Profit for Genuine Parts Co., the Atlanta-based operator of such chains as NAPA auto parts and Motion Industries, inched up slightly in the third quarter, despite falling sales in some of its business segments.
Third quarter net income reached $173.7 million or $1.12 a share, up from $172.9 million or $1.11 a share during the same period last year, the company said Friday. Sales, however, rose to $3.69 billion, up 9 percent compared to third quarter 2012.
Automotive group sales were up 22 percent, said Genuine Chairman and Chief Executive Officer Thomas C. Gallagher. Industrial group sales, however, dropped 2.5 percent while sales for the electronic group were down about 5 percent.
“In these challenging times, we are especially focused on our sales initiatives and expense controls across all of our businesses,” Gallagher said in an earnings statement. “For the long-term we remain committed to our core objectives of growing sales and earnings, showing operating margin improvement, generating solid cash flows and maintaining a strong balance sheet.”
About the Author
