Atlanta, GA - Genuine Parts Company reported sales and earnings for the first quarter ended March 31, 2013.
Thomas C. Gallagher, Chairman and Chief Executive Officer, announced today that sales for the first quarter ended March 31, 2013, were $3.20 billion, up 0.6% compared to $3.18 billion in the first quarter of 2012. Net income for the quarter was $144.4 million, down 1% from $146.3 million recorded in the same period of the previous year. Earnings per share on a diluted basis were 93 cents, unchanged from the first quarter last year.
Mr. Gallagher stated, "Entering 2013, we felt that the first quarter of the year would be our most challenging. Our earnings for the quarter are a direct reflection of the 0.6% sales increase. Among our segments, the Automotive Group reported a 3% sales increase, driven by our commercial growth and the positive impact of the Quaker City acquisition. Motion Industries, our Industrial Group, was down 2% in the quarter; and EIS, our Electrical/Electronic Group, was down 5%. S.P. Richards, our Office Products Group, reported a 1% decrease in sales for the quarter."
Mr. Gallagher concluded, "Despite the rather slow start to the year, we remain optimistic about our prospects for stronger sales and earnings over the balance of 2013. Our sales initiatives and ongoing investments in the businesses, coupled with certain external indicators, bode well for our future growth. We also continue to generate solid cash flows and our balance sheet is strong. Finally, on April 1st, we welcomed Exego, a leading aftermarket distributor in Australasia, to the GPC family as a wholly-owned subsidiary of the Company. We are excited about the growth opportunities we see with the Exego team."