On July 18, 2019 Genuine Parts Company announced sales and earnings for the second quarter and six months ended June 30, 2019.

Sales for the second quarter ended June 30, 2019 were a record $4.9 billion, a 2.3% increase compared to $4.8 billion for the same period in 2018. Net income for the second quarter was $224.4 million and earnings per share on a diluted basis were $1.53. Before the impact of certain transaction and other costs primarily related to the acquisition of PartsPoint Group (PartsPoint), adjusted net income was $230.3 million, or $1.57 per diluted share.

Second quarter sales for the Business Products Group were down 1.1%, consisting primarily of the change in comparable sales growth.

Paul Donahue, Chairman and Chief Executive Officer, commented, “Our second quarter results were highlighted by positive total sales growth across each of our automotive businesses and in our industrial segment… the business products segment operated well to maintain their net margin, despite the slight decline in revenues.”

Sales for the six months ended June 30, 2019 were $9.7 billion, a 2.8% increase compared to $9.4 billion for the same period in 2018. Net income for the six months was $384.7 million and earnings per share on a diluted basis were $2.62. Before the transaction and other costs discussed above, adjusted net income was $417.5 million, or $2.85 per diluted share, for the six months.

Mr. Donahue concluded, “While not satisfied with our results in the quarter, we remain confident in our overall strategy and the additional growth opportunities we continue to pursue across our global platform. Our immediate focus is on the execution of our initiatives to control costs and improve our profitability. This is essential in our quest to deliver improved results and create additional shareholder value as we move forward.”

To view the complete press release, visit CISION PN Newswire.