Posted February 16, 2010
Motion Industries sales fall 11%
Sales at Motion Industries decreased 11% in the fourth quarter to $736.5 million, compared to $828.3 million in the same period last year.
For the full year, sales were $2.88 billion, compared to $3.51 billion in 2008. For the year, operating profit was $162.3 million, compared to $294.6 million the year before.
Motion's parent, Genuine Parts Company, reported sales decreased 2% to $2.47 billion in the fourth quarter, compared to $2.52 billion for the same period in 2008. For the full year, sales were $10.1 billion, down 9% compared to 2008. Net income for the year was $399.6 million, a decrease of 16% compared to $475.4 million in 2008. Earnings per share on a diluted basis were $2.50, down 14% compared to $2.92 in 2008.
"The difficult economy most significantly impacted our two businesses serving the manufacturing sector of the economy. Motion Industries, our Industrial Group, had an 18% sales decrease for the year, and EIS, our Electrical Group, had a 26% decrease," said Tom Gallagher, chairman, president and CEO.
Gallagher called 2009 "one of the most challenging years in the history of Genuine Parts Company."
