Posted July 16, 2010
Motion Industries posts 26 percent sales gain
Second-quarter sales rose 26% at Motion Industries, according to the company's latest earnings report.
The industrial distribution arm of Genuine Parts Company had sales of $882.2 million for the quarter, compared to $701.2 million in the same period last year. The Birmingham, Ala.-based bearings and power transmission distributor had an operating profit of $60.1 million, compared to $31.4 million in last year's second quarter.
Six-month sales were $1.68 billion, compared to $1.4 billion in the same time frame last year.
Genuine Parts Company reported that sales totaling $2.8 billion were up 12% compared to the second quarter of 2009. Net income for the quarter was $124.5 million, an increase of 20% from $103.6 million recorded in the same period of the previous year.
For the six months ended June 30, sales totaled $5.4 billion, up 9% compared to the same period in 2009. Net income for the six months was $225.1 million, an increase of 17% from the same period in 2009.
"We are pleased to report another quarter of solid sales and earnings growth in 2010. In looking at the results by segment, our Industrial and Electrical businesses turned in the strongest results. Sales for Motion Industries, our Industrial Group, were up 26% in the quarter and EIS, our Electrical Group, generated a 32% increase. Both Motion and EIS sell into the manufacturing sector of the economy, which is performing well at this time," said Thomas C. Gallagher, chairman, president and CEO.
