Slower sales growth in some of its non-automotive divisions drove first-quarter profit down for Atlanta-based Genuine Parts Company, the operator of auto parts giant NAPA.
The company on Friday said profit fell from $146.3 million in the first quarter of 2012 to $144.4 million during the same period this year. Earnings per share remained at 93 cents for both quarters.
Genuine said its automotive group saw sales increase 3 percent in the first quarter, but that other segments were less fortunate, falling between 1 percent and 5 percent. Motion Industries — the company’s industrial arm — saw sales fall 2 percent.
“Despite the rather slow start to the year, we remain optimistic about our prospects for stronger sales and earnings over the balance of 2013,” said Tom Gallagher, Genuine’s chairman and chief executive officer. “Our sales initiatives and ongoing investments in the businesses, coupled with certain external indicators, bode well for our future growth.”
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