Motion Industries reports flat quarter
Motion Industries reported sales of $1.16 billion in the third quarter, a 0.7 percent sales decline from $1.17 billion in the same period last year.
Operating profit of $85.6 million was down 5 percent from $90.0 million in last year's third quarter.
Motion parent Genuine Parts Company had sales of $3.94 billion compared to $3.92 billion for the same period in 2015. Net income for the third quarter was $185.3 million compared to $188.0 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 at Motion Industries, our Industrial Group, were down 0.7%, including a 2.5% underlying sales decrease and an approximate 2% benefit from acquisitions," said Paul Donahue, president and chief executive officer.
Sales for the first nine months of the year for Motion Industries were $3.48 billion, down 1.6 percent from $3.54 billion in the third quarter of 2015.
Nine-month sales for Genuine Parts Co. were $11.56 billion compared to $11.60 billion for the same period in 2015. Net income for the nine months was $534.7 million, down 2% from 2015, and earnings per share on a diluted basis were $3.56, equal to the same nine month period of the prior year.
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.
