EX-99.1 2 gpc-earn4q19.htm EXHIBIT 99.1 Exhibit


gpclogoa14.jpg
GENUINE PARTS COMPANY
 
NEWS RELEASE
 
 

FOR IMMEDIATE RELEASE



GENUINE PARTS COMPANY
REPORTS RESULTS
FOR THE FOURTH QUARTER AND FULL YEAR 2019

- Fourth Quarter Sales $4.7 billion, Up 2.2%, and Record Full Year Sales $19.4 billion, Up 3.5% -
- Fourth Quarter Diluted EPS $0.06 and Full Year Diluted EPS $4.24 -
- Adjusted Diluted EPS $1.35 and Full Year Adjusted Diluted EPS $5.69 -
- Returned $513 Million to Shareholders via Cash Dividends and Share Repurchases in 2019 -
- Provides 2020 Revenue and Earnings Outlook -


Atlanta, Georgia, February 19, 2020 -- Genuine Parts Company (NYSE: GPC) announced today financial results for the fourth quarter and twelve months ended December 31, 2019.

Sales for the fourth quarter were $4.7 billion, a 2.2% increase compared to $4.6 billion for the same period in 2018. Total sales included 0.5% comparable growth and approximately 6.7% from acquisitions, offset by a 4.2% decline due to the sale of EIS, Inc (EIS) and Grupo Auto Todo and a 0.8% negative impact from foreign currency. Net income was $8.9 million and diluted earnings per share was $0.06. Excluding the impact of restructuring and special termination costs, goodwill impairment and certain transaction costs, adjusted net income was $196.7 million, or $1.35 per diluted share. In addition, net income and adjusted net income for the fourth quarter of 2019 excludes any profit contribution from EIS. Refer to the reconciliation of GAAP net income to adjusted net income for more information.

Fourth quarter sales for the Automotive Group were up 8.7%, including an approximate 2.9% comparable sales increase, a 7.2% net benefit from acquisitions, divestitures and other adjustments and unfavorable foreign currency of 1.4%. Sales for the Industrial Group were down 5.9%, including a 1.2% comparable sales decrease and a 12.3% decrease due to the sale of EIS, partially offset by a 7.6% increase from acquisitions. Sales for the Business Products Group were down 6.3%.

Paul Donahue, Chairman and Chief Executive Officer, commented, ''Our fourth quarter results were driven by total sales growth of approximately 7% excluding the impact of EIS, which we sold on September 30th. The quarter was highlighted by the continued improvement in gross margin, solid sales and operating results in our U.S. and Australasian automotive businesses and continued operating margin expansion in Industrial.''

Mr. Donahue added, "We also closed on the Todd automotive and Fluid Power House industrial acquisitions in the fourth quarter and, effective January 1, 2020, sold our Canadian business products operations to further strengthen our portfolio. Our team was busy executing on our growth strategy while also focused on the cost savings initiatives announced last quarter. We are in the midst of streamlining functional areas across the organization, reducing the total number of distribution facilities and implementing greater use of

(Cont.)

automation within our facilities and back-office functions. We remain confident in our ability to achieve our targeted $100 million cost savings run-rate by the end of 2020."

Full Year 2019 Results

Sales for the twelve months ended December 31, 2019 were $19.4 billion, a 3.5% increase compared to $18.7 billion for the same period in 2018. Net income for the twelve months was $621.1 million and diluted earnings per share was $4.24. Excluding items which impact comparability with prior periods, as noted above, adjusted net income was $833.2 million, or $5.69 per share, for the twelve months ended December 31, 2019. Refer to the reconciliation of GAAP net income to adjusted net income for more information.

Mr. Donahue concluded, "2019 represents the third consecutive year of record sales for Genuine Parts Company, with positive comparable sales and the benefit of several key acquisitions. We also streamlined our operations with the sale of various non-core businesses. Combined, these efforts served to further optimize our portfolio, and we expect to continue our strategic transformation in 2020. We enter the new year with plans and initiatives to drive sales and profitability, working capital improvement and significant value for all our stakeholders."

