Motion Industries reports flat quarter
Motion Industries reported sales of $1.16 billion in the third quarter, a 0.7 percent sales decline from $1.17 billion in the same period last year.
Operating profit of $85.6 million was down 5 percent from $90.0 million in last year's third quarter.
Motion parent Genuine Parts Company had sales of $3.94 billion compared to $3.92 billion for the same period in 2015. Net income for the third quarter was $185.3 million compared to $188.0 million recorded for the same period in the previous year. Earnings per share on a diluted basis were $1.24, equal to the earnings per share for the third quarter last year.
"Sales at Motion Industries, our Industrial Group, were down 0.7%, including a 2.5% underlying sales decrease and an approximate 2% benefit from acquisitions," said Paul Donahue, president and chief executive officer.
Sales for the first nine months of the year for Motion Industries were $3.48 billion, down 1.6 percent from $3.54 billion in the third quarter of 2015.
Nine-month sales for Genuine Parts Co. were $11.56 billion compared to $11.60 billion for the same period in 2015. Net income for the nine months was $534.7 million, down 2% from 2015, and earnings per share on a diluted basis were $3.56, equal to the same nine month period of the prior year.