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Letter to the Editor

Genuine Parts Company Reports Sales and Earnings for Second Quarter and First Half of 2001

ATLANTA -- Genuine Parts Company reported sales and earnings for the second quarter and six months ended June 30, 2001.

Larry Prince, Chairman of the Board of Directors, announced that sales totaling $2.1 billion were essentially flat compared to the second quarter of 2000. Net income was $94.7 million, compared to $96.6 million for the second quarter of 2000. On a per share diluted basis, net income equaled 55 cents, even with the comparable quarter of the prior year.

During the six months ended June 30, 2001, sales totaled $4.2 billion, down slightly as compared to the same period in 2000. Net income for the six months was $184 million compared to $188 million for the same period in the prior year. On a per share diluted basis, net income for the period equaled $1.06, even with the comparable period of the prior year.

Prince stated: "Our Office Products Group led all segments with sales growth of 4 percent. While their growth rate has slowed we believe this is a strong performance relative to their industry's total picture. We were encouraged by the 3 percent sales increase for the Automotive Parts Group. This follows three quarters of flat or negative growth numbers for this Group and we sense that the automotive aftermarket is starting to show slight improvement. This is our largest single business segment and we are pleased to see this positive development for the quarter."

Prince concluded: "We are continuing to hold our own in an extremely tough marketplace. Our diversity helps us escape the volatility affecting many others today and for that we are thankful. With that said, we are never pleased when our results are not above the previous year. The efforts of the total GPC team in the second half of 2001 will be intensely directed toward finishing the year with improved sales and earnings, and keeping our long growth record intact."

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