Genuine Parts Company (NYSE: GPC), a leading global distributor of automotive and industrial replacement parts, announced today its results for the second quarter ended June 30, 2023
“We are pleased to report another solid quarter, which includes record sales and double-digit adjusted earnings growth. Our second quarter performance, once again, highlights the value and benefit of our global Automotive and Industrial business mix and geographic diversity, which we believe are competitive advantages that differentiate GPC in the marketplace,” said Paul Donahue, Chairman and Chief Executive Officer. “Our global team remains focused on the strategic initiatives we highlighted at our Investor Day in March, and we believe our One GPC Team approach is contributing to our strong financial performance. We want to thank all our GPC teammates for their hard work and continued dedication to serving our customers.”
Second Quarter 2023 Results
Sales were $5.9 billion, a 5.6% increase compared to $5.6 billion in the same period of the prior year. The growth in sales is attributable to a 4.9% increase in comparable sales and a 1.8% benefit from acquisitions, partially offset by a 1.1% net unfavorable impact of foreign currency and other.
Net income was $344 million, or a diluted EPS of $2.44. This compares to net income of $373 million, or $2.62 per diluted share in the prior year period.
Net income of $344 million compares to adjusted net income of $313 million for the same three-month period of the prior year, an increase of 10.0%. On a per share diluted basis, net income was $2.44, an increase of 10.9% compared to adjusted diluted earnings per share of $2.20 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.
Second Quarter 2023 Segment Highlights
Automotive Parts Group (“Automotive”)
Global Automotive sales were $3.7 billion, up 5.4% from the…
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