Motion Industries sales down 2.5 percent
Sales at Motion Industries fell by 2.5 percent in the third quarter to $1.11 billion, compared to $1.13 billion in the same period last year.
Operating profit for the period was $79.6 million, compared to $94.6 million last year.
For the first nine months, sales were $3.34 billion, down from $3.39 billion in the same perod last year. Operating profit for the period was $247.38 million, compared to $274 million last year.
Parent company Genuine Parts Company's third quarter sales totaling $3.69 billion were up 9% compared to the third quarter of 2012. Net income for the quarter was $173.7 million, up slightly from $172.9 million recorded in the same period of the previous year. Earnings per share on a diluted basis were $1.12, up 1% compared to $1.11 for the third quarter last year.
"While we achieved another quarter of record sales for the company, the third quarter proved to be challenging for us. This was especially true in our non-automotive businesses, as the demand patterns across these segments decelerated in the quarter," said Thomas C. Gallagher, chairman and chief executive officer.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
