ATLANTA (Aug. 11, 2014) — NAPA Auto Parts parent Genuine Parts Co. (GPC) generated record sales of $3.91 billion for the second quarter, up 6.3 percent from the year-ago period.
GPC’s net profit fell 8.6 percent to $197.7 million for the quarter, ended June 30. However, before a one-time adjustment related to the April 1, 2013, acquisition of the remaining 70 percent interest in GPC Asia Pacific, quarterly income rose 9 percent.
For the first six months, sales jumped 9.6 percent to $7.53 billion, while earnings slipped 1.5 percent to $355.2 million. Before the one-time adjustment in 2013, net income for the six months grew 9 percent.
The Automotive Group, including NAPA, boosted its operating profit 10.9 percent to $206.7 million on a 4.9 percent increase in sales to $2.11 billion for the quarter.
For the first six months, the group’s operating income surged 16.1 percent to $356.8 million as sales jumped 12.7 percent to $4.01 billion, compared with the year-ago period.
“We are pleased to report record sales as well as a solid 9 percent comparative earnings increase. Our 6 percent total sales increase includes 5 percent underlying sales growth and a 2.5 percent contribution from acquisitions offset by a currency headwind of approximately 1 percent,” said Chairman and CEO Thomas C. Gallagher.
“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 percent, including 7 percent underlying growth offset by a 2 percent currency headwind.”
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|