Genuine Parts Co., a distributor of automotive replacement parts, said that its first quarter profit dropped to $89.2 million, or 56 cents a share, from $123.5 million, or 75 cents, a year earlier. Sales fell 11 percent to $2.4 billion. Analysts, on average, estimated the company to earn 49 cents a share on sales of $2.49 billion, according to FactSet.
"It was a challenging quarter for us, as the effects of the slower economy impacted each of our four business segments," said Chief Executive Thomas Gallagher in a statement.
Gallagher said he expects “gradual improvement in our overall results as the year progresses.
