ATLANTA (AP) — Genuine Parts Co. on Monday reported profit that declined by 8.6 percent in its second quarter, and beat analysts' expectations.
The Atlanta-based company said earnings dropped to $197.7 million, or $1.28 per share, from $216.4 million, or $1.39 per share, in the same quarter a year earlier. The average estimate of analysts surveyed by Zacks Investment Research was for profit of $1.25 per share.
The company said revenue rose 6.3 percent to $3.91 billion from $3.68 billion in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $3.84 billion, according to Zacks.
Shares of Genuine Parts ended trading up 19 cents to $87.38. Shares of the company have risen $4.19 or 5 percent, to $87.38 since the beginning of the year, while the Standard & Poor's 500 index has increased 6.8 percent. The stock has climbed $5.54, or 6.8 percent, in the last 12 months.