Genuine Parts Company (NYSE: GPC) announced today its results for the fourth quarter ended December 31, 2020.
The Atlanta-based company reported sales from continuing operations were $4.3 billion , a 0.7% decrease from the same period in 2019. The decrease in sales was primarily attributable to a 2.8% decline in comparable sales, partially offset by a 0.8% benefit from acquisitions and a 1.3% net benefit of foreign currency and other.
Net income from continuing operations was $171.6 million, or a diluted earnings per share of $1.18 . This compares to net income from continuing operations of $79.0 million, or $0.54 per diluted share in the prior year period.
Excluding the impact of restructuring, an inventory adjustment, and transaction and other costs, adjusted net income from continuing operations was $221.0 million compared to $185.7 million a year ago. Adjusted net income per diluted share from continuing operations was $1.52, a 19.7% increase compared to $1.27 per diluted share last year
Said CEO Paul Donahue, "Our fourth-quarter results reflect the benefit of our ongoing strategic actions, despite the continued challenges of COVID-19.
"The GPC team was agile in adapting to dynamic conditions and executed on our initiatives to deliver customer value, operational efficiencies and strong financial results. We are grateful to our 50,000 associates for their unwavering commitment to excellence while responding to unprecedented business and economic conditions."
GPC shares slid $3.22, or 3.2%, to $98.70.
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