Press Releases

ATLANTA, Oct. 18, 2013 /PRNewswire/ -- Genuine Parts Company (NYSE: GPC) reported sales and earnings for the third quarter and nine months ended September 30, 2013. 

(Logo: http://photos.prnewswire.com/prnh/20081002/CLTH108LOGO )

Thomas C. Gallagher, Chairman and Chief Executive Officer, announced today that sales totaling $3.69 billion were up 9% compared to the third quarter of 2012.  Net income for the quarter was $173.7 million, up slightly from $172.9 million recorded in the same period of the previous year.  Earnings per share on a diluted basis were $1.12, up 1% compared to $1.11 for the third quarter last year.

For the nine months ended September 30, 2013, sales totaled $10.56 billion, up 7% compared to the same period in 2012.  Net income for the nine months was $534.5 million, an increase of 10% from $487.8 million recorded in the previous year.  Earnings per share on a diluted basis were $3.43, up 10% compared to $3.11 for the same period last year.

In review of the quarter, Mr. Gallagher commented, "While we achieved another quarter of record sales for the Company, the third quarter proved to be challenging for us.  This was especially true in our non-automotive businesses, as the demand patterns across these segments decelerated in the quarter.  Fortunately, our Automotive Group performed reasonably well for us and continues to report solid progress in their operations."

Mr. Gallagher added, "In the third quarter, sales for the Automotive Group were up 22% for the second consecutive period.  This increase includes core North American growth of approximately 5% and the positive impact of the Australasian acquisition.  We were pleased by the ongoing positive sales trends in both North America and at GPC Asia Pacific.  Sales for Motion Industries, our Industrial Group, were down by 2.5%; and EIS, our Electrical/Electronic Group, showed sales down approximately 5%.  S. P. Richards, our Office Products Group, had a 3% sales decrease for the quarter."

Mr. Gallagher concluded, "In these challenging times, we are especially focused on our sales initiatives and expense controls across all of our businesses.  For the long-term we remain committed to our core objectives of growing sales and earnings, showing operating margin improvement, generating solid cash flows and maintaining a strong balance sheet.  Our cash flows are very strong again this year and the Company is in excellent financial condition."

Conference Call

Genuine Parts Company will hold a conference call today at 11:00 a.m. Eastern time to discuss the results of the quarter and the future outlook.  Interested parties may listen to the call on the Company's website, www.genpt.com, by clicking "Investor Services", or by dialing toll-free at 877-331-5106, conference ID 72999067.  A replay of the call will also be available on the Company's website or by dialing toll-free at 855-859-2056, conference ID 72999067, after the completion of the conference call until 12:00 a.m. Eastern time on November 2, 2013.

Forward Looking Statements

Some statements in this report, as well as in other materials we file with the Securities and Exchange Commission (SEC) or otherwise release to the public and in materials that we make available on our website, constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Senior officers may also make verbal statements to analysts, investors, the media and others that are forward-looking.  Forward-looking statements may relate, for example, to future operations, prospects, strategies, financial condition, economic performance (including growth and earnings), industry conditions and demand for our products and services.  The Company cautions that its forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information, you are cautioned not to place undue reliance on our forward-looking statements.  Actual results or events may differ materially from those indicated as a result of various important factors.  Such factors may include, among other things, slowing demand for the Company's products, changes in general economic conditions, including, unemployment, inflation or deflation, high energy costs, uncertain credit markets and other macro-economic conditions, the ability to maintain favorable vendor arrangements and relationships, disruptions in our vendors' operations, competitive product, service and pricing pressures, the Company's ability to successfully implement its business initiatives in each of its four business segments, the Company's ability to successfully integrate its acquired businesses, the uncertainties and costs of litigation, as well as other risks and uncertainties discussed in the Company's Annual Report on Form 10-K for 2012 and from time to time in the Company's subsequent filings with the SEC.

Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law.  You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K and other reports to the SEC.

About Genuine Parts Company

Genuine Parts Company is a distributor of automotive replacement parts in the U.S., Canada, Mexico and Australasia.  The Company also distributes industrial replacement parts in the U.S., Canada and Mexico through its Motion Industries subsidiary.  S. P. Richards Company, the Office Products Group, distributes business products nationwide in the U.S. and Canada. The Electrical/Electronic Group, EIS, Inc., distributes electrical and electronic components throughout the U.S., Canada and Mexico.

(1)    Represents the net effect of discounts, incentives and freight billed reported as a component of net sales.

SOURCE Genuine Parts Company