Genuine Parts' (GPC) Sales And Income Climb, Beats Estimates

Atlanta, Georgia based Genuine Parts Company GPC on Friday morning released financial results that beat Wall Street expectations. Chairman, President and Chief Executive Officer Thomas C. Gallagher said, "We are encouraged by our sales and earnings growth in the second quarter and through the first six months in 2010. As we look forward, we are optimistic that we can show continued progress over the balance of the year." Genuine Parts Company (GPC) reported that its 2nd quarter net income climbed 20% to $124.5 million, or 78 cents per share, up from $103.6 million, or 65 cents per share, a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 71 cents per share. Net sales for the 2nd quarter rose to $2.847 billion, up from $2.535 billion a year earlier. Genuine Parts Company (GPC) is a service organization engaged in the distribution of automotive replacement parts, industrial replacement parts, office products and electrical/electronic materials. The company's products and services are offered though a network of over 2,000 operations, geographically located across the United States, Canada and Mexico. Read more from Benzinga's Company news.