ATLANTA (AP) — Auto parts distributor Genuine Parts Co. said Friday its third-quarter net income rose 22 percent, helped by increased sales of automotive parts, industrial supplies and electronic materials.
For the three months ended Sept. 30, Genuine Parts' net income rose to $131.8 million, or 83 cents per share, from $107.6 million, or 67 cents per share, in the same period last year.
That's more than Wall Street expected. Analysts surveyed by Thomson Reuters were looking for 76 cents per share.
Revenue increased 13 percent to $2.95 billion from $2.61 billion in the year-ago quarter, more than the $2.85 billion analysts predicted.
Genuine Parts' largest division, the automotive group, reported a 7 percent increase in revenue to $1.48 billion, an improvement the company called "encouraging." Industrial revenue rose 30 percent to $921.2 million, while revenue from electronic materials increased 34 percent to $117.3 million.
In afternoon trading, shares of Genuine Parts rose $2.40, or 5.3 percent, to $47.94. Earlier in the session the stock traded at a 52-week high of $48.14. A year ago the stock traded at a low of $34.91.
