UPDATE: Genuine Parts Posts Higher Q3 Profit

Genuine Parts Co

reported a rise in its third-quarter profit. The Atlanta, Georgia-based company reported a quarterly profit of $190.5 million, or $1.24 per share, versus a year-ago profit of $173.7 million, or $1.12 per share. A pre-tax expense adjustment of $3 million was recorded in the year-ago quarter. Its revenue climbed 8.2% to $3.99 billion. However, analysts were projecting a profit of $1.23 per share on revenue of $3.93 billion. Revenue for automotive business rose 4.1% to $2.09 billion, while industrial segment sales climbed 9.9% to $1.22 billion. Sales at electrical/electronic materials unit jumped 35% to $193.3 million in the quarter, while sales at the office-products segment gained 15% to $496.6 million. Thomas C. Gallagher, Chairman and Chief Executive Officer said, "In the third quarter, we achieved sales and earnings growth, produced operating margin improvement, generated solid cash flows and maintained a strong balance sheet. These are important and ongoing core objectives for us and the Company is well positioned to show continued improvement in these areas in the periods ahead." Genuine Parts shares fell 0.75% to $87.89 at 10:50 a.m. ET.