Motion Industries Q1 sales up 33.6 percent
First-quarter sales for Motion Industries were $2.0 billion, up 33.6 percent from the first quarter of 2021, and representing 38 percent of total company revenues.
The sales increase reflects a 17.9 percent contribution from the acquisition of Kaman Distribution Group and a 16.1 percent increase in comparable sales, slightly offset by a 0.4 percent unfavorable impact of foreign currency. Segment profit of $188.4 million increased 50.3 percent, with profit margin of 9.3 percent, up 100 basis points from 2021.
"Industrial posted its fourth consecutive quarter of double-digit sales comps, driven by strengthening sales trends throughout the quarter," said Paul Donahue, chairman and chief executive officer for Genuine Parts Company.
"Our focus on key strategic priorities helped to deliver profitable sales growth, expand margins and generate strong cash flow in the quarter," said Will Stengel, president. "We are also pleased with the progress to integrate Kaman Distribution Group which is trending ahead of plan."
Genuine Parts Company's first-quarter sales were $5.3 billion, an 18.6 percent increase compared to $4.5 billion in the same period of the prior year.
Net income was $245.8 million, or a diluted earnings per share of $1.72, compared to $217.7 million, or $1.50 per diluted share, in the prior year period.
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.
