Posted July 15, 2011
Motion Industries Q2 sales hit $1 billion mark
Motion Industries sales hit the $1 billion mark in the second quarter, a record achievement for the Birmingham, Ala.-based power transmissions and bearings distributor.
Its sales of $1.05 billion reflect a 19% increase from the $882 million reported in the same quarter last year. The company had an operating profit of $85 million, compared to $60 million for the same period last year.
For the first six months of the year, sales were $2.05 billion, a 21.6% increase from $1.68 billion last year.
Parent company Genuine Parts Company reported sales totaling $3.2 billion were up 12% compared to the second quarter of 2010. Net income for the quarter was $151.8 million, an increase of 22% from $124.5 million recorded in the same period of the previous year.
"Our Industrial and Electrical businesses continue to produce the strongest growth among our four business segments," said Genuine Parts chairman, president and chief executive officer Thomas C. Gallagher. "Acquisitions added about 3% to the Industrial increase in the quarter, but importantly, the ongoing operations generated a very healthy 16% increase, so the underlying Industrial business continues to perform well," he added in an earnings conference call with investors.
