Genuine Parts Co. Reports Sales Up, Net Income Down in Q2 2017
July 24, 2017—During its sales and earnings report, Genuine Parts Company reported increased sales, but a lower net income for the second quarter of 2017.
Sales for the second quarter ending June 30, 2017 were $4.1 billion, a new record and a 5 percent increase compared to $3.9 billion for the same period in 2016. Net income for the second quarter was $190 million compared to $191.4 million recorded for the same period in the previous year.
Second quarter sales for the Automotive Group were up 4 percent, including an approximate 1.5 percent comparable sales increase. Sales at Motion Industries, our Industrial Group, were up 7 percent, including a 5 percent comparable sales increase, and sales at EIS, our Electrical/Electronic Group, grew 11 percent, with comparable sales down 1 percent. Sales for S.P. Richards, our Office Products Group, were up 5 percent for the quarter, including a 4 percent decrease in comparable sales.
Sales for the six months ended June 30, 2017 were $8 billion, also a new record and a 5 percent increase compared to $7.6 billion for the same period in 2016. Net income for the six months was $350.1 million compared to $349.4 million in 2016.
"We are encouraged by the steady and consistent total sales increase thus far in 2017, which reflects the diversified aspects of our Company combined with an ongoing strategy to drive both organic and acquisitive growth," Paul Donahue, president and CEO, commented. "This represents our second consecutive quarter of 5 percent total sales growth for the Company and includes sales increases in each of our four distribution businesses, with our strongest performances in the Industrial and electrical segments."