Genuine Parts Company (NYSE: GPC) reported 2021 year-end sales of $18.9 billion and fourth-quarter sales of $4.8 billion. The year-end figure was 14.1% above 2020 totals, while the fourth-quarter sales figure was a 13% increase over the same quarter a year before.
Net income in the fourth quarter from continuing operations was $256 million, or a diluted earnings per share of $1.79. This compares to net income from continuing operations of $171.6 million, or $1.18 per diluted share in the prior year period, GPC said.
“The GPC team finished the year with a strong fourth quarter, further building on the positive momentum of the first nine months of 2021,” said Paul Donahue, GPC chairman and CEO. “We are proud of our progress through the year and thankful to our 52,000 teammates for their hard work and ongoing commitment to excellence. Strong sales growth combined with ongoing initiatives to improve gross margin and control expenses in an inflationary environment drove an 18% increase in adjusted earnings per share, which along with our continued focus on working capital improvement, helped us to deliver strong cash flow. Our capital allocation priorities remain investing for enhanced productivity and growth, while also returning capital to shareholders via the dividend and share repurchases.”
Sales for GPC’s automotive group were $3.2 billion in the fourth quarter of 2021, up 13.1% from 2020 and representing 66% of total company revenues. Sales for the industrial parts group were $1.6 billion, up 12.8% from the previous year and representing 34% of total revenues, GPC said.
GPC’s net income from continuing operations in all of 2021 was $898.8 million, or $6.23 per diluted share. The company’s adjusted net income from continuing operations was $997 million, or $6.91 per diluted share, an increase of 31.1% compared to $5.27 per diluted share in 2020.
The post GPC 2021 Sales Top $18B appeared first on Modern Distribution Management.
