– Sales of $3.8 Billion, Down 14.2%; Excluding Divestitures, Down 10.1%, Impacted by the COVID-19 Pandemic
– Diluted Net Loss per Share from Continuing Operations $2.52
– Diluted Adjusted EPS from Continuing Operations $1.32
– Strengthened Balance Sheet, Enhanced Liquidity and Strong Cash Flows
– As Previously Announced, Sold S.P. Richards’ U.S. Operations and The Safety Zone and Impact Products Operations, Marking a Significant Step in Portfolio Optimization
ATLANTA, GA (STL.News) Genuine Parts Company (NYSE: GPC) announced today its results for the second quarter and six months ended June 30, 2020. For the periods presented, the Company’s Business Products segment, sold on June 30, 2020, has been classified as Discontinued Operations.
The second quarter’s sales environment was pressured by the unprecedented global COVID-19 pandemic. Broad shelter-in-place restrictions, full lock-downs and other measures significantly slowed mobility and overall economic activity, contributing to a significant sales decline in April. While Industrial segment sales remained pressured throughout the quarter, the Automotive Group had a stronger recovery in May and June led by sales volumes in Europe and Australasia that returned to pre-COVID-19 levels.
“We are aggressively managing our company’s operations through the challenges of COVID-19, both by managing the short-term dynamics and impacts and staying focused on our long-term growth initiatives,” said Paul Donahue, Chairman and Chief Executive Officer of Genuine Parts Company.
NOTE: this is NOT the complete release.