Motion Industries sales up 12.2%
Motion Industries had sales of $1.1 billion for the first quarter, 12.2% higher than the $999.7 million reported in the same period last year.
Its operating profit of $84.3 million for the period was 27.8% higher than the $66.0 million reported last year.
"Sales for Motion Industries, our Industrial Group, remain the strongest among our four business segments, growing by 12% in the quarter. EIS, our Electrical Group, posted a 5% sales increase," said Thomas C. Gallagher, chairman and chief executive officer of Genuine Parts Company, which owns the Birmingham, Ala.-based power transmission and bearings distributor. "Both Motion Industries and EIS have generated very strong sales growth over the last two years, driven by their internal initiatives and the recovery of the manufacturing sector of the economy."
Genuine Parts Co.'s sales of $3.2 billion were up 7% compared to the first quarter of 2011. Net income for the quarter was $146.3 million, an increase of 16% over $126.5 million recorded in the same period of the previous year.
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.
