Genuine Parts Q1 Profit Increases - Quick Facts

(RTTNews) - Automotive replacement parts distributor Genuine Parts Co. (GPC) said that net income for the first quarter ended March 31, 2014 was $157.5 million, up 9% from $144.4 million in the same period of the previous year. Earnings per share were $1.02, up 10% compared to $0.93 for the first quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly sales rose 13% to $3.62 billion, from $3.20 billion last year. Wall Street expected revenues of $3.61 billion.

The company noted that its total sales increase included a 10% contribution from acquisitions and 4% underlying sales growth offset by a 1% headwind from currency. Automotive sales remained the strongest among its segments, up 23% and driven by a 17% contribution from the GPC Asia Pacific acquisition and underline growth of approximately 7%. These strong results were offset by a negative translation effect of 1.6%.