Motion Industries, the Industrial Parts Group for Genuine Parts Company (NYSE: GPC), reported sales were $2.1 billion in the fourth quarter 2022, up 29.6% from the same period in 2021.
That increase reflects 16.7% growth in comparable sales, and 14.3% contribution from the Kaman Distribution Group acquisition.
Segment profit of $230 million increased 49.8%.
Global Automotive sales were $3.4 billion in the fourth quarter, up 7.6% from the same period in 2021, consisting of an 8.2% increase in comparable sales and a 4.8% benefit from acquisitions, net of a 5.4% unfavorable impact of foreign currency and other. Segment profit of $295 million increased 11%.
Overall sales for Genuine Parts Company were $5.5 billion in the fourth quarter, a 15% increase. The improvement is attributable to an 11.1% increase in comparable sales and an 8% benefit from acquisitions. Net income was $252 million.
In 2022, sales were $22.1 billion for the full company, a 17.1% increase from 2021. Net income was $1.2 billion.