WASHINGTON (dpa-AFX) - Genuine Parts Company (GPC) reported second-quarter net income of $197.7 million compared to $216.4 million, previous year. Earnings per share were $1.28 compared to $1.39, last year. Before the one-time adjustment in 2013, net income increased 9% compared to the same period in 2013.
On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.26 for the quarter. Analysts' estimates typically exclude special items.
Sales totalled $3.91 billion; up 6% compared to $3.68 billion, prior year. Analysts expected revenue of $3.87 billion for the quarter.
Thomas Gallagher, CEO, said: 'Our 6% total sales increase includes 5% underlying sales growth and a 2.5% contribution from acquisitions offset by a currency headwind of approximately 1%. Our progress in the quarter was also supported by sales growth in all four of our business segments, with sales for the Automotive Group up 5% including 7% underlying growth offset by a 2% currency headwind. Sales at Motion Industries, our Industrial Group, were up 7% including 4% underlying growth and 3% from acquisitions. Sales at EIS, our Electrical/Electronic Group, increased by 32% due to acquisitions. Sales for S. P. Richards, our Office Products Group, were up 4% and includes 2% underlying growth along with 2% from acquisitions.'
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