Genuine Parts Profit Rises

Genuine Parts (GPC Quote) slipped Friday despite a solid first quarter.

The Atlanta-based auto-parts maker earned $106.6 million, or 61 cents a share, for the quarter ended March 31. That's up from the year-ago $100 million, or 57 cents a share. Sales rose 7% from a year earlier to $2.3 billion.

Latest-quarter figures matched analysts' estimates, but Genuine Parts shares slipped 1.7%.

The company's industrial group, Motion Industries, posted a 13% sales increase, while Genuine's automotive, office products and electrical groups saw sales rise 4%, 6% and 1%, respectively.

Without giving any specific guidance, CEO Thomas C. Gallagher said, "Market conditions are favorable for each of our businesses and we are positioned to have another good year in 2005."

Late Friday, Genuine Parts was down 77 cents to $42.80.