Led by an 11 percent sales bump in its electric and electronic materials business, Genuine Parts Co. said Thursday second quarter profit rose 2.3 percent and beat expectations.

The company earned $133 million, or 81 cents per share, compared with $130 million, or 76 cents, per share in the comparable quarter.

The results beat Wall Street estimates by 2 cents.

Overall sales rose 4 percent to $2.87 billion for the Atlanta-based company, whose units also include automotive parts, office supplies and equipment, and industrial replacement parts distribution.

Though the industrial replacement parts business grew sales a respectable 7 percent in the quarter, the automotive-related business grew just 2 percent, and the office supplies group reported flat sales, reflecting the current stresses in the economy.

But Genuine Parts expects the electronic/electrical and industrial replacement parts businesses to continue to perform well for the balance of the year.

"The automotive and office products segments continue to feel the impact of sluggish macro-economic conditions," Genuine Parts Chairman and Chief Executive Thomas C. Gallagher said in a statement. "That said, we are optimistic that both of these businesses can show more progress over the balance of the year, despite this difficult environment."

The company also reiterated its 2008 strategy of increasing the dividend, buying back shares, reinvesting in the individual units and keeping an eye out for acquisitions.