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.
What is your reaction to the tariffs levied on steel and aluminum?
|I'm strongly in favor of them.||
30% (50 votes)
|I favor them, but they don't go far enough.||
7% (12 votes)
|It's a bad idea that will cause an unnecessary trade war.||
55% (92 votes)
|It doesn't matter either way.||
8% (14 votes)
|Total votes: 168|