Motion Industries and its parent company Genuine Parts Company (NYSE: GPC), announced first-quarter sales results ending March 31, 2022.
Motion Industries’ sales were $2 billion, up 33.6% from the first quarter of 2021. Industrial sales have increased 17.9% since Genuine Parts Company acquired Kaman Distribution Group. Motion Industries reported a 16.1% increase in comparable sales, which were affected by a 0.4% decline due to foreign-currency fluctuations.
Motion Industries’ parent company Genuine Parts Company reported that overall sales for the first quarter of 2022 were $5.3 billion, an increase of 18.6% compared to the $4.5 billion reported in 2021’s first-quarter earnings. The company attributes sales growth to a 12.3% increase in comparable sales and an 8.1% acquisition benefit. Profit was $245.8 million.
Automotive sales were $3.3 billion, up 10.9% from the first quarter of 2021. These sales represent 62% of Genuine Parts Company’s total company revenues. Segment profit of $264.6 million increased 12.3%, with a margin of 8.1%.
“Our focus on key strategic priorities helped to deliver profitable sales growth, expand margins and generate strong cash flow in the quarter. We are also pleased with the progress to integrate Kaman Distribution Group, which is trending ahead of plan,” Genuine Parts Company President Will Stengel said.
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