Atlanta, GA - Genuine Parts Company, parent company of Motion Industries, reports sales and earnings for the first quarter ended March 31, 2012.
Thomas C. Gallagher, Chairman and Chief Executive Officer, announced today that sales for the first quarter ended March 31, 2012, were $3.2 billion, up 7% compared to the first quarter of 2011. Net income for the quarter was $146.3 million, an increase of 16% over $126.5 million recorded in the same period of the previous year. Earnings per share on a diluted basis were 93 cents, also up 16% compared to 80 cents for the first quarter last year.
Mr. Gallagher stated, "We are pleased to report another period of solid sales and earnings growth for the Company. In the first quarter, the Automotive Group posted a 6% sales increase. This group has experienced steady and consistent sales growth dating back to the fourth quarter of 2009, reflecting the positive impact of our sales initiatives and the sound fundamentals in the automotive aftermarket, which continue to support a healthy marketplace. Sales for Motion Industries, our Industrial Group, remain the strongest among our four business segments, growing by 12% in the quarter. EIS, our Electrical Group, posted a 5% sales increase. Both Motion Industries and EIS have generated very strong sales growth over the last two years, driven by their internal initiatives and the recovery of the manufacturing sector of the economy. We remain encouraged by the continued strength we see in the industrial markets. S. P. Richards, our Office Products Group, showed a 1.5% sales decrease for the quarter, reflecting the difficult environment for the office products industry. Under the current conditions, we are relying on our internal sales initiatives for additional progress in this segment."
Mr. Gallagher concluded, "Our balance sheet is in excellent condition and we continue to generate strong cash flows, which offer us tremendous opportunities for growth. As we turn to the second quarter, we are optimistic that our businesses will show continued progress over the balance of the year."
For more information, or to view the full report, please visit www.genpt.com and click "Investor Services".