Posted February 22, 2011
Motion Industries sales up 22 percent
Sales at Motion Industries rose 22% to $3.5 billion in 2010.
The bearings and power transmission distribution arm of Genuine Parts Company had operating profit of $255.6 million, a 57% increase from $162.3 million in 2010.
"Motion Industries, our Industrial Group, generated a 22% sales increase for the year and they benefited from the combination of good internal growth initiatives and the strong rebound that occurred across the manufacturing sector of the economy this past year," said Tom Gallagher, chairman, president and chief executive officer of Genuine Parts.
Genuine Parts reported 2010 sales of $11.2 billion, up 11% compared to 2009. Net income for the year was $476 million, an increase of 19% compared to $400 million in 2009. Earnings per share on a diluted basis were $3.00, up 20% compared to $2.50 in 2009.
In the fourth quarter, sales at Motion Industries increased 24% $915.1 million.
