Motion Industries posts 9% sales gain
Motion Industries reported a 9% increase in sales in the first quarter, to $803.3 million.
The results were aided by the March 1 acquisition of Canada's BC Bearing, allowing the company to expand its footprint in that country as well as the Northwestern United States. Motion's operating profit was $48.8 million in the quarter, compared to $34.1 million in the same period last year.
Motion's parent company, Genuine Parts Co., reported net income of $100.6 million, or 63 cents per share, compared with $89.1 million, or 56 cents per share, in the year-ago quarter. Sales rose more than 6% to $2.6 billion.
"We are encouraged by this solid start to the year and we feel that each of our businesses is well positioned to contribute to our primary goals of producing solid sales results, improving operating margins, generating strong cash flows and maintaining the strength of our balance sheet. As a result, we feel confident in our ability to drive sales and earnings growth in 2010," said Thomas C. Gallagher, chairman, president and CEO.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
