ATLANTA (April 22, 2013) — Genuine Parts Co. (GPC), the parent of NAPA Auto Parts, reported its sales and earnings for the first quarter, ended March 31, were on par with year-ago results.
Net income for the quarter slipped 1.3 percent to $144.4 million, as sales edged up 0.6 percent to $3.20 billion, compared with the year-ago period. Operating profit for the Automotive Group, the company's largest business unit, increased 5.7 percent to $121 million on a 3.4-percent jump in sales to $1.54 billion.
"Entering 2013, we felt that the first quarter of the year would be our most challenging. Our earnings for the quarter are a direct reflection of the 0.6 percent sales increase. Among our segments, the Automotive Group reported a 3-percent sales increase, driven by our commercial growth and the positive impact of the Quaker City acquisition," said Chairman and CEO Thomas C. Gallagher.
"Despite the rather slow start to the year, we remain optimistic about our prospects for stronger sales and earnings over the balance of 2013. Our sales initiatives and ongoing investments in the businesses, coupled with certain external indicators, bode well for our future growth. We also continue to generate solid cash flows and our balance sheet is strong.
"Finally, on April 1, we welcomed Exego, a leading aftermarket distributor in Australasia, to the GPC family as a wholly-owned subsidiary of the company. We are excited about the growth opportunities we see with the Exego team," he said.