With KDG Boost, Motion 2Q Sales Jump 34.5% - Modern Distribution Management

With KDG Boost, Motion 2Q Sales Jump 34.5%

For the second quarter of 2022, Genuine Parts Company reported record sales of $5.6 billion, a 17% increase over the same period a year ago.
MRO parts distributor Motion Industries has appointed Lisa Solomon to senior vice president of corporate accounts, the company announced Aug. 1.

Second-quarter 2022 sales for Motion — a Genuine Parts Company subsidiary that distributes industrial parts — were $2.1 billion, a 34.5% increase over the same quarter in 2021, the company announced July 27.

Motion’s sales in the past two quarters have been boosted by its $1.3 billion acquisition of Kaman Distribution Group, which was finalized in January.

GPC’s overall sales for 2Q were $5.6 billion, a 17.1% increase over the $4.8 billion reported during 2Q 2021. The sales growth reflects an 11.5% increase in comparable sales and an 8.8% benefit from acquisitions, partially offset by a 3.2% net unfavorable impact of foreign currency and other, GPC reported. GPC European Automotive Acquisition

Net income for 2Q was $373 million, or $2.62 per diluted earnings per share. That figure compares to net income of $196 million, or $1.36 per diluted share, in the same period last year, GPC said.

Automotive sales were $3.5 billion in 2Q, up 8.5% from the same quarter in 2021.

“Our second quarter results were driven by exceptional execution from our teammates along with the continued focus on our strategic investments, which delivered strong sales and margin expansion in both segments,” GPC President Will Stengel said. “In addition, we were pleased to further strengthen our balance sheet and generate continued strong cash flow. The strength in Automotive was broad-based across our global operations. Likewise, the continued strength in Industrial led to its fifth consecutive quarter of double-digit sales comps.”

Related Posts

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!