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Genuine Parts Q1 profit falls YOY

Genuine Parts Co. said its first-quarter normalized net income was $1.02 per share, compared with the S&P Capital IQ consensus estimate of $1.05 per share.

In the prior-year period, the per-share result was a profit of $1.03.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $152.4 million, a decline from $154.2 million in the prior-year period.

The normalized profit margin dropped to 3.9% from 4.1% in the year-earlier period.

Total revenue grew 5.0% year over year to $3.91 billion from $3.72 billion, and total operating expenses rose 5.4% from the prior-year period to $3.66 billion from $3.47 billion.

Reported net income increased year over year to $160.7 million, or $1.08 per share, from $157.9 million, or $1.05 per share.