Genuine Parts Company Reports First Quarter 2013 Results

           Genuine Parts Company Reports First Quarter 2013 Results

PR Newswire

ATLANTA, April 19, 2013

ATLANTA, April 19, 2013 /PRNewswire/ --Genuine Parts Company (NYSE:GPC)
reports sales and earnings for the first quarter ended March 31, 2013.

(Logo: http://photos.prnewswire.com/prnh/20081002/CLTH108LOGO )

Thomas C. Gallagher, Chairman and Chief Executive Officer, announced today
that sales for the first quarter ended March 31, 2013, were $3.20 billion, up
0.6% compared to $3.18 billion in the first quarter of 2012. Net income for
the quarter was $144.4 million, down 1% from $146.3 million recorded in the
same period of the previous year. Earnings per share on a diluted basis were
93 cents, unchanged from the first quarter last year.

Mr. Gallagher stated, "Entering 2013, we felt that the first quarter of the
year would be our most challenging. Our earnings for the quarter are a direct
reflection of the 0.6% sales increase. Among our segments, the Automotive
Group reported a 3% sales increase, driven by our commercial growth and the
positive impact of the Quaker City acquisition. Motion Industries, our
Industrial Group, was down 2% in the quarter; and EIS, our
Electrical/Electronic Group, was down 5%. S.P. Richards, our Office Products
Group, reported a 1% decrease in sales for the quarter."

Mr. Gallagher concluded, "Despite the rather slow start to the year, we remain
optimistic about our prospects for stronger sales and earnings over the
balance of 2013. Our sales initiatives and ongoing investments in the
businesses, coupled with certain external indicators, bode well for our future
growth. We also continue to generate solid cash flows and our balance sheet
is strong. Finally, on April 1^st, we welcomed Exego, a leading aftermarket
distributor in Australasia, to the GPC family as a wholly-owned subsidiary of
the Company. We are excited about the growth opportunities we see with the
Exego team."

Conference Call

Genuine Parts Company will hold a conference call today at 11:00 a.m. EDT to
discuss the results of the quarter and the future outlook. Interested parties
may listen to the call on the Company's website, www.genpt.com, by clicking
"Investor Services", or by dialing 877-331-5106, conference ID 29857123. A
replay will also be available on the Company's website or at 855-859-2056,
conference ID 29857123, two hours after the completion of the call until 12:00
a.m. EDT on May 4, 2013.

Forward Looking Statements

Some statements in this report, as well as in other materials we file with the
Securities and Exchange Commission (SEC)or otherwise release to the public
and in materials that we make available on our website, constitute
forward-looking statements that are subject to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Senior officers may
also make verbal statements to analysts, investors, the media and others that
are forward-looking. Forward-looking statements may relate, for example, to
future operations, prospects, strategies, financial condition, economic
performance (including growth and earnings), industry conditions and demand
for our products and services. The Company cautions that its forward-looking
statements involve risks and uncertainties, and while we believe that our
expectations for the future are reasonable in view of currently available
information, you are cautioned not to place undue reliance on our
forward-looking statements. Actual results or events may differ materially
from those indicated as a result of various important factors. Such factors
may include, among other things, slowing demand for the Company's products,
changes in general economic conditions, including, unemployment, inflation or
deflation, high energy costs, uncertain credit markets and other
macro-economic conditions, the ability to maintain favorable vendor
arrangements and relationships, disruptions in our vendors' operations,
competitive product, service and pricing pressures, the Company's ability to
successfully implement its business initiatives in each of its four business
segments, the Company's ability to successfully integrate its acquired
businesses, the uncertainties and costs of litigation, as well as other risks
and uncertainties discussed in the Company's Annual Report on Form 10-K for
2012 and from time to time in the Company's subsequent filings with the SEC.

Forward-looking statements are only as of the date they are made, and the
Company undertakes no duty to update its forward-looking statements except as
required by law. You are advised, however, to review any further disclosures
we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K and other
reports to the SEC.

About Genuine Parts Company

Genuine Parts Company is a distributor of automotive replacement parts in the
U.S., Canada, Mexico and Australasia. The Company also distributes industrial
replacement parts in the U.S., Canada and Mexico through its Motion Industries
subsidiary. S. P. Richards Company, the Office Products Group, distributes
business products nationwide in the U.S. and Canada. The Electrical/Electronic
Group, EIS, Inc., distributes electrical and electronic components throughout
the U.S., Canada and Mexico.



