Genuine Parts Company Reports First Quarter 2013 Results

ATLANTA, April 19, 2013 /PRNewswire/ -- Genuine Parts Company (NYSE: GPC) reports sales and earnings for the first quarter ended March 31, 2013. 

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Thomas C. Gallagher, Chairman and Chief Executive Officer, announced today that sales for the first quarter ended March 31, 2013, were $3.20 billion, up 0.6% compared to $3.18 billion in the first quarter of 2012.  Net income for the quarter was $144.4 million, down 1% from $146.3 million recorded in the same period of the previous year.  Earnings per share on a diluted basis were 93 cents, unchanged from the first quarter last year.

Mr. Gallagher stated, "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% sales increase.  Among our segments, the Automotive Group reported a 3% sales increase, driven by our commercial growth and the positive impact of the Quaker City acquisition.  Motion Industries, our Industrial Group, was down 2% in the quarter; and EIS, our Electrical/Electronic Group, was down 5%.  S.P. Richards, our Office Products Group, reported a 1% decrease in sales for the quarter."

Mr. Gallagher concluded, "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^st, 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."

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 "Investor Services", or by dialing 877-331-5106, conference ID 29857123.  A replay will also be available on the Company's website or at 855-859-2056, conference ID 29857123, two hours after the completion of the call until 12:00 a.m. EDT on May 4, 2013.

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 2012 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 nationwide in the U.S. and Canada. The Electrical/Electronic Group, EIS, Inc., distributes electrical and electronic components throughout the U.S., Canada and Mexico.

SOURCE Genuine Parts Company