ATLANTA (April 28, 2016) — NAPA Auto Parts parent Genuine Parts Co. suffered slight drops in sales and earnings for the first quarter, ended March 31, despite an uptick in its automotive business.
Genuine Parts' net income slipped 1.9 percent to $158 million as sales dipped 0.5 percent to $3.72 billion, compared with the year-ago period. Currency exchanges negatively impacted total revenue growth by about 1.5 percent, the company said, which was partially offset by acquisitions.
“We are pleased to report that our first quarter performance was in line with our expectations,” said Chairman and CEO Tom Gallagher. “Our growth initiatives for the automotive business, along with consistently strong industry fundamentals, continue to drive our positive automotive performance.
“Our non-automotive businesses continue to operate in a difficult economic environment.”
The Automotive Group, Genuine's largest division, was the only business unit reporting positive results for the quarter. The unit, which includes NAPA, boosted its operating profit 2 percent to $153.7 million on a 1.8-percent increase in sales to $1.93 billion, compared with the year-ago period.