News / Genuine Parts Company Reports Sales And Earnings For The First Quarter Ended March 31, 2016
Date: 2016-04-27
Genuine Parts Company Reports Sales And Earnings For The First Quarter Ended March 31, 2016
ATLANTA, April 19, 2016 /PRNewswire/ -- Genuine Parts Company (NYSE: GPC) announced today first quarter sales and earnings for the quarter ended March 31, 2016.
Sales for the first quarter ended March 31, 2016 were $3.72 billion, compared to sales of $3.74 billion for the same period in 2015. Net income for the first quarter was $158.0 million compared to $161.0 million recorded for the same period in the previous year. Earnings per share on a diluted basis were $1.05, equal to the earnings per share for the first quarter last year. Currency negatively impacted total revenue growth by approximately 1.5% and earnings per share by an approximate $0.01 in the first quarter.
Tom Gallagher, Chairman and Chief Executive Officer, commented, "We are pleased to report that our first quarter performance was in-line with our expectations. 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."
Total sales in the first quarter were down 0.5% from the prior year, inclusive of the 1.5% currency headwind, which was partially offset by acquisitions. Sales for the Automotive Group were up 2%, consisting of an approximate 3.5% core sales increase, a 1% benefit from acquisitions, and a reduction of 2.5% from currency translation. Sales at Motion Industries, our Industrial Group, were down 2.5%, including a 3% underlying sales decrease and a 1% currency headwind, offset by a 1.5% contribution from acquisitions. Sales at EIS, our Electrical/Electronic Group, and S. P. Richards, our Office Products Group, were each down approximately 3%.
Mr. Gallagher concluded, "Despite the fragile industrial economic conditions which continue to pressure our near term growth outlook, our teams remain focused on key sales and cost initiatives necessary to drive long term growth for the Company. We will continue to support our sales and earnings growth with a strong balance sheet, solid cash flows and effective capital allocation intended to maximize shareholder value."
Conference Call
Genuine Parts Company will hold a conference call today at 11:00 a.m. EDT to discuss the results of the quarter and the future outlook. Interested parties may listen to the call on the Company's website, www.genpt.com, by clicking "Investors", or by dialing 800-263-8506, conference ID 4915825. A replay will also be available on the Company's website or at 877-870-5176, conference ID 4915825, two hours after the completion of the call until 12:00 a.m. Eastern time on May 3, 2016.
Forward Looking Statements
Some statements in this report, as well as in other materials we file with the Securities and Exchange Commission (SEC) or otherwise release to the public and in materials that we make available on our website, constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Senior officers may also make verbal statements to analysts, investors, the media and others that are forward-looking. Forward-looking statements may relate, for example, to future operations, prospects, strategies, financial condition, economic performance (including growth and earnings), industry conditions and demand for our products and services. The Company cautions that its forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information, you are cautioned not to place undue reliance on our forward-looking statements. Actual results or events may differ materially from those indicated as a result of various important factors. Such factors may include, among other things, slowing demand for the Company's products, changes in general economic conditions, including, unemployment, inflation or deflation, high energy costs, uncertain credit markets and other macro-economic conditions, the ability to maintain favorable vendor arrangements and relationships, disruptions in our vendors' operations, competitive product, service and pricing pressures, the Company's ability to successfully implement its business initiatives in each of its four business segments, the Company's ability to successfully integrate its acquired businesses, the uncertainties and costs of litigation, as well as other risks and uncertainties discussed in the Company's Annual Report on Form 10-K for 2015 and from time to time in the Company's subsequent filings with the SEC.
Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K and other reports to the SEC.
About Genuine Parts Company
Genuine Parts Company is a distributor of automotive replacement parts in the U.S., Canada, Mexico and Australasia. The Company also distributes industrial replacement parts in the U.S., Canada and Mexico through its Motion Industries subsidiary. S. P. Richards Company, the Office Products Group, distributes business products in the U.S. and Canada. The Electrical/Electronic Group, EIS, Inc., distributes electrical and electronic components throughout the U.S., Canada and Mexico.
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