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.
Titan International and the United Steelworkers union have petitioned the U.S. International Trade Commission and U.S. Department of Commerce seeking relief from OTR tire imports from China, India and Sri Lanka. What’s your opinion?
|I wholeheartedly support their action – something needs to be done.||
|I think it’s a bad idea that could inevitably tie the hands of domestic tire makers.||
|I oppose any duties against tire importers—they only raise costs for distributors and make it harder to obtain inventory.||
|I’m kind of on the fence and not sure what’s right, but need more information before deciding.||
|I don’t really care whether or not relief is granted.||
|Total votes: 78|