2020 Outlook

The Company is establishing its full year 2020 sales guidance at Flat to up 1.0%, or up an adjusted 3.0% to 4.0% excluding the impact of the EIS and SPR Canada divestitures. The Company's guidance for diluted earnings per share is $5.80 to $5.90, an increase of 2% to 4%, or an adjusted 5% to 7% excluding the divestitures noted above. Further details regarding the Company's full-year 2020 guidance is outlined below:
 
 
Year Ended 12/31/2020
Total sales growth (1)
 
3% to 4%
Automotive sales growth
 
4% to 5%
Industrial sales growth (1)
 
2% to 3%
Business Products sales growth (1)
 
-1% to -2%
Diluted earnings per share
 
$5.80 to $5.90
Effective tax rate
 
24.0% to 26.0%
Net cash provided by operating activities
 
$1.0 billion to $1.1 billion
Capital expenditures
 
$275 million to $325 million

(1) Sales growth excludes the 2019 sales for EIS and SPR Canada

Non-GAAP Information

This release contains certain financial information not derived in accordance with United States generally accepted accounting principles (GAAP). These items include adjusted net income and adjusted diluted earnings per share. The Company believes that the presentation of adjusted net income and adjusted net income per common share, which are not calculated in accordance with GAAP, when considered together with the corresponding GAAP financial measures and the reconciliations to those measures, provide meaningful supplemental information to both management and investors that is indicative of the Company's core operations. The Company considers these metrics useful to investors because they provide greater transparency into management’s view and assessment of the Company’s ongoing operating performance by removing items management believes are not representative of our continuing operations and may distort our longer-term operating trends. We believe these measures to be useful to enhance the comparability of our results from period to period and with our competitors, as well as to show ongoing results from operations distinct from items that are infrequent or not associated with the Company’s core operations. The Company does not, nor does it suggest investors should, consider such non-GAAP financial measures in isolation from,

(Cont.)

or as a substitute for, GAAP financial information. The Company has included a reconciliation of this additional information to the most comparable GAAP measure following the financial statements below.

Conference Call

Genuine Parts Company will hold a conference call today at 11:00 a.m. Eastern time to discuss the results of the quarter and the future outlook. Interested parties may listen to the call on the Company’s website, www.genpt.com, by clicking “Investors”, or by dialing 877-407-0789, conference ID 13698286. A replay will also be available on the Company’s website or at 844-512-2921, conference ID 13698286, two hours after the completion of the call until 12:00 a.m. EDT on March 4, 2020.

Forward Looking Statements

Some statements in this press release, as well as in other materials we file with the Securities and Exchange Commission (SEC) or otherwise release to the public and in materials that we make available on our website, constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Senior officers may also make verbal statements to analysts, investors, the media and others that are forward-looking. Forward-looking statements may relate, for example, to the anticipated strategic benefits, synergies and other attributes resulting from acquisitions or divesitures, as well as future operations, prospects, strategies, including the 2019 Cost Savings Plan, financial condition, economic performance (including growth and earnings), industry conditions and demand for our products and services.

