Motion Industries sales fall 2.5 percent
Sales at Motion Industries were $1.15 billion, down 2.5% from $1.18 billion in the same period last year.
The results include a 3% underlying sales decrease and a 1% currency headwind, offset by a 1.5% contribution from acquisitions.
Operating profit of $81.8 million compared to profit of $87.8 million in last year's first quarter.
Genuine Parts Company reported sales for the first quarter were $3.72 billion, compared to sales of $3.74 billion for the same period in 2015. Net income for the quarter was $158.0 million compared to $161.0 million recorded for the same period in the previous year. Earnings per share on a diluted basis were $1.05, equal to the earnings per share for the first quarter last year.
"Despite the fragile industrial economic conditions which continue to pressure our near term growth outlook, our teams remain focused on key sales and cost initiatives necessary to drive long term growth for the company," said Tom Gallagher, chairman and chief executive officer for Genuine Parts Co.