Genuine Parts Company announced first quarter sales and earnings for the quarter ended March 31, 2015.
Sales increased 3% to $3.7 billion compared to sales of $3.6 billion for the same period in 2014. Net income for the first quarter was $161.0 million, up 2% 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% compared to $1.02 for the first quarter last year.
Tom Gallagher, Chairman and Chief Executive Officer, said, "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. Our total sales increase of 3% included approximately 4% underlying sales growth and a 1.5% contribution from acquisitions, offset by a currency headwind of approximately 2%.
“Sales for the Automotive Group were flat with the prior year and consisted of core automotive growth of approximately 3% and a slight benefit from acquisitions, less the negative impact of currency of approximately 4%,” he said.
“Sales at Motion Industries, our Industrial Group, were up approximately 3%, including 3% underlying growth and 1% from acquisitions, offset by a currency headwind of approximately 1%. Sales at EIS, our Electrical/Electronic Group, increased by 1% and included approximately 6% growth from acquisitions, net of a 4% decrease in core sales and a 1% negative impact of copper pricing. Sales for S. P. Richards, our Office Products Group, were up approximately 17%, consisting of 11% underlying growth and 6% from acquisitions."
Gallagher concluded, "Our sales and earnings growth in the quarter was supported by solid cash flows and a strong balance sheet. As we move forward in the year, we are well positioned for further progress across our operations and remain optimistic that 2015 will be another successful year for the company."
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