The Company cautions that its forward-looking statements involve risks and uncertainties, and while we believe that our expectations for the future are reasonable in view of currently available information, you are cautioned not to place undue reliance on our forward-looking statements. Actual results or events may differ materially from those indicated as a result of various important factors. Such factors may include, among other things, the Company’s ability to successfully integrate acquired businesses into the Company and to realize the anticipated synergies and benefits; the Company’s ability to successfully divest businesses; the Company’s ability to successfully implement its business initiatives in each of its three business segments; slowing demand for the Company’s products; changes in national and international legislation or government regulations or policies, including changes to import tariffs and the unpredictability of such changes, data security policies and requirements as well as privacy legislation; changes in general economic conditions, including unemployment, inflation (including the impact of tariffs) or deflation and the United Kingdom’s exit from the European Union, commonly known as Brexit and the unpredictability of the impact following such exit from the European Union; changes in tax policies; volatile exchange rates; volatility in oil prices; significant cost increases, such as rising fuel and freight expenses; labor shortages and the Company’s ability to successfully attract and retain employees in the current labor market; uncertain credit markets and other macroeconomic conditions; competitive product, service and pricing pressures; the ability to maintain favorable supplier arrangements and relationships; disruptions in our suppliers’ operations, including the impact of the corona virus on our suppliers as well as our supply chain, including potential problems with inventory availability and the potential result of higher cost of product and international freight due to the high demand of products and low supply for an unpredictable period of time; failure or weakness in our disclosure controls and procedures and internal controls over financial reporting; the uncertainties and costs of litigation; disruptions caused by a failure or breach of the Company’s information systems, as well as other risks and uncertainties discussed in the Company’s Annual Report on Form 10-K for 2018 and from time to time in the Company’s subsequent filings with the SEC.

Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent Forms 10-K, 10-Q, 8-K and other reports filed with the SEC.


(Cont.)

About Genuine Parts Company

Genuine Parts Company is a distributor of automotive replacement parts in the U.S., Canada, Mexico, Australasia, France, the U.K., Germany, Poland, the Netherlands and Belgium. The Company also distributes industrial replacement parts in the U.S., Canada, Mexico and Australasia through its Industrial Parts Group. S.P. Richards Company, the Business Products Group, distributes a variety of business products in the U.S. Further information is available at www.genpt.com.

Contacts

Carol B. Yancey, Executive Vice President and CFO – (678) 934-5044
Sidney G. Jones, Senior Vice President - Investor Relations – (678) 934-5628

(Cont.)


GENUINE PARTS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)

 
 
Three Months Ended
December 31,
 
Twelve Months Ended
December 31,
(in thousands, except per share data)
 
2019
 
2018
 
2019
 
2018
Net sales
 
$
4,706,189

 
$
4,603,792

 
$
19,392,305

 
$
18,735,073

Cost of goods sold
 
3,121,095

 
3,061,633

 
13,076,036

 
12,751,286

Gross margin
 
1,585,094

 
1,542,159

 
6,316,269

 
5,983,787

Operating expenses:
 
 
 
 
 
 
 
 
Selling, administrative, and other expenses
 
1,250,141

 
1,214,036

 
4,934,167

 
4,615,290

Depreciation and amortization
 
73,235

 
63,739

 
270,288

 
241,635

Provision for doubtful accounts
 
3,281

 
5,841

 
14,905

 
17,147

Restructuring costs
 
112,184

 
—

 
112,184

 
—

Goodwill impairment charge
 
81,968

 
—

 
81,968

 
—

Total operating expenses
 
1,520,809

 
1,283,616

 
5,413,512

 
4,874,072

Non-operating expenses (income):
 
 
 
 
 
 
 
 
Interest expense
 
22,047

 
26,256

 
95,711

 
101,925

Other
 
(12,645
)
 
(22,000
)
 
(66,011
)
 
(67,822
)
Special termination costs
 
42,757

 
—

 
42,757

 
—

Total non-operating expenses (income)
 
52,159

 
4,256

 
72,457

 
34,103

Income before income taxes
 
12,126

 
254,287

 
830,300

 
1,075,612

Income taxes
 
3,208

 
67,588

 
209,215

 
265,138

Net income
 
8,918

 
186,699

 
621,085

 
810,474

Basic net income per common share
 
$
0.06

 
$
1.28

 
$
4.26

 
$
5.53

Diluted net income per common share
 
$
0.06

 
$
1.27

 
$
4.24

 
$
5.50

Weighted average common shares outstanding
 
145,325

 
146,392

 
145,736

 
146,657

Dilutive effect of stock options and nonvested restricted stock awards
 
780

 
707

 
681

 
584

Weighted average common shares outstanding — assuming dilution
 
146,105

 
147,099

 
146,417

 
147,241


Notes:

