Profit for Atlanta-based Genuine Parts Company — operator of auto parts giant NAPA — fell 6 percent in the fourth quarter of 2013, although they were up for the full year.
Fourth quarter net income was $150.5 million or 97 cents a share, the company reported Tuesday. That compared to $160.2 million or $1.03 a share during the same period in 2012.
Profit growth in the automotive sector was offset by declines in the office, electrical and industrial areas, the company said.
“We faced a number of challenges in each of our four business segments in 2013 and, as previously stated, our Automotive business fared the best with their 18.5% sales increase,” Tom Gallagher, Genuine’s chairman and chief executive officer, said in a release on earnings. “In all four businesses, key decisions were made and actions taken that position each segment for solid performances in the year ahead, and we look forward to reporting on our progress.”
Net income for the year rose about 5.7 percent to $684.9 million in 2013 or $4.43 a share. That compared to $648 million or $4.17 a share in 2012.
The company also announced Tuesday that it planned to increase its quarterly dividend 7 percent for 2014, the 58th consecutive year of increased dividends paid to shareholders. The cash dividend will be $2.30 per share compared to the previous dividend of $2.15 a share.
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