Genuine Parts ( GPC), best known as the franchiser of the NAPA chain of auto-parts stores, said weakness at its lesser-known businesses doomed its second quarter.

The Atlanta company also distributes replacement parts for non-auto sectors, such as bearings for industrial manufacturing machines and magnets for electrical equipment.

Overall, the company posted a top line of $2.5 billion, down 12% from a year ago. Earnings, meanwhile, dropped 22% to $103.6 million, or 65 cents a share. That's three cents better than analysts' expectations.

But sales in Genuine's industrial unit fell 22% in the quarter, while its electrical group suffered a 34% drop. Those compare with a 5% decline in auto-parts sales.

Genuine's CEO, Thomas Gallagher, said in a statement, "We are not satisfied with our results for the second quarter and first half of 2009, but feel that they reflect the realities of a difficult economy."

Genuine shares were trading midday Thursday at $33.95, down 45 cents, or about 1%, on heavier-than-average volume.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

If you liked this article you might like

GM's Cautious Tone Sets Auto Parts Stocks Rising

Advanced Trade: Advance Auto Parts

Three Auto Parts Stocks Ready to Put the Pedal to the Metal

Jim Cramer -- Genuine Parts Doesn't Get Enough Credit

Market Recon: The Banks Trade Will Become a Yield Curve Watch