Genuine Parts 1Q net income edges down 1 pct
ATLANTA (AP) — Genuine Parts Co. saw first-quarter profits slip 1 percent and is citing weak electronics sales.
While it matched Wall Street expectations for net income, the company fell short of revenue projections and shares fell 4 percent.
The Atlanta auto and industrial parts distributor earned $144.4 million, or 93 cents per share, down from $146.3 million, or 93 cents per share, in the same quarter last year.
Sales edged up less than 1 percent to $3.2 billion from $3.18 billion.
Automotive sales rose 3 percent, helped by an acquisition, while industrial sales fell 2 percent and electronics sales dropped 5 percent. Office products sales edged down 1 percent.
Chairman and CEO Thomas Gallagher said that despite the slow start to the year, the company remains optimistic about its prospects for stronger earnings and sales through the rest of 2013.
Genuine Parts shares fell $2.82, or 4 percent, to $72.48 in morning trading.