Genuine Parts Company reported record sales and earnings for the first quarter ended March 31, 2006. Sales totaled $2.6 billion, up 9% compared with the first quarter of 2005. Net income for the quarter was $113.9 million, an increase of 7% over $106.6 million recorded in the same period of the previous year.
Each of the company’s four business segments contributed to the overall sales growth for the quarter. Motion Industries, our Industrial Group, grew sales by 12%. This follows double-digit sales increases in 2005 and 2004. The Automotive Group reported a 5% sales increase for the quarter. Within this group, the core NAPA business was actually a bit stronger, posting a 7% sales increase. S.P. Richards, the Office Products Group, generated a 13% sales increase for the quarter and EIS, the Electrical Group, was up 13%.
For more details on GPS’ earnings, click here.