Motion Industries sales, Genuine Parts Co.’s industrial parts group, were $2.2 billion in the third quarter 2022, up 35.3% from the prior-year period. The strong increase was due to the ongoing integration of Kaman Distribution Group, as well as organic growth across all product categories.
Don’t miss any content from Distribution Strategy Group. Join our list.
Genuine Parts Company (NYSE: GPC), Atlanta, reported its overall sales for the quarter were $5.7 billion, up 17.8% from the prior-year period.
Net income was $312 million.
Automotive sales were $3.5 billion, up 8.9% from the prior-year period.
“The GPC team delivered record results, with double-digit sales and earnings growth driven by the execution of effective strategies and continued resilience of our Automotive and Industrial businesses,” said Paul Donahue, CEO. “We are pleased with the continued strength of our results for 2022 and are proud of the great work by all our 53,000 teammates who are at the core of our success.”
“Our third-quarter results were driven by sound industry fundamentals and execution of our key strategic initiatives to deliver accelerated sales growth and margin expansion in both segments,” said Will Stengel, President. “We were also pleased to further strengthen our balance sheet and generate continued strong cash flow. The solid growth in Automotive was broad-based, with double-digit total sales growth in local currency in each of our global operations.”