Motion Industries 4Q sales down 8 percent
Fourth-quarter sales for Motion Industries declined 8% to $1.10 billion, compared to $1.19 billion in the same period a year ago.
The results represented an 8% underlying sales decrease and a 1% currency headwind, offset by a 1% positive contribution from acquisitions.
Operating profit if $72.4 million for the quarter compared to profit of $96.3 million in last year's fourth quarter.
For the full year, sales of $4.6 billion were down 2.6% from sales of $4.77 billion in 2014. Operating profit of $339.1 million for the year compared to $370.0 million the previous year.
Motion parent Genuine Parts Company reported fourth quarter sales of $3.68 billion, compared to $3.82 billion for the same period in 2014. Net income in the fourth quarter was $161.3 million compared to $165.6 million recorded for the same period in the previous year. Earnings per share on a diluted basis were $1.07, equal to the earnings per share for the fourth quarter in 2014.
"As we entered the fourth quarter we had anticipated a challenging sales environment. That said, we are pleased with the positive underlying sales growth in our automotive business as well as the solid industry fundamentals supporting our growth initiatives," said Tom Gallagher, chairman and chief executive officer. "Our non-automotive businesses, however, and in particular the industrial and electrical distribution segments, were further challenged by the difficult macro-economic environment. Despite the mixed results, our ongoing focus on key sales and cost initiatives across our businesses drove overall margin expansion for the quarter."
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