Genuine Parts Company Reports Record First Quarter Results Sales
18 April 2000
Genuine Parts Company Reports Record First Quarter Results Sales
Business Editors
ATLANTA--April 18, 2000 --
+9%, Net Income +7%, EPS +8% and Declares
Regular Quarterly Dividend
Genuine Parts Company (NYSE: GPC) reported record sales and
earnings for the first quarter ended March 31, 2000. Larry Prince,
Chairman of the Board, announced today that sales increased 9% to $2.1
billion compared to $1.9 billion in the same period the prior year.
Net income was $91.7 million, an increase of 7% over $86.1 million for
the first quarter of 1999. On a per share diluted basis, net income
equaled 52 cents versus 48 cents for the year earlier period, for an
increase of 8%.
Mr. Prince stated: "The diversity and strength of our four
businesses brings a great balance to GPC, and we are pleased to see
each of them building momentum as we move along into the year 2000.
The Automotive Parts Group increased sales 7% over last year's
quarter. Motion Industries, our Industrial Parts Group, increased
sales by 14%, reflecting the increased geographical coverage through
new branches and locations. Our Office Products Group, S. P. Richards,
had an increase of 9% for the quarter and EIS, our
Electrical/Electronic Materials Group, contributed a 10% increase in
sales."
Mr. Prince further commented: "We are excited about the
opportunities that lie ahead in the e-commerce arena. Each of our
segments is actively pursuing their Internet strategies, and we will
be making further announcements on these initiatives in the future."
Mr. Prince also announced: "Today the Board of Directors of the
Company declared a regular quarterly dividend of 27.5 cents per share
on the Company's common stock. The dividend is payable July 3, 2000 to
shareholders of record June 9, 2000."
Mr. Prince concluded: "We are off to a good start in the first
quarter of 2000 with record results in both sales and profits. Our GPC
team is committed to continue to improve operating margins. Our
financial position remains excellent and we are encouraged by the
first quarter's results."
Genuine Parts Company is a distributor of automotive replacement
parts, industrial replacement parts, office products, and electronic
and electrical components from operations in the United States,
Canada, and Mexico.
-0-
*T
Genuine Parts Company and Subsidiaries
Consolidated Statements of Income
(Unaudited)
Three Months Ended March 31,
2000 1999
---- ----
(in thousands, except per share data)
Net Sales................................$2,078,004 $1,901,357
Cost of goods sold....................... 1,490,050 1,350,467
--------- ----------
587,954 550,890
Selling, administrative & other expenses. 435,225 408,396
------- --------
Income before income taxes............... 152,729 142,494
Income taxes............................. 61,000 56,428
------ ------
NET INCOME............................... $91,729 $86,066
======= =======
Basic net income per common share........ $ .52 $ . 48
===== ======
Diluted net income per common share...... $ .52 $ . 48
===== ======
Average common shares outstanding........ 176,774 179,784
Dilutive effect of stock options
and non-vested restricted
stock awards............................. 300 508
--- ---------
Average common shares outstanding 177,074 180,292
- assuming dilution...................... ======= =======