Motion Industries sales down 4%
Sales at Motion Industries decreased 4 percent for the third quarter to $1.17 billion compared to $1.22 billion in the same period last year.
Operating profit for the period fell by 5.4 percent to $90 million from $95 million in last year's third quarter.
Sales for the first nine months of the year were $3.54 billion, 0.9 percent lower than the $3.57 billion in the same period last year. Operating profit for the period was $266.7 million, a 2.6 percent decrease from $273.7 million for the first nine months of 2014.
Tom Gallagher, chairman and chief executive officer of Motion's parent Genuine Parts Co. said foreign currency headwinds and ongoing challenging global economic conditions combined to lower sales at Motion Industries. "These factors pressured our overall sales and earnings growth as we moved through the third quarter, although our focus on streamlining operations and controlling expenses drove positive margin expansion."
Genuine Parts Co.'s sales for the quarter decreased 2% to $3.92 billion compared to $3.99 billion for the same period in 2014. Net income for the quarter was $188.0 million compared to $190.5 million recorded for the same period in the previous year. Earnings per share on a diluted basis were $1.24, equal to the earnings per share for the third quarter last year.
Sales for the first nine months of the year were $11.60 billion, up 1% compared to 2014. Net income for the nine months was $544.4 million, basically unchanged from 2014, and earnings per share on a diluted basis were $3.56, up 1% compared to $3.53 in 2014.
INDUSTRIAL SUPPLY MAGAZINE
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