GPC reveals continued growth
The Genuine Parts Company, owners of the Alliance Automotive Group (AAG), has posted full year sales for 2017 of $16.3bn an increase of six per cent on the previous year.
Sales for the fourth quarter ended 31 December 2017 were $4.2bn, an 11.3% increase compared to $3.8bn for the same period in 2016. Net income for the fourth quarter was $108.2m. AAG, the company’s European acquisition which closed on 2 November 2017, contributed 6.8% to sales.
Paul Donahue, president and chief executive officer, commented, ‘We were pleased to complete the fourth quarter with a 4.5% sales increase before the added benefit of the AAG acquisition. Additionally, the two month performance at AAG was in-line with our initial plan, and we remain excited for the growth prospects we see for this business across Europe.’
He continued, ‘Reflecting on 2017, GPC’s 90th year, we surpassed $16bn in revenues, a new record for us. In addition, we better positioned the company for sustained long-term growth, with significant investments in our existing businesses as well as new ones, both in North America and abroad.’