Genuine Parts CEO says 'we performed in-line with our expectations' in Q1
Paul Donahue, President and CEO, commented, "We were pleased to produce another quarter of positive sales comps across each of our business segments while also benefiting from the favorable impact of ongoing strategic acquisitions. Our sales performance was indicative of the continued improvement in our U.S. automotive business and the steady growth we continue to generate in our Australasian and Canadian operations. Our strength in these areas offset the pressure on our core automotive results in Europe related to mild winter weather and economic considerations. Our industrial business remains strong and we made further progress in stabilizing the Business Products Group. Overall, we performed in-line with our expectations for the first quarter, despite the headwinds of foreign currency translation and one less selling day, and remain confident in the additional growth opportunities we see for GPC." Donahue concluded, "We enter the second quarter of 2019 focused on the further strengthening of our global platform, driving strong and sustainable sales growth and improving our operating results. As always, we plan to support these objectives with a strong balance sheet, continued strong cash flows and effective capital allocation. We believe our focus in these areas will create significant value for our shareholders."