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Motion Industries,Birmingham, AL, reported 2004 net sales of $2,511.6 million, up 11.4% from $2,253.9 million in 2003. Operating profit for 2004 was $173.8 million, up 15% from 2003. For the fourth quarter ended Dec. 31, 2004, Motion reported net sales of $637.0 million, up 13.4% from %561.4 million in the fourth quarter of 2003. Operating profit was $48.6 million, up 20% from the same period last year.
Motion's parent company. Genuine Parts, Atlanta, GA, reported sales in 2004 were $9.1 billion, up 8% compared to 2003. Net income for the year was $395.6 million, an increase of 12% compared to $353.6 million in 2003. For the fourth quarter, revenues in the company's Automotive Group were up 6%, Motion Industries, the Industrial Group, increased sales by 13%, and EIS, the Electrical/Electronics Group, was up 9%. Both of these business segments continue to benefit from the improved economic conditions across their manufacturing customer base, the company said. Sales for S. P. Richards, the Office Products Group, improved by 4%.
"We achieved record levels of sales and earnings in 2004," said Genuine Parts Chairman Larry Prince. "All four of our business segments contributed to our success in a significant and positive way. We also improved on our gross margins, operating expenses as a percentage of sales and operating margins. In addition, we strengthened our balance sheet with the generation of $555 million in operating cash flow and with total debt reduced by $177 million."
Genuine Parts Company also announced that on Feb. 21, 2005, the Board of Directors elected Thomas C. Gallagher, President and CEO, to the additional position of Chairman of the Board. Mr. Prince stated, "Tom is known and held in high esteem by all constituencies of our company, including our employees, customers and shareholders. He has been a member of the GPC team for 34 years, and for 15 of those he served as president and COO prior to his election to CEO last year. There is no person more ideally suited to lead Genuine Parts Company in the coming years and we have pride and confidence in this important development."
Mr. Prince added, "My own plans include retirement from day to day activities and management at Genuine Parts Company on Mar. 31, 2005. It will be my privilege to continue to serve as a Director on the GPC Board and Chairman of the Executive Committee. It has been an honor to be part of this splendid organization for 46 years and my interest will always be directed toward the success and well being of GPC."