NAPA Parent GPC Reports Strong Second Quarter

Counterman · July 28, 2022

Genuine Parts Company (GPC) announced record second-quarter sales of $5.6 billion, up 17.1% from $4.8 billion in second-quarter 2021.

Comparable-store sales jumped 11.5%, and acquisitions contributed 8.8% to second-quarter sales growth, according to the company.

Diluted earnings per share skyrocketed 92.6% to $2.62.

“GPC achieved another record quarter, consisting of double-digit sales and earnings increases and a steady cadence of continued growth,” said Paul Donahue, chairman and chief executive officer. “We are benefiting from the resiliency of our automotive and industrial businesses and the strategic mix of our operations. We want to thank our 53,000 talented GPC teammates for their exceptional work and commitment to excellence.”

Sales for the Automotive Parts Group were up 8.5% to $3.5 billion. An 8.4% global increase in comparable sales and a 4.5% contribution from acquisitions buoyed automotive sales.

“Our second-quarter results were driven by exceptional execution from our teammates along with the continued focus on our strategic investments, which delivered strong sales and margin expansion in both segments,” President Will Stengel said. “In addition, we were pleased to further strengthen our balance sheet and generate continued strong cash flow.

“The strength in automotive was broad-based across our global operations. Likewise, the continued strength in industrial led to its fifth consecutive quarter of double-digit sales comps.”

Sales for first six months of 2021 were $10.9 billion, up 17.8% from $9.2 billion for the same period in 2021.