KDG Buy Leads Motion to 33% Sales Growth in 2022 - Modern Distribution Management

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KDG Buy Leads Motion to 33% Sales Growth in 2022

Motion, Genuine Parts Company's industrial segment, achieved better than $8.4 billion in 2022 sales.

Genuine Parts Company (GPC) reported its 2022 fourth-quarter and full-year financial results Feb. 23, showing that its industrial parts segment, Motion, continues to experience explosive growth following its landmark acquisition of Kaman Distribution Group (KDG) in early 2022.

GPC reported Motion 4Q sales of $2.1 billion, up 29.6% year-over-year. Motion’s 4Q growth reflects a 16.7% and a 14.3% contribution from the KDG acquisition, slightly offset by a 1.4% unfavorable impact of foreign currency, according to a news release. Segment profit of $230 million increased 49.8% year-over-year, with profit margin of 11% up 150 basis points from 4Q 2021. Motion’s impressive 4Q follows its 3Q 2022 sales of $2.2 billion.

For the full year 2022, Motion posted sales of $8.4 billion, up 33.2% compared to 2021.

“Industrial generated its seventh consecutive quarter of double-digit sales comps and tenth consecutive quarter of margin expansion, while continuing to execute well and create value with the accelerated integration of KDG,” GPC President and COO Will Stengel said in the release. “Our strong fourth quarter and record financial performance in 2022 are testaments to our teams’ hard work and dedication to serve our customers.”

Meanwhile, GPC’s automotive segment, NAPA Auto Parts, had 4Q sales of $3.4 billion, up 7.6% year-over-year. For the full year 2022, NAPA’s $13.7 billion sales were up 8.9% from 2021.

Overall, GPC had 4Q sales of $5.5 billion, a 15% increase year-over-year. For the full year 2022, GPC achieved “record” sales of $22.1 billion, up 17.1% compared to 2021, according to the release.

“The GPC team capped off a record-setting year with a strong fourth quarter highlighted by double-digit sales and earnings growth and continued margin expansion,” GPC Chairman and CEO Paul Donahue said in the release. “We are incredibly proud of our progress throughout the year and thankful to our teammates across the globe for their ongoing commitment to excellence. Working together, we have been agile in navigating the dynamics of the macro-economy and continue to deliver market share gains and drive positive momentum in our top and bottom-line results.”

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