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Genuine Parts 3Q net income flat, shares slip

The Associated Press

NEWS: Genuine Parts Co. reported Friday that its third-quarter net income was practically flat from a year ago and missed Wall Street expectations, in what the company called a challenging quarter.

DETAILS: The Atlanta-based auto and industrial parts distributor said only its automotive business posted higher revenue, up 22 percent to $2 billion. Revenue at its three other units — industrial, office products and electronic materials — fell.

NUMBERS: The company's net income rose slightly to $173.7 million, or $1.12 per share, in the three months ended Sept. 30, from $173 million, or $1.11 per share, in the same period a year ago.

Analysts, on average, expected earnings of $1.19 per share, according to FactSet.

Revenue rose 9 percent to $3.69 billion from $3.38 billion. Analysts expected revenue of $3.75 billion.

STOCK: Down $2.12, or 2.6 percent, to close at $78.65 Friday.