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Genuine Parts 1Q profit rise on electrical products sales

By Associated Press
April 17, 2008 | Comments (0)

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Auto parts distributor Genuine Parts Co. said Thursday its first-quarter profit rose 1.6 percent, crediting strong sales at its electrical group.

For the quarter ended March 31, Genuine Parts earned $123.5 million, or 75 cents per share, compared with $121.6 million, or 71 cents per share, for the same quarter in 2007.

Net sales rose 3.4 percent to $2.74 billion from $2.65 billion in the year-ago period.

Analysts polled by Thomson Financial expected a profit of 75 cents per share $2.72 billion in sales.

Sales at the company's electrical business rose 7.1 percent to $114.3 million, while sales at the company's industrial group rose 5.7 percent to $881.2 million.

Automotive sales increased 3.5 percent to $1.31 billion, while office products sales fell 2.1 percent to $442.4 million, reflecting continued softness in that industry.

Shares of Genuine Parts rose 15 cents to $42.17 in early trading.

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