Genuine Parts Company (NYSE: GPC) announced today its results for the first quarter ended March 31, 2023.
“We are pleased with the continued strength and momentum in our business and excited to report results that exceeded our expectations for the quarter,” said Paul Donahue, Chairman and Chief Executive Officer. “Our performance was a clear example of how our multi-year strategic transformation to a global Automotive and Industrial company is a competitive advantage that distinguishes GPC in the marketplace. We benefited from our business mix and the geographic diversity of our operations with continued strong performances in our international automotive businesses and in the industrial segment. We are extremely proud of the outstanding work by all our GPC teammates.”
First Quarter 2023 Results
Sales were $5.8 billion, an 8.9% increase compared to $5.3 billion in the same period of the prior year. The growth in sales is attributable to an 8.7% increase in comparable sales and a 2.4% benefit from acquisitions, partially offset by a 2.2% net unfavorable impact of foreign currency and other.
Net income was $304 million, or a diluted EPS of $2.14. This compares to net income of $246 million, or $1.72 per diluted share in the prior year period.
Net income of $304 million compares to adjusted net income of $266 million for the same three-month period of the prior year, an increase of 14.4%. On a per share diluted basis, net income was $2.14, an increase of 15.1% compared to adjusted diluted earnings per share of $1.86 last year. Refer to the reconciliation of GAAP net income to adjusted net income and GAAP diluted earnings per share and adjusted diluted earnings per share for more information.
First Quarter 2023 Segment Highlights
Automotive Parts Group (“Automotive”)
Global Automotive sales were $3.5 billion, up 7.0% from the same period in 2022, consisting of a 6.6% increase in comparable sales and a 3.5% benefit from acquisitions, net of a…
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