International. The company's third quarter 2022 results indicate an increase of 17.8% over the same period last year.
"The GPC team delivered record results, with double-digit sales and earnings growth driven by the execution of effective strategies and the continued resilience of our automotive and industrial businesses," said President and CEO Paul Donahue.
"We are pleased with the continued strength of our results for 2022 and are proud of the great work of all our 53,000 teammates who are at the core of our success."
Sales were $5.7 billion, an increase of 17.8% compared to $4.8 billion in the same period last year.
Sales growth reflects a 12.7% increase in comparable sales and a 9.1% profit from acquisitions, partially offset by a 4.0% net unfavorable impact from foreign currency and others.
Net income was $312 million, or $2.20 million in diluted earnings per share. This compares to net income of $229 million, or $1.59 per diluted share, in the prior year period.
Adjusted net income, which excludes a net expense of $5 million, or $0.03 per diluted share, on non-recurring costs related to the integration of Kaman Distribution Group (KDG), was $317 million, an increase of 17.3% compared to adjusted net income of $270 million for the same period last year.
Auto sales were $3.5 billion, up 8.9% from the same period in 2021, consisting of a 9.2% increase in global comparable sales and a 5.3% contribution from acquisitions, net of an unfavorable impact of 5.6% in foreign currency and others.
Segment profit of $309 million increased 10.0%, with a segment profit margin of 8.9%, up ten basis points from the same period last year.
