Genuine Parts sales increase 2.3 percent
Genuine Parts Company reported sales for the second quarter were a record $4.9 billion, a 2.3 percent increase compared to $4.8 billion for the same period in 2018.
Sales for the Industrial Parts Group of $1.7 billion, which includes Motion Industries, were up 4.9 percent, including a 3.1 percent comparable sales increase, 2.1 percent from acquisitions and a slightly unfavorable foreign currency translation of 0.3 percent.
"Our industrial business continues to perform well in North America, and we are excited to move forward with the additional growth opportunities presented by Inenco, our new industrial business in Australasia," said Paul Donahue, chairman and chief executive officer.
Net income of $224.4 million, or $1.53 per diluted share, declined from $226.9 million, or $1.54, in the same quarter last year.
"While not satisfied with our results in the quarter, we remain confident in our overall strategy and the additional growth opportunities we continue to pursue across our global platform. Our immediate focus is on the execution of our initiatives to control costs and improve our profitability," Donahue added.
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.
