Motion Industries, Birmingham, Ala., a subsidiary of Genuine Parts Company and distributor of industrial parts and technology, reported its fiscal 2023 second-quarter sales were $2.3 billion, up 5.9% from the prior-year period. Segment profit was $283 million, up 25.7% from the prior-year period.
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Parent company Genuine Parts Company reported sales for its fiscal 2023 second quarter were $5.9 billion, up 5.6% from the prior-year period. Profit for the quarter was $344 million, down 7.7% from the prior-year period.
The automotive segment of Genuine Parts Company reported sales of $3.7 billion for the second quarter, up 5.4% from the prior-year period. Segment profit totaled $329 million, up 2.1% from the prior-year period.
Genuine Parts sales for its first six months ended June 30, 2023, was $11.7 billion, up 7.2% from the first six months in 2022. Profit for the first six months was $648 million, up 5.5%.
“We are pleased to report another solid quarter, which includes record sales and double-digit adjusted earnings growth,” said Paul Donahue, CEO. “Our second-quarter performance, once again, highlights the value and benefit of our global Automotive and Industrial business mix and geographic diversity, which we believe are competitive advantages that differentiate GPC in the marketplace.”
