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Letter to the Editor
Tuesday February 19
Genuine Parts Q4 Earnings Drop 76 Percent
ATLANTA -- Genuine Parts Co., a distributor of automotive replacement parts, has reported that fourth-quarter earnings dropped 76 percent as revenues slid.
The Atlanta-based company reported a net profit of $25.0 million, or 14 cents per share, including a $107.8 million pretax charge for consolidations, severance and other costs.
Excluding the charge of 37 cents per share, Genuine Parts earned 51 cents per share. The company posted a net profit of $105.3 million, or 61 cents per share, a year ago.
Revenue slid 3.5 percent to $1.95 billion from $2.02 billion a year earlier.
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