Genuine Parts Company owner of Alliance Automotive Group announced today its results for the fourth quarter and twelve months ended December 31, 2021.
Fourth Quarter 2021 Results
Sales were $4.8 billion, a 13.0% increase compared to $4.3 billion in the same period of the prior year. The improvement is attributable to an 11.3% increase in comparable sales and a 1.9% benefit from acquisitions, partially offset by a slightly unfavorable impact of foreign currency and other.
Net income from continuing operations was $256.0 million, or a diluted earnings per share of $1.79. This compares to net income from continuing operations of $171.6 million, or $1.18 per diluted share in the prior year period. The Company’s adjusted net income from continuing operations was $256.2 million, an increase of 16.0% as compared to $221.0 million a year ago. On a per share diluted basis, adjusted net income from continuing operations was $1.79, an increase of 17.8% compared to $1.52 per diluted share last year1.
Fourth Quarter 2021 Segment Highlights
Automotive Parts Group
Sales for the Automotive Group were $3.2 billion in the fourth quarter, up 13.1% from 2020 and representing 66% of total Company revenues. The improvement was due to a 10.6% global increase in comparable sales and a 2.8% benefit from acquisitions, net of a slightly unfavorable impact of foreign currency and other. Segment profit of $265.8 million was up 10.7% and the profit margin was 8.3% compared to 8.5% in the same period of 2020.
Industrial Parts Group
Sales for the Industrial Parts Group were $1.6 billion, up 12.8% from 2020 and representing 34% of total Company revenues. The improvement reflects a 12.5% increase in comparable sales and a 0.3% favorable impact from foreign currency. Segment profit of $153.8 million was up 15.3% and the profit margin was 9.5% compared to 9.3% in 2020, up 20 basis points.
“The double digit sales and earnings growth for the Automotive and Industrial businesses is a reflection of strong global demand and the diligent execution of our initiatives to accelerate growth and improve profitability,” Mr. Donahue said. “The strength in Automotive was broad-based across our operations, with 13% sales comps in the U.S. and high-single digit sales comps in Canada, Europe and Australasia. Likewise, we had strong growth in both our North American and Australasian Industrial businesses, which drove the third consecutive quarter of double digit comps for this segment.”
Full Year 2021 Results
Sales in 2021 were $18.9 billion, a 14.1% increase from $16.5 billion for the same period in 2020. Net income from continuing operations for the twelve months was $898.8 million, or $6.23 per diluted share. The Company’s adjusted net income from continuing operations was $997.0 million, or $6.91 per diluted share, an increase of 31.1% compared to $5.27 per diluted share last year.
Genuine Parts Company 17.02.2022