Automotive parts distributor Genuine Parts Company had record sales of $3.9 billion in the second quarter of 2014, but profit dropped more than 8 percent.
Net income for the Atlanta-based owner of NAPA auto parts and Motion Industries was $198 million compared to the $216.4 million recorded in the same period in 2013. Earnings per share was $1.28 in the second quarter of 2014 compared to $1.39 for the corresponding period a year ago.
But the company pointed out that last year’s second-quarter earnings included one-time income items that if taken out of last year’s results would have reflected this year a 9 percent increase in net income and earnings per share on a comparative basis.
The company also beat Wall Street expectations of earning per share, which analysts pegged at $1.26.
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