•
Restructuring costs and special termination costs are related to the 2019 Cost Savings Plan announced in the fourth quarter of 2019. The costs are primarily associated with severance and other employee costs, including a voluntary retirement program, and facility and closure costs related to the consolidation of operations.
•
Goodwill impairment charge relates to our Business Products reporting unit. Several factors that developed in the fourth quarter of 2019 at this reporting unit led to this charge, including: (i) greater uncertainty associated with long-term industry trends and the competitive environment and (ii) fourth quarter results, including segment profitability, that were below management expectations due primarily to a reduction in volume with certain national account customers.




(Cont.)


GENUINE PARTS COMPANY AND SUBSIDIARIES
SEGMENT INFORMATION
(UNAUDITED)

 
 
Three Months Ended
December 31,
 
Twelve Months Ended
December 31,
(in thousands)
 
2019
 
2018
 
2019
 
2018
Net sales:
 
 
 
 
 
 
 
 
Automotive
 
$
2,799,773

 
$
2,576,344

 
$
10,987,533

 
$
10,526,520

Industrial
 
1,478,357

 
1,570,646

 
6,528,332

 
6,298,584

Business products
 
428,059

 
456,802

 
1,876,440

 
1,909,969

Total net sales
 
$
4,706,189

 
$
4,603,792

 
$
19,392,305

 
$
18,735,073

Segment profit:
 
 
 
 
 
 
 
 
Automotive
 
$
200,646

 
$
199,330

 
$
830,359

 
$
854,389

Industrial
 
126,943

 
130,825

 
521,830

 
487,360

Business products
 
14,001

 
25,887

 
77,728

 
88,756

Total segment profit
 
$
341,590

 
$
356,042

 
$
1,429,917

 
$
1,430,505

Interest expense, net
 
$
(21,002
)
 
$
(21,380
)
 
$
(91,315
)
 
$
(92,093
)
Corporate expense
 
$
(36,286
)
 
$
(41,110
)
 
$
(137,592
)
 
$
(137,723
)
Intangible asset amortization
 
$
(24,734
)
 
$
(22,170
)
 
$
(97,459
)
 
$
(88,972
)
Other unallocated amounts:
 
 
 
 
 
 
 
 
Restructuring costs
 
$
(112,184
)
 
$
—

 
$
(112,184
)
 
$
—

Special termination costs
 
(42,757
)
 
—

 
(42,757
)
 
—

Goodwill impairment charge
 
(81,968
)
 
—

 
(81,968
)
 
—

Realized currency and other divestiture losses
 
(6,798
)
 
—

 
(41,499
)
 
—

Termination fee
 
—

 
—

 
—

 
12,000

Gain on equity investment
 
—

 
—

 
38,663

 
—

Transaction and other costs
 
(3,735
)
 
(17,095
)
 
(33,506
)
 
(48,105
)
Total other unallocated amounts
 
$
(247,442
)
 
$
(17,095
)
 
$
(273,251
)
 
$
(36,105
)
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
12,126

 
$
254,287

 
$
830,300

 
$
1,075,612






(Cont.)


GENUINE PARTS COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
 
As of December 31,
(in thousands)
 
2019
 
2018
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
276,992

 
$
333,547

Trade accounts receivable, less allowance for doubtful accounts (2019 - $37,905; 2018 - $21,888)
 
2,635,155

 
2,493,636

Merchandise inventories, net
 
3,831,183

 
3,609,389

Prepaid expenses and other current assets
 
1,195,286

 
1,139,118

Total current assets
 
7,938,616

 
7,575,690

Goodwill
 
2,293,519

 
2,128,776

Other intangible assets, net
 
1,568,926

 
1,411,642

Deferred tax assets
 
54,851

 
29,509

Operating lease assets
 
1,075,969

 
—

Other assets
 
498,965

 
510,192

Property, plant and equipment, less accumulated depreciation (2019 - $1,282,952; 2018 - $1,192,694)
 
