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Genuine Parts' CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: GPC

Thomas C. Gallagher

Thank you, Carol, and I would like to add my welcome to each of you on the call today and to say that we appreciate you taking the time be with us this morning. As we customarily do, Jerry Nix, our Vice Chairman and Chief Financial Officer, and I will each handle a portion of the call. And we're especially pleased to have Paul Donahue, our recently elected Genuine Parts Company President, with us as well. And once Paul, Jerry and I have concluded our remarks, we will look forward to answering any questions that you may have.

Now earlier this morning, we released our first quarter 2012 results, and hopefully you've had an opportunity to review them. But for those who may not have seen the numbers as yet, a quick recap shows sales for the quarter were $3,181,000,000, which was up 7%. Net income was $146.3 million, which was up 16%. And earnings per share were $0.93 this year, compared to $0.80 in the first quarter of 2011, and the EPS increase was also 16%.

So we are pleased that the sales and earnings momentum that we saw throughout 2010 and 2011 continued on into the first quarter of this year.

As a result, we feel that we're off to a good start to the year, and we look forward to another solid performance from the Genuine Parts team in 2012.

A review of the results by business segment shows that our industrial operations continue to produce the largest increases. Motion Industries, our industrial distribution business, was up 12% in the quarter. This is on top of their 24% increase in the first quarter of last year, so it was a tough comparison. But they handled it well, and we continue to feel good about the progress being made by our Industrial operations.

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