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Letter to the Editor

Genuine Parts Company Reports Third Quarter Results

ATLANTA -- Genuine Parts Company's Larry Prince, Chairman of the Board of Directors, announced that sales totaling $2.1 billion were down 2 percent as compared to the third quarter of 2000. Net income was $88.2 million, a decrease of 4 percent from $91.7 million for the third quarter of 2000. On a per share diluted basis, net income equaled 51 cents, as compared to 53 cents in the third quarter of 2000.

During the nine months ended September 30, 2001, sales totaled $6.3 billion, down 1 percent over the same period in 2000. Net income for the nine months was $272.2 million compared to $280.1 million for the same period in the prior year. On a per share diluted basis, net income for the period equaled $1.57, a decrease of 1 percent as compared to $1.59 reported in 2000.

Mr. Prince stated: "As we examine our results by business segment it again becomes apparent that our diversity gives us long-term strength and balance. The current economic environment, particularly the reduction in industrial activity, presents a real challenge to our non-automotive operations. Sales for S.P. Richards, our Office Products Group, were down 1 percent for the quarter, and industrial sales at Motion Industries and EIS were down 7 percent and 38 percent, respectively. On a positive note our Automotive Group, which was 53 percent of our revenue for the quarter, was up 4 percent and is continuing to show strength."

Mr. Prince further commented: "The fourth quarter may continue to present the same sort of environment we have seen now for several months and we indeed face an uncertain time. Our current feeling is that we will find a way to slightly improve our sales in the final quarter largely driven by the continued improvement we see in the Automotive Group. This will certainly be our goal."

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