reaffirmed its outlook for the full year.
The MRO and industrial technology distributor — no. 2 on ID’s latest Big 50 list — posted net sales of $2.32 billion in the first three months of the year, up 5.2% over the same quarter last year.
Genuine Parts Company, the distributor’s parent, also reported EBITDA of $314 million in the Motion business — up 12.7% over that span — and EBITDA margin of 13.6%, which was up 90 basis points year-over-year.
GPC officials said that the increase in Motion’s sales included a 3.9% jump in comparable sales, a 0.3% contribution from recent acquisitions, and 1% from the impact of foreign currency. The company maintained its previous forecast for the full year, which included an outlook for 3% to 6% annual sales growth in the Motion segment.
Overall, GPC reported $6.26 billion in sales in the first quarter, along with gross profit of $2.34 billion and net income of $188.5 million. The company, which also owns automotive supply business NAPA, plans to split Motion and its automotive operations into two independent, publicly traded companies early next year.
"The GPC team delivered first quarter results ahead of expectations, driven by solid sales growth and operating discipline across our business segments," GPC CEO Will Stengel said in a statement. "Our performance reflects the strength and resilience of our businesses despite a dynamic global environment.”
