Sales decline at Motion Industries
Motion Industries sales for the first quarter declined by 2 percent to $1.10 billion, compared to $1.12 billion in the same period last year.
Operating profit for the period was $78.9 million, compared to $84.3 million last year.
Quarterly sales for Genuine Parts were $3.20 billion, up 0.6% compared to $3.18 billion in the first quarter of 2012. Net income for the quarter was $144.4 million, down 1% from $146.3 million recorded in the same period of the previous year. Earnings per share on a diluted basis were 93 cents, unchanged from the first quarter last year.
"Entering 2013, we felt that the first quarter of the year would be our most challenging," said Thomas C. Gallagher, chairman and chief executive officer. "Despite the rather slow start to the year, we remain optimistic about our prospects for stronger sales and earnings over the balance of 2013."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
