United States. Genuine Parts Company (GPC), a global distributor of industrial and automotive spare parts, announced its results for the second quarter, which ended June 30.
GPC said sales were $5900 million, an increase of 5.6% compared to $5600 million in the same period last year.
The sales growth is attributed to a 4.9 percent increase in comparable sales and a 1.8 percent profit from acquisitions, partially offset by a 1.1 percent net unfavorable impact from foreign currency and others, the company said.
"We are pleased to report another strong quarter, including record sales and double-digit adjusted earnings growth," said Paul Donahue, President and Chief Executive Officer.
"Our performance in the second quarter once again highlights the value and benefit of our combination of global automotive and industrial businesses and geographic diversity, which we believe are competitive advantages that differentiate GPC in the market."
"Our global team remains focused on the strategic initiatives we highlighted at our Investor Day in March, and we believe our Team One GPC approach is contributing to our strong financial performance. We want to thank all of our GPC teammates for their hard work and continued dedication to serving our customers."
The company reported net income at $344 million for the quarter compared to $373 million in the prior year period. Compared to adjusted net income of $313 million for the same three-month period last year, this year the company's adjusted net income increased 10%.
"Global auto sales continue to benefit from our global diversification, as our businesses outside the U.S. posted mid-single-digit to double-digit growth in local currency in the second quarter," said Will Stengel, president and chief operating officer.
"Our industrial sales growth was broad-based, with all product categories and major industries served growing year-over-year, allowing the industrial team to record its twelfth consecutive quarter of margin expansion."
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