Growth Slows in Genuine Parts' First Quarter
April 21, 2014—Genuine Parts Co. reported a profit for the first quarter of 2015 after solid cash flows and a strong balance sheet, though growth slowed compared with recent quarters.
Sales for the first quarter ending March 31 increased 3 percent to $3.7 billion compared to sales of $3.6 billion for the same period in 2014. Net income for the first quarter was $161 million, up 2 percent from $157.5 million recorded for the same period in the previous year. Earnings per share on a diluted basis were $1.05, up 3 percent compared to $1.02 for the first quarter last year.
“We are pleased to report a solid start to 2015 and, although our sales and earnings growth rates moderated from the results reported in recent quarters, we performed in line with our expectations,” said GPC Chairman and CEO Tom Gallagher, in a statement. “Our total sales increase of 3 percent included approximately 4 percent underlying sales growth and a 1.5 percent contribution from acquisitions, offset by a currency headwind of approximately 2 percent.”