Genuine Parts Q1 sales $4.6 billionChristian Fernsby ▼ | May 8, 2020
Genuine Parts Company announced its results for the first quarter ended March 31, 2020.
Genuine Parts Net income for the first quarter was $136.5 million
Topics: Genuine Parts
Total sales for the first quarter included the contribution of 5.3% from prior year acquisitions, offset by a 3.5% comparable sales decrease, a 0.9% negative impact from foreign currency translation and a 4.8% impact due to the divestiture of certain businesses.
Excluding divestitures, net sales were up 1.1% in the first quarter.
Net income for the first quarter was $136.5 million and diluted earnings per share were $0.94.
Excluding the impact of certain transaction, restructuring and other costs and income, adjusted net income was $133.4 million, or $0.92 per diluted share compared to $1.28 per diluted share last year(1).
The Company estimates that coronavirus was an approximate 3.0% headwind to sales and had a 0.7% impact on total segment operating margin, or $0.21 per diluted share in the first quarter.
In addition, a non-cash mark-to-market expense related to a retirement plan valuation adjustment, incurred due to the extraordinary decline in the financial markets during the quarter, was an additional $0.10 headwind to earnings per share.
First quarter sales for the Automotive Group were down 1.6%, or down 1.0% excluding divestitures.
This includes a 5.7% contribution from acquisitions and other adjustments, less a 5.0% comparable sales decrease and an unfavorable foreign currency translation of 1.7%.
Sales for the Industrial Parts Group were down 7.7%, or up 4.7% excluding the EIS divestiture.
The increase in sales reflects a 7.8% benefit from acquisitions, offset by a 3.1% comparable sales decrease.
Sales for the Business Products Group were down 2.3%, including a 3.8% decrease related to the sale of SPR Canada and other divestitures.
Excluding these divestitures, sales for Business Products were up 1.5% for the quarter. ■