Genuine Parts Company Net Income Down in 2016
Feb. 22, 2017—Despite overall sales for 2016 being up 0.4 percent over 2015, from $15.28 billion to $15.34 billion, Genuine Parts Company's net income for 2016 was $687.2 million, down 3 percent from 2015.
Sales for the fourth quarter ending Dec. 31, 2016 were $3.78 billion, a 3 percent increase compared to $3.68 billion for the same period in 2015. Net income for the fourth quarter was $152.5 million compared to $161.3 million recorded for the same period in the previous year.
"We executed on many of our initiatives in 2016, and we believe we entered the new year as a stronger, more diversified global distributor," Paul Donahue, president and CEO, said. "And while there is no question the U.S. sales environment was challenging throughout the year, our international operations in Canada, Mexico and Australasia, outperformed the stronger, more positive results."
"The fourth quarter was our strongest quarterly sales performance of the year, with acquisitions being the primary growth driver in each of our four business segments," he added. "Generally, we operated in more favorable market conditions as the fourth quarter progressed, and our teams were in position to benefit from that."