Genuine Parts Company (NYSE: GPC), Atlanta, Ga., reported sales for its fiscal 2023 first quarter were $5.8 billion, up 9.1% from the prior-year period.
Profit was $304 million, up 23.6% from the prior-year period.
Sales for its Automotive Parts Group were $3.5 billion, up 7% from the prior-year period.
Motion Industries – its Industrial Parts Group – recorded sales of $2.3 billion, up 11.9% from the prior-year period. Motion saw double-digit growth across most product categories and major industries.
“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 CEO Paul Donahue. “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.”