The 2020 Mid-Year Economic Update_long

Motion Industries Sales Down 2% in 2Q

Parent company Genuine Parts Co. sales up 1 percent in 2Q.

Motion Industries, No. 6 on MDM’s 2015 list of the top 40 industrial distributors, reported sales for the second quarter of $1.2 billion, down 2 percent from the previous year, including 1 percent growth from acquisitions. Operating profit decreased 6.7 percent to $88.9 million.

Parent company Genuine Parts Co. (NYSE: GPC), Atlanta, GA, reported sales for the second quarter of $3.9 billion, an increase of 1 percent compared to the prior year quarter. Profit decreased 1.2 percent to $195.4 million.

Second quarter sales for EIS, the electrical/electronic group, increased 3.5 percent year-over-year to $194.7 million, including 6 percent growth from acquisitions.

Sales for S. P. Richards, the office products group, increased 14 percent to $477.8 million for the second quarter, including 5 percent growth from acquisitions.

Automotive sales were $2.1 billion for the second quarter, down slightly year-over-year.

For the first six months, Genuine Parts reported sales of $7.7 billion, a 2 percent increase over the prior year period. Profit was $356.4 million, basically unchanged from the previous year.

Sales for Motion Industries in the first six months increased 0.7 percent to $2.7 billion and EIS sales grew 2.3 percent to $376.8 million. Office products sales increased 15.7 percent to $968.1, while automotive sales in the first half decreased slightly to $4 billion.

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