Genuine Parts Q2 revenues up
Car parts specialist sees 12.3% rise on last year
Genuine Parts Company has reported total net sales of $2.84m for the second quarter of 2010, an increase of 12.3% compared to $2.53m for the same quarter in 2009.
The company's gross profit for the quarter was $0.82m compared to $0.74m for the same period last year.
The company posted income before income taxes of $0.2m for the second quarter of 2010, compared to $0.16m for the same quarter in 2009.
For the quarter ended June 30, 2010, the company posted net income of $0.12m, or $0.78 per diluted share, compared to $0.10m, or $0.65 per diluted share, for the same period last year.
Thomas Gallagher, chairman, president and CEO of Genuine Parts, said: "In looking at the results by segment, our Industrial and Electrical businesses turned in the strongest results. Sales for Motion Industries, our Industrial Group, were up 26% in the quarter and EIS, our Electrical Group, generated a 32% increase.
"Both Motion and EIS sell into the manufacturing sector of the economy, which is performing well at this time. Our Automotive Group produced another solid quarter.
Mr Gallagher added that sales for this group were up 7%, following a 6% increase in the first quarter, and Genuine Parts was encouraged by the sequential improvement that it has seen in its automotive results over the past several quarters.