Motion Industries sales climb 7 percent
Sales at Motion Industries for the first quarter were $1.23 billion, a 7 percent increase from $1.15 billion in the same period last year.
Operating profit of $90.4 million compared to $81.8 million in last year's first quarter.
Motion parent Genuine Parts Company reported sales of $3.91 billion, a 5 percent increase compared to $3.72 billion for the same period in 2016. Net income for the first quarter was $160.2 million compared to $158.0 million recorded for the same period in the previous year. Earnings per share on a diluted basis were $1.08, up 3 percent from $1.05 for the first quarter last year.
"We are pleased that our total sales increase in the first quarter of 2017 represents positive sequential sales improvement and is our strongest quarterly growth since the fourth quarter of 2014," said Paul Donahue, president and chief executive officer. "As a diversified global distributor, we benefited from strong total sales growth in our international automotive, industrial, electrical and office operations. The strength in these areas was partially offset by the headwinds in our U.S. automotive business, which we are working to overcome."