Genuine Parts sees profits jump
Genuine Parts, the Atlanta company that distributes automotive replacement parts, saw profits jump as market conditions improved.
The company reported annual profits of $475.5 million, a 19 percent increase over 2009 profits of $399.6 million, and diluted earnings per share of $3.00 for the year as compared to $2.50 in 2009 .
For the fourth quarter, Genuine Parts reported profits of $118.7 million, as compared to $99.2 million in 2009. Earnings per share rose 13 cents, to 75 cents per share in the quarter.
The company also saw an 11 percent increase in sales for the year, to $11.2 billion.
In a statement, Genuine Parts chairman, president and CEO Tom Gallagher said momentum in the company's automotive sales strengthened as the year progressed. There was a "strong rebound" across manufacturing, he said.
"We enter 2011 with a degree of optimism," he said.
The company has made two acquisitions in 2011, of industrial supply businesses Dayton Supply & Tool Co. and D.P. Brown.
Gallagher said in a conference call that he was proud of the job the company is doing.
"From our perspective, we came through the year in good shape," he said.
About the Author
Arielle Kass covers Gwinnett County for The Atlanta Journal-Constitution. She started at the paper in 2010, and has covered business and local government beats around metro Atlanta. Arielle is a graduate of Emory University.
