Profit fell 1.3 percent in the third quarter for Atlanta-based Genuine Parts Company, owner of the NAPA Auto Parts brand, the company reported Monday.
Net income dropped from $190.5 million in the third quarter of 2014 to $188 million during the period this year. Earnings per share was $1.24 in the quarter, the same as the time frame last year.
Sales also were down 2 percent in the third quarter, which ended Sept. 30. They decreased from $3.92 billion compared to $3.99 billion for the same period in 2014.
“We enter the fourth quarter facing market conditions that have softened, most prominently in our Industrial and Electrical businesses,” said Tom Gallagher, chairman and chief executive officer. “Based on these uncertain conditions, which are likely to persist through the balance of the year, we expect sales and earnings to be further challenged as we work our way through the final quarter of 2015.”
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