Motion Industries posts 35.3 percent sales gain
Motion Industries had sales of $2.2 billion in the third quarter, a 35.3% increase from the same period in 2021.
The increase reflected a 19.6% increase in comparable sales and a 16.6% contribution from the acquisition of KDG, slightly offset by a 0.9% unfavorable impact of foreign currency. Segment profit of $243 million increased 46.3%, with profit margin of 11.1%, up 80 basis points from the same period of the prior year.
"Our third quarter results were driven by sound industry fundamentals and execution of our key strategic initiatives to deliver accelerated sales growth and margin expansion in both segments. We were also pleased to further strengthen our balance sheet and generate continued strong cash flow," said Will Stengel, president of Motion parent Genuine Parts Company.
GPC reported net sales of $5.7 billion, a 17.8% increase compared to $4.8 billion in the same period of the prior year.
Net income was $312 million, or $2.20 per diluted earnings per share, compared to $229 million, or $1.59 per diluted share, in the prior year period.
INDUSTRIAL SUPPLY MAGAZINE
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