Genuine Parts Company (NYSE:GPC) saw its profit rise in the most recent quarter.
Earnings and Revenue The company announced EPS of $1.08 a share against the $1.08 a share estimate.
For the second quarter, the company reported net income of $1.69 billion. According to the reported number, this is up 1010.6% from last year's levels.
Company Fundamental Trends Last quarter marked the third in a row of rising net income.
History Against Expectations The company fell in line with estimates last quarter after topping expectations in the previous two quarters. In the first quarter, it topped the mark by 7 cents, and in the fourth quarter of the last fiscal year, it was ahead by 3 cents.
Official Comment: "We are pleased to report another period of record sales and earnings for Genuine Parts Company," Thomas C. Gallagher, Chairman and Chief Executive Officer said. "The Automotive Group reported a 4% sales increase in the second quarter and, although this business slowed some during the period due to the softer sales environment across the industry, we believe our sales initiatives and the sound underlying fundamentals in the automotive aftermarket will support continued growth for this group in the quarters ahead. Sales for Motion Industries, our Industrial Group, and EIS, our Electrical Group, remain the strongest among our four business segments. Motion posted an 8% sales increase for the quarter, and EIS was up 9%. We remain encouraged by the ongoing sales opportunities for these two groups. S. P. Richards, our Office Products Group, showed a 1% sales decrease for the quarter, which reflects the ongoing challenging conditions in the office products industry. We do not expect much change in these conditions over the balance of the year, but expect our internal sales initiatives to produce modest improvement in the results for this business."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.