GENUINE PARTS COMPANY and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                         Three Months Ended March 31,
                                         2013                2012
                                         (Unaudited)
                                         (in thousands, except per share data)
Net sales                                $3,198,802          $3,181,288
Cost of goods sold                       2,277,054           2,262,177
Gross profit                             921,748             919,111
Operating expenses:
Selling, administrative & other expenses 673,612             667,958
Depreciation and amortization            25,999              22,985
                                         699,611             690,943
Income before income taxes               222,137             228,168
Income taxes                             77,748              81,913
Net income                               $ 144,389          $ 146,255
Basic net income per common share        $ .93               $ .94
Diluted net income per common share      $ .93               $ .93
Weighted average common shares           154,891             155,810
outstanding
Dilutive effect of stock options and     1,040               1,139
non-vested restricted stock awards
Weighted average common shares           155,931             156,949
outstanding – assuming dilution



GENUINE PARTS COMPANY and SUBSIDIARIES
SEGMENT INFORMATION AND FINANCIAL HIGHLIGHTS
                                       Three Months Ended March 31,
                                       2013          2012
                                       (Unaudited)
                                       (in thousands)
Net sales:
 Automotive                       $1,544,537    $1,493,499
 Industrial                       1,102,080     1,121,223
 Office Products                  420,128       426,153
 Electrical/Electronic Materials  139,185       147,116
 Other (1)                        (7,128)       (6,703)
 Total net sales            $3,198,802    $3,181,288
Operating profit:
 Automotive                       $ 121,043    $  114,561
Industrial                       78,895        84,328
 Office Products                  33,192        37,515
 Electrical/Electronic Materials  10,451        11,966
 Total operating profit           243,581       248,370
 Interest expense, net            (3,353)       (4,715)
 Other, net                       (18,091)      (15,487)
 Income before income taxes $ 222,137    $  228,168
Capital expenditures                   $  12,924   $   16,889
Depreciation and amortization          $  25,999   $   22,985

    Represents the net effect of discounts, incentives and freight
(1)
    billed reported as a component of net sales.



GENUINE PARTS COMPANY and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
                                                        March 31,  March 31,
                                                        2013       2012
                                                        (Unaudited)
                                                        (in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents                               $ 841,894 $  424,424
Trade accounts receivable, net                          1,624,954  1,605,469
Merchandise inventories, net                            2,560,077  2,442,512
Prepaid expenses and other current assets               324,679    307,255
 TOTAL CURRENT ASSETS                              5,351,604  4,779,660
Goodwill and other intangible assets, less accumulated  492,756    292,893
amortization
Deferred tax asset                                      273,488    257,292
Other assets                                            639,335    588,322
Net property, plant and equipment                       581,279    500,845
TOTAL ASSETS                                            $7,338,462 $6,419,012
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable                                  $1,800,726 $1,559,874
Current portion of debt                                 664,742    -
Income taxes payable                                    68,375     72,080
Dividends payable                                       83,267     77,168
Other current liabilities                               406,204    422,722
 TOTAL CURRENT LIABILITIES                         3,023,314  2,131,844
Long-term debt                                          250,000    500,000
Retirement and other post-retirement benefit            505,543    487,932
liabilities
Other long-term liabilities                             485,162    444,470
Common stock                                            154,966    155,910
Retained earnings and other                             3,407,317  3,142,890
Accumulated other comprehensive loss                    (497,934)  (453,519)
 TOTAL PARENT EQUITY                               3,064,349  2,845,281
Noncontrolling interests in subsidiaries                10,094     9,485
 TOTAL EQUITY                                      3,074,443  2,854,766
TOTAL LIABILITIES AND EQUITY                            $7,338,462 $6,419,012



GENUINE PARTS COMPANY and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                            Three Months

                                                            Ended March 31,
                                                            2013     2012
                                                            (Unaudited)
                                                            (in thousands)
OPERATING ACTIVITIES:
 Net income                                            $144,389 $146,255
 Adjustments to reconcile net income to net cash
provided by operating activities:
 Depreciation and amortization                         25,999   22,985
 Share-based compensation                              2,477    1,749
 Excess tax benefits from share-based compensation     (3,840)  (5,335)
 Other                                                 (67)     (50)
 Changes in operating assets and liabilities           (52,580) 6,693
NET CASH PROVIDED BY OPERATING ACTIVITIES                   116,378  172,297
INVESTING ACTIVITIES:
 Purchases of property, plant and equipment            (12,924) (16,889)
 Acquisitions and other investing activities           (6,745)  (188,918)
NET CASH USED IN INVESTING ACTIVITIES                       (19,669) (205,807)
FINANCING ACTIVITIES:
 Proceeds from debt                                    439,742  -
 Payments on debt                                      (25,000) -
 Share-based awards exercised, net of taxes paid       (4,425)  (3,122)
 Excess tax benefits from share-based compensation     3,840    5,335
 Dividends paid                                        (76,641) (70,019)
 Purchase of stock                                     (110)    (296)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES         337,406  (68,102)
EFFECT OF EXCHANGE RATE CHANGES ON CASH                     4,684    982
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS        438,799  (100,630)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD            403,095  525,054
CASH AND CASH EQUIVALENTS AT END OF PERIOD                  $841,894 $424,424



SOURCE Genuine Parts Company

Website: http://www.genpt.com
Contact: Carol B. Yancey, Executive Vice President - Finance, (770) 612-2044;
or Sidney G. Jones, Vice President - Investor Relations, (770) 818-4628