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Letter to the Editor
Thursday October 17
Genuine Parts Profits Up on Auto Parts Sales
Genuine Parts Co., the distributor of automotive and industrial replacement parts, reported that its quarterly earnings rose as solid auto parts sales offset weakness in industrial products.The company, which distributes auto parts under the NAPA brand, said third-quarter net income increased to $94 million, or 54 cents a share, from $88.2 million, or 51 cents, the year before.
Larry Prince, Chairman of the Board of Directors, announced that sales totaling $2.2 billion were up 3 percent as compared to the third quarter of 2001. Net income was $94 million, an increase of 7 percent from $88.2 million for the third quarter of 2001. On a per share diluted basis, net income equaled 54 cents, as compared to 51 cents in the third quarter of 2001.
During the nine months ended September 30, 2002, sales totaled $6.3 billion, which were flat with the same period in 2001. Net income for the nine months, before the cumulative effect of a change in accounting principle related to goodwill, was $277.1 million, an increase of 2 percent, compared to $272.2 million for the same period in the prior year.
Mr. Prince commented, "We were encouraged by the results in each of our business segments with all showing continued progress. Automotive sales were up 3 percent for the quarter and were led by a 4 percent gain in our NAPA U.S. Automotive Parts Group. We expect this picture of gradual improvement to continue in the fourth quarter with gains in the 3 percent to 4 percent range for our Automotive Group."
Atlanta-based Genuine Parts, which also supplies electrical components and office products, said sales rose 3 percent to $2.2 billion.
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