The 2020 Mid-Year Economic Update_long

Motion Industries Sales Up 3.7% in 1Q

Parent company Genuine Parts Co. sales up 13% in 1Q.

Motion Industries, No. 6 on MDM’s 2013 list of the top 40 industrial distributors, reported sales for the first quarter of $1.1 billion, up 3.7 percent from the previous year, driven by a 3 percent contribution from acquisitions, offset by a 1 percent translation effect. Operating profit increased 5.3 percent to $83 million.

Parent company Genuine Parts Co. (NYSE: GPC), Atlanta, GA, reported sales for the first quarter of $3.6 billion, an increase of 13 percent compared to the prior year quarter. Profit increased 9 percent to $157.5 million.

"We are encouraged by our results in the first quarter and pleased to report a solid start to 2014," said Thomas Gallagher, chairman and CEO. "Our total sales increase included a 10 percent contribution from acquisitions and 4 percent underlying sales growth offset by a 1 percent headwind from currency."

Sales in the first quarter for EIS, GPC's electrical/electronic group, increased 29.6 percent, due primarily to contributions from acquisitions.

Sales for S. P. Richards, the office products group, decreased 0.5 percent.

Automotive sales increased 22.9 percent, driven by a 17 percent contribution from the GPC Asia Pacific acquisition and underline growth of approximately 7 percent, offset by a negative translation effect of 1.6 percent.

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