Motion Industries sales climb 14.5 percent
Motion Industries had sales of $1.6 billion for the third quarter of 2021, up 14.5 percent from $1.4 billion in 2020.
The improvement reflects a 13.4 percent increase in comparable sales, a 0.8 percent favorable impact from foreign currency and a 0.3 percent benefit from acquisitions. Profit for the Industrial Parts Group Segment of Genuine Parts Company was $165.8 million, a 31.9 percent increase. Profit margin was 10.3 percent compared to 8.9 percent in 2020, up 140 basis points.The Industrial Parts segment represents 34 percent of total company revenues
"Industrial posted very strong sales growth, generating mid-teen sales comps for the
second consecutive quarter, as the industrial economy continues its steady rebound. We also produced our 16th consecutive quarter of gross margin expansion and took additional steps towards a more productive operating structure,” said Paul Donahue, chairman and chief executive officer of Genuine Parts Company.
Genuine Parts Company reported third-quarter sales of $4.8 billion, a 10.3 percent increase compared to $4.4 billion in the same period of the prior year. The improvement is attributable to a 7.6 percent increase in comparable sales, a 1.8 percent benefit from acquisitions and a 0.9 percent net favorable impact of foreign currency and other.
Net income from continuing operations was $228.6 million, or a diluted earnings per share of $1.59. This compares to net income from continuing operations of $232.9 million, or $1.61 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.
