Genuine Parts Company Reports Sales And Earnings For The First Quarter Ended March 31, 2014

ATLANTA, April 22, 2014 /PRNewswire/ -- Genuine Parts Company (NYSE: GPC) reports sales and earnings for the first quarter ended March 31, 2014. 

Thomas C. Gallagher, Chairman and Chief Executive Officer, announced today that sales for the first quarter ended March 31, 2014, were $3.6 billion, up 13% compared to $3.2 billion in the first quarter of 2013.  Net income for the quarter was $157.5 million, up 9% from $144.4 million recorded in the same period of the previous year.  Earnings per share on a diluted basis were $1.02, up 10% compared to 93 cents for the first quarter last year.

Mr. Gallagher stated, "We are encouraged by our results in the first quarter and pleased to report a solid start to 2014.  Our total sales increase included a 10% contribution from acquisitions and 4% underlying sales growth offset by a 1% headwind from currency.  Automotive sales remained the strongest among our segments, up 23% and driven by a 17% contribution from the GPC Asia Pacific acquisition and underline growth of approximately 7%.  These strong results were offset by a negative translation effect of 1.6%.  Sales at Motion Industries, our Industrial Group, were up 4% and include 3% from acquisitions less a 1% translation effect.  Sales at EIS, our Electrical/Electronic Group, increased by 30% due primarily to acquisitions.  Sales for S. P. Richards, our Office Products Group, were down slightly in the quarter, although a small acquisition in the quarter positively impacted the results."

Mr. Gallagher concluded, "During the first quarter, we achieved our core objectives of growing sales and earnings, producing operating margin improvement, generating solid cash flows and maintaining a strong balance sheet. Looking ahead, we are well positioned to demonstrate continued progress in driving improved results and remain optimistic about our prospects for growth in each of our four businesses."

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 19450861.  A replay will also be available on the Company's website or at 855-859-2056, conference ID 19450861, two hours after the completion of the call until 12:00 a.m. EDT on May 7, 2014.

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 2013 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.

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SOURCE Genuine Parts Company