Genuine Parts Company (GPC) reported an 18% drop in profits to $108 million in the third quarter from $131 million in the prior-year quarter. On an earnings per share (EPS) basis, profit of 67 cents was above the Zacks Consensus Estimate of 65 cents. Nevertheless, it was lower than the year-ago EPS of 81 cents. Sales for the quarter fell 10% to $2.61 billion. Genuine Parts’ Automotive and Office Products segments witnessed improvements during the quarter. However, Industrial Parts and Electrical/Electronic Material segments have not yet recovered. Revenue in the Automotive Parts segment fell 1% to $1.38 billion, Industrial Parts segment slashed 22% to $711 million, Office Products segment declined 5% to $436 million and Electrical Group tumbled 30% to $89 million. Financial Position Genuine Parts has strengthened its financial position through working capital and asset management initiatives as well as cost reduction efforts. The ...