After 80 years in business, the Genuine Parts Company has reported record sales and earnings for the year ended Dec. 31, 2007. According to the company, sales increased by 4 percent for the year, while earnings per share were up 8 percent. The company's net income also skyrocketed, increasing 7 percent to hit $506.3 million, compared with $475.4 million in 2006. "We are pleased to report that 2007 was another year of record sales and earnings, marking 80 years of continued progress for Genuine Parts Company," says Tom Gallagher, the company's chairman, president and chief executive officer. According to Gallagher, the company's strongest sales improvement came from its two business segments serving the manufacturing sector of the economy. Motion Industries, the company's Industrial Group, had a good year, with sales increasing 8 percent, while the Electrical/Electronic Group reported a 7 percent increase in sales for the year. The Automotive Group and S. P. Richards, the company's Office Products Group, encountered more difficult market circumstances, with Automotive increasing sales by 2 percent and the Office Group reporting a 1 percent sales decrease for the year. Gallagher adds: "With another record year behind us, we have now increased sales in 57 of the last 58 years and increased profits in 45 of the last 47 years. We are proud of this steady and consistent growth pattern and we are optimistic about our prospects for continued progress in the year ahead." Sales increased 3 percent to $2.63 billion in the fourth quarter ended Dec. 31, 2007, compared to $2.54 billion for the same period in 2006. Diluted earnings per share in the fourth quarter were 75 cents, up 7 percent compared to 70 cents per share for the fourth quarter of 2006. "In the fourth quarter of 2007, our Automotive Group sales were up 2 percent, our Industrial Group increased sales by 7 percent, our Electrical/Electronics Group was up 6 percent and our Office Products Group was down 1 percent," says Gallagher. "These results were in-line with our sales performance for the full year. And although we experienced mixed results among our business segments this past year, we are pleased to operate in four essential and growing industries. We believe that this diversification provides us excellent balance when we look at the company as a whole and as we plan for future growth." For more information about Genuine Parts Company, visit the company's Web site. |
