Motion Industries sales lag in 2Q
Sales at Motion Industries were $1.18 billion for the second quarter, 1.8% down from $1.2 billion in the same quarter last year.
Operating profit for the quarter was nearly $88.9 million, a nearly 7% decrease from $95.4 million in the second quarter of 2014.
Motion's parent, Genuine Parts Company, recorded sales for the quarter increased 1% to $3.94 billion compared to sales of $3.91 billion for the same period in 2014. Net income for the second quarter was $195.4 million compared to $197.7 million recorded for the same period in the previous year. Earnings per share on a diluted basis were $1.28, equal to the earnings per share for the second quarter last year.
"Our results reflect the moderation in our sales and earnings growth rates in the second quarter, primarily due to the ongoing choppiness in the economy. This is especially the case for our Industrial business," said Tom Gallagher, chairman and chief executive officer of Genuine Parts Co.
For the first six months of the year, Motion had sales of nearly $2.4 billion, relatively flat compared to sales of $2.3 billion in the same period last year.
INDUSTRIAL SUPPLY MAGAZINE
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