Genuine Parts Company had Record Sales of $5.3 Billion, Up 18.6%
Diluted EPS of $1.72, Up 14.7%
Adjusted Diluted EPS of $1.86, Up 24.0%
Raising 2022 Outlook for Revenue Growth and Diluted and Adjusted Diluted EPS
Made Significant Progress on Integration of Kaman Distribution Group
Strengthened Balance Sheet and Strong Cash Flow
ATLANTA, GA (STL.News) Genuine Parts Company (NYSE: GPC) announced today its results for the first quarter ended March 31, 2022.
“We are pleased with the continued strength in our results to start the year, and we could not be prouder of the hard work by all our 52,000 teammates,” said Paul Donahue, Chairman, and Chief Executive Officer. “The first quarter was highlighted by new sales records for GPC and our Automotive and Industrial segments, margin expansion, and our seventh consecutive quarter of double-digit earnings growth. The GPC team successfully navigated through ongoing supply chain challenges and inflationary pressures at levels we haven’t seen in 40 years.”
Genuine Parts Company First Quarter 2022 Results
Sales were $5.3 billion, an 18.6% increase compared to $4.5 billion in the same period of the prior year. The sales growth is attributable to a 12.3% increase in comparable sales and an 8.1% benefit from acquisitions, partially offset by a 1.8% net unfavorable impact of foreign currency and others.
Net income was $245.8 million, or diluted earnings per share of $1.72. This compares to a net income of $217.7 million, or $1.50 per diluted share, in the prior-year period.
Adjusted net income was $265.7 million, an increase of 22.0% compared to adjusted net income of $217.7 million for the same three-month period of the prior year. On a per-share diluted basis, adjusted net income was $1.86, an increase of 24.0% compared to $1.50 per diluted share last year.
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