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Motion Industries Inc., Birmingham, AL, reported third quarter net sales of $636.7 million, a 14.3 percent increase over net sales of $557.0 million during the third quarter of last year. Operating profit for the quarter was $40.9 million, up 19.6% from $34.2 million during third quarter last year.
For the first three quarters of the year, Motion Industries generated net sales of $1,874.6 million, an increase of 10.8% over net sales of $1,692.5 million during the prior-year period. Operating profit increased to $125.1 million, up 13.1% for the period from $110.6 million the year before.
Genuine Parts Company, Atlanta, GA, Motion Industries' parent company, reported sales and earnings for the third quarter and nine months ended Sept. 30 totaling $2.3 billion were up 7% compared to the third quarter of 2003. Net income was $97.9 million, an increase of 11% compared to $88.3 million for the third quarter of 2003.
For the nine months ended Sept. 30, sales totaled $6.8 billion, up 8% compared to the same period in 2003. Net income for the nine months was $299.2 million, an increase of 12% compared to $266.9 million for the same period in the prior year before the cumulative effect of an accounting change adopted Jan. 1, 2003.
"All four segments contributed significantly to our results with sales for Motion Industries, our Industrial Group, and EIS, our Electrical/Electronics Group, continuing to be especially strong," said Larry Prince, chairman of the Genuine Parts board of directors. "The manufacturing sector, which is their customer base, is moving ahead at a healthy rate and our companies are giving them excellent service. Motion's sales grew by 14% for the quarter and EIS was up 15%. Sales for the Automotive Parts Group were up 3% for the period and S.P. Richards, our Office Products Group, improved by 8%."