Genuine Parts Company, Atlanta, GA, reported sales in the first quarter ended March 31, 2009, were down 11% to $2.4 billion from the prior-year period. Profit was $89.2 million, a decrease of 28%.
- The Automotive Group: 7% decrease
- S.P. Richards (office products): 7% decrease
- Motion Industries (industrial): 16% decrease
- EIS (electrical): 25% decrease.
Genuine Parts expects the effects of the economic slowdown to persist for "several more quarters."