1,214,783

 
1,027,231

Total assets
 
$
14,645,629

 
$
12,683,040

 
 
 
 
 
Liabilities and equity
 
 
 
 
Current liabilities:
 
 
 
 
Trade accounts payable
 
$
4,106,163

 
$
3,995,789

Current portion of debt
 
624,043

 
711,147

Other current liabilities
 
1,553,063

 
1,088,428

Dividends payable
 
110,851

 
105,369

Total current liabilities
 
6,394,120

 
5,900,733

Long-term debt
 
2,802,056

 
2,432,133

Operating lease liabilities
 
825,567

 
—

Pension and other post-retirement benefit liabilities
 
249,832

 
235,228

Deferred tax liabilities
 
232,902

 
196,843

Other long-term liabilities
 
445,652

 
446,112

Equity:
 
 
 
 
Preferred stock, par value $1 per share — authorized 10,000,000 shares; none issued
 
—

 
—

Common stock, par value $1 per share - authorized 450,000,000 shares; issued and outstanding - 2019 - 145,378,158 shares and 2018 - 145,936,613 shares
 
145,378

 
145,937

Additional paid-in capital
 
98,777

 
78,380

Accumulated other comprehensive loss
 
(1,141,308
)
 
(1,115,078
)
Retained earnings
 
4,571,860

 
4,341,212

Total parent equity
 
3,674,707

 
3,450,451

Noncontrolling interests in subsidiaries
 
20,793

 
21,540

Total equity
 
3,695,500

 
3,471,991

Total liabilities and equity
 
$
14,645,629

 
$
12,683,040


(Cont.)

GENUINE PARTS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
Year Ended December 31
 
2019
 
2018
 
2017
Operating activities
 
 
 
 
 
Net income
$
621,085

 
$
810,474

 
$
616,757

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
270,288

 
241,635

 
167,691

Excess tax benefits from share-based compensation
(4,920
)
 
(4,232
)
 
(3,134
)
Deferred income taxes
(70,932
)
 
3,891

 
65,990

Share-based compensation
32,050

 
20,716

 
16,892

Realized currency and other divestiture losses
41,499

 
—

 
—

Gain on equity investment
(38,663
)
 
—

 
—

Goodwill impairment charge
81,968

 
—

 
—

Other operating activities
(13,801
)
 
1,579

 
(18,040
)
Changes in operating assets and liabilities:
 
 
 
 
 
Trade accounts receivable, net
(116,145
)
 
(72,041
)
 
(19,273
)
Merchandise inventories, net
(66,202
)
 
(73,173
)
 
(9,923
)
Trade accounts payable
70,679

 
364,639

 
61,474

Other short-term assets and liabilities
10,212

 
(97,864
)
 
(1,544
)
Other long-term assets and liabilities
74,892

 
(50,460
)
 
(61,847
)
Net cash provided by operating activities
892,010

 
1,145,164

 
815,043

Investing activities
 
 
 
 
 
Purchases of property, plant and equipment
(297,869
)
 
(232,422
)
 
(156,760
)
Proceeds from sale of property, plant and equipment
24,772

 
14,665

 
21,275

Proceeds from divestitures of businesses
434,609

 
—

 
—

Acquisitions of businesses and other investing activities
(724,718
)
 
(278,367
)
 
(1,494,795
)
Net cash used in investing activities
(563,206
)
 
(496,124
)
 
(1,630,280
)
Financing activities
 
 
 
 
 
Proceeds from debt
5,037,168

 
5,064,291

 
6,630,294

Payments on debt
(4,897,769
)
 
(5,124,265
)
 
(4,350,222
)
Payments on acquired debt of AAG
—

 
—

 
(833,775
)
Stock options exercised
(11,413
)
 
(10,227
)
 
