Home » Motion Industries Reports Strong Third Quarter
Motion Industries Reports Strong Third Quarter
November 7, 2005
Motion Industries, Birmingham, AL, reported sales for the quarter ended Sept. 30, 2005 were $711.2 million, up 12% from $636.7 million for the same period last year. Operating profits were $53.7 million, up 31% from $40.9 million for the third quarter of 2004. For the first nine months of 2005, Motion reported sales of $2,100. 5 million, up 12% from $1,874.6 million in the same period in 2004. Operating profits for the first nine months were $152.3 million, up 22% from the same period in 2004.
Parent company Genuine Parts Company, Atlanta, GA, reported third quarter sales totaling $2.6 billion were up 9% compared to the third quarter of 2004. Net income was $110.9 million, an increase of 13%, compared to $97.9 million for the third quarter of 2004. For the nine months ended Sept. 30, sales totaled $7.4 billion, up 8% compared to the same period in 2004. Net income for the nine months was $328.4 million, an increase of 10% over $299.2 million recorded in the previous year.
Mr. Gallagher stated: The third quarter was our strongest quarter thus far in 2005, and it continues the positive growth pattern we have experienced in each of our business segments dating back to early 2004.
It was Genuine Parts' strongest quarter of 2005. Motion Industries 12% sales growth was the sixth consecutive quarter of double-digit revenue increases for this group. S.P. Richards, the office products group, had an 8% increase in sales, and this follows a 6% increase in the first quarter and an 8% increase in the second quarter. The automotive group produced its strongest quarter of the year, with sales up 8% in the third quarter after reporting increases of 4% and 6% in the first and second quarters, respectively. EIS, the electrical group, reported sales up 2%. Excluding the impact of the sale of their Circuit Supply division earlier this year, the ongoing operations at EIS improved 10% in the period.