Genuine Parts Company announced fourth quarter and full year results as well as record earnings per share and cash flows for the year ended December 31, 2015.
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Sales in the fourth quarter ended December 31, 2015 were $3.68 billion, and this compares to sales of $3.82 billion for the same period in 2014.
Net income in the fourth quarter was $161.3 million compared to $165.6 million recorded for the same period in the previous year. Earnings per share on a diluted basis were $1.07, equal to the earnings per share for the fourth quarter in 2014. Currency negatively impacted revenue growth by approximately 3% and earnings per share by $0.03 in the fourth quarter.
The Company's 4% sales decline in the fourth quarter included an underlying sales decrease of 2% and a currency headwind of 3%, while acquisitions contributed 1% to sales.
Sales for the automotive group were down 2%, consisting of core automotive growth of 2.5% and a slight benefit from acquisitions, less a currency headwind of approximately 5%.
Sales for the industrial business were down 8%, representing an 8% underlying sales decrease and a 1% currency headwind, offset by a 1% positive contribution from acquisitions.
At EIS, sales were approximately equal with the prior year period and include a 2.5% decrease in core sales and a 1.5% negative impact of copper pricing, offset by 4% growth from acquisitions.
Sales for the office products business were down 2%, and this reflects the net impact of a 3.5% decline in underlying sales, a 0.5% currency headwind and a 2% benefit from acquisitions.
Sales for the year ended December 31, 2015 were $15.28 billion compared to $15.34 billion in 2014. Net income for the year was $705.7 million, a 1% decrease compared to $711.3 million in 2014.
Earnings per share on a diluted basis were $4.63, a new record and up slightly compared to $4.61 in 2014. Currency negatively impacted revenue growth by approximately 3% and earnings per share by $0.14 for the full year. ■