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 ...

Recently, Georgia-based Genuine Parts Company (GPC) announced the 52-year old Paul D. Donahue as the new President of its Automotive Parts Group – the largest division of the company. Donahue replaces Larry Samuelson. Donahue had joined Genuine Parts in 2003 as the Executive Vice President of sales and marketing of S. P. Richards Company – Genuine Parts’ office products group. As President, Donahue will now look after the entire U.S. Automotive network of 58 distribution centers and 1,100 company owned stores. Further, he will develop and strengthen relationships and growth opportunities with the nearly 4,800 independently owned NAPA AUTO PARTS stores. However, Donahue will face several hurdles that overhang on Genuine Parts’ prospects. Product improvements by original equipment manufacturers (OEMs) and other technological advancements are pulling down revenue growth in the replacement parts sector of the Auto unit. Moreover, OEMs are favoring in-house repairing by ...

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As one of the states with the largest manufacturing industries in the country, it is no mystery as to why Georgia ranks as one of the top consumers of energy. Some interesting facts on what is the world 28th largest economy follow:1. The travel industry contributes around $20 billion a year to the state economy.2. Georgia’s bioscience industry generates 15,000 jobs.3. Over 250 bioscience companies are headquartered in the state.4. The Georgia paper industry is second only to Alabama, and it employs 26,000 workers.5. The state has the largest commercial forest in the country, which produce over $19 billion in revenue and employ more than 150,000 people.6. The food processing industry generates more than 70,000 jobs, and produces sales receipt of over $16 billion a year.7. The largest manufacturing employer is the textile-carpet industry which employs over ...