(5,239
)
Dividends paid
(438,890
)
 
(415,983
)
 
(395,475
)
Purchase of stock
(74,187
)
 
(91,983
)
 
(173,524
)
Other financing activities
(871
)
 
(30,663
)
 
—

Net cash (used in) provided by financing activities
(385,962
)
 
(608,830
)
 
872,059

Effect of exchange rate changes on cash
603

 
(21,562
)
 
15,198

Net (decrease) increase in cash and cash equivalents
(56,555
)
 
18,648

 
72,020

Cash and cash equivalents at beginning of year
333,547

 
314,899

 
242,879

Cash and cash equivalents at end of year
$
276,992

 
$
333,547

 
$
314,899

 
 
 
 
 
 
Supplemental disclosures of cash flow information
 
 
 
 
 
Cash paid during the year for:
 
 
 
 
 
Income taxes
$
303,736

 
$
236,536

 
$
298,827

Interest
$
95,281

 
$
102,131

 
$
38,401


(Cont.)

GENUINE PARTS COMPANY AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME
(UNAUDITED)

 
 
Three Months Ended
December 31,
 
Twelve Months Ended
December 31,
(In thousands, except per share data)
 
2019
 
2018
 
2019
 
2018
GAAP net income
 
$
8,918

 
$
186,699

 
$
621,085

 
$
810,474

Diluted net income per common share
 
$
0.06

 
$
1.27

 
$
4.24

 
$
5.50

 
 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
 
 
 
Restructuring (1)
 
$
154,941

 
$
—

 
$
154,941

 
$
—

Goodwill impairment charge (2)
 
81,968

 
—

 
81,968

 
—

Realized currency and other divestiture losses (3)
 
6,798

 
—

 
41,499

 
—

Termination fee (4)
 
—

 
—

 
—

 
(12,000
)
Gain on equity investment (5)
 
—

 
—

 
(38,663
)
 
—

Transaction and other costs (6)
 
3,735

 
17,095

 
33,506

 
48,105

Total adjustments
 
$
247,442

 
$
17,095

 
$
273,251

 
$
36,105

Tax impact of adjustments
 
(59,705
)
 
(5,360
)
 
(61,155
)
 
(10,497
)
Adjusted net income
 
$
196,655

 
$
198,434

 
$
833,181

 
$
836,082

Adjusted diluted net income per common share
 
$
1.35

 
$
1.35


$
5.69

 
$
5.68


The table below clarifies where the items adjusted above are presented in the consolidated statements of income.
 
 
Three Months Ended
December 31,
 
Twelve Months Ended
December 31,
(in thousands)
 
2019
 
2018
 
2019
 
2018
Line item:
 
 
 
 
 
 
 
 
Cost of goods sold
 
$
2,127

 
$
—

 
$
9,608

 
$
5,779

Selling, administrative and other expenses
 
1,982

 
17,095

 
26,085

 
30,326

Restructuring costs
 
112,184

 
—

 
112,184

 
—

Goodwill impairment charge
 
81,968

 
—

 
81,968

 
—

Non-operating expenses (income): Special termination costs
 
42,757

 
—

 
42,757

 
—

Non-operating expenses (income): Other
 
6,424

 
—

 
649

 
—

Total adjustments
 
$
247,442

 
$
17,095

 
$
273,251

 
$
36,105


(1) Adjustment reflects restructuring and special termination costs related to the 2019 Cost Savings Plan announced in the fourth quarter of 2019. The costs are primarily associated with severance and other employee costs, including a voluntary retirement program, and facility and closure costs related to the consolidation of operations.
(2) Adjustment reflects a fourth quarter goodwill impairment charge related to our Business Products reporting unit.
(3) Adjustment reflects realized currency and other divestitures losses primarily related to the sale of EIS and Grupo AutoTodo.
(4) Adjustment reflects a termination fee received in the third quarter of 2018 related to the attempted Business Products Group spin-off .
(5) Adjustment