ATLANTA (April 29, 2014) — NAPA Auto Parts parent Genuine Parts Co.’s net income for the quarter ended March 31 rose 9.1 percent to $157.5 million on a 13.3-percent jump in sales to $3.62 billion.
Its automotive segment, which includes NAPA, boosted its operating profit 24 percent to $150.1 million on a 22.9-percent surge in sales to $1.9 billion.
“Our total sales increase included a 10-percent contribution from acquisitions and 4-percent underlying sales growth offset by a 1-percent headwind from currency,” said Chairman and CEO Thomas C. Gallagher.
“Automotive sales remained the strongest among our segments, up 23 percent and driven by a 17-percent contribution from the GPC Asia Pacific acquisition and underline growth of approximately 7 percent. These strong results were offset by a negative translation effect of 1.6 percent….”
“During the first quarter, we achieved our core objectives of growing sales and earnings, producing operating margin improvement, generating solid cash flows and maintaining a strong balance sheet. Looking ahead, we are well positioned to demonstrate continued progress in driving improved results and remain optimistic about our prospects for growth in each of our four businesses,” he said.
Do so-called “Religious Freedom” laws in place in some states impact how companies do business, and do you support them?
|I support them and don’t think they have any effect on how I do business||
|I don’t support them; they have a negative effect on businesses||
|I think more research should be done about these laws’ impact before they’re enacted||
|They’re horrible, an infringement on the rights of certain groups or individuals and shouldn’t be the law anywhere||