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Business

Genuine Parts profit jumps 10 percent in quarter

By Leon Stafford
Oct 20, 2014

Third-quarter profit was up about 10 percent for Genuine Parts Company, owner of the NAPA Auto Parts chain.

The Atlanta-based company said Monday it had net income of $190.5 million or earnings per share of $1.24 in the quarter, which ended Sept. 30. That compares to $173.7 million or $1.12 during the same period last year.

Sales increased to $4 billion compared to the same period in 2013. Broken down by division, the automotive group saw a 4 percent sales increase; the industrial group up 10 percent; the electrical/electronic group up 35 percent; and office up 15 percent.

“We are pleased to report another quarter of record sales as well as a solid 10 percent comparative earnings increase,” said Thomas Gallagher, Genuine’s chairman and chief executive officer. “Our 8 percent total sales increase includes approximately 5.4 percent underlying sales growth and a 3.3 percent contribution from acquisitions offset by a currency headwind of approximately 0.5 percent.”

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Leon Stafford covers south metro government

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