Genuine Parts Q4 sales $4.6 billionStaff Writer |
Genuine Parts Net income for the fourth quarter was $186.7 million
Genuine Parts Company announced sales and earnings for the fourth quarter and twelve months ended December 31, 2018.
Net income for the fourth quarter was $186.7 million and earnings per share on a diluted basis were $1.27.
Before the impact of certain transaction and other costs incurred primarily related to the Company's acquisition of Alliance Automotive Group ("AAG"), adjusted net income was $198.4 million, or $1.35 per diluted share.
Total sales for the fourth quarter included 4.6% comparable growth, approximately 6% from acquisitions and an approximate 1.2% negative impact from foreign currency translation.
Fourth quarter sales for the Automotive Group were up 11.4%, including an approximate 4% comparable sales increase, an approximate 9% benefit from acquisitions and an unfavorable foreign currency translation of approximately 2%.
Sales for the Industrial Group were up 8.7%, including an approximate 7% comparable sales increase and 2% from acquisitions.
Sales for the Business Products Group were up 1.6% consisting primarily of comparable sales growth.
Sales for the twelve months ended December 31, 2018 were $18.7 billion, a 15% increase compared to $16.3 billion for the same period in 2017.
Genuine Parts net income for the twelve months was $810.5 million and earnings per share on a diluted basis were $5.50.
Before the impact of the transaction and other costs primarily related to AAG and the attempted transaction to spin-off the Company's Business Products Group, S.P.
Richards, net of the favorable impact of a $12 million termination fee received, adjusted net income was $836.1 million, or $5.68 per diluted share, for the twelve months ended December 31, 2018.
The Company is establishing its full year 2019 sales guidance at up 3% to 4%, or up an adjusted 4% to 5% before an expected headwind from currency translation of 1%.
Genuine Parts's guidance for diluted earnings per share is $5.75 to $5.90, or an adjusted $5.81 to $5.96 before the impact of the 1% currency headwind.
Genuine Parts currently expects a tax rate of approximately 25.0% in 2019. ■
What to read next