Motion’s sales were $2.2 billion in the first quarter ended March 31, 2024, down 2.2% from the same period in 2023. Segment profit was $271 million. Motion is the Industrial Parts Group of Genuine Parts Company (NYSE: GPC).
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“We are pleased with the start to 2024, which was highlighted by operating discipline that delivered improved overall earnings against a backdrop of low sales growth,” said Will Stengel, president and COO. “In Industrial, sales decreased low-single-digits, in line with our expectations, as we were up against our most difficult comparative period for the year. In Automotive, the actions taken in our U.S. Automotive business are gaining traction, and we are encouraged by the sequential improvement in performance. This improvement, coupled with the solid performance of our other businesses, is reflected in our reaffirmed sales growth and improved earnings outlook for 2024.”
Overall, Genuine Parts Company sales were $5.8 billion, up 0.3%. Profit was $249 million.
Automotive Parts Group sales were $3.6 billion, up 1.9%. Segment profit was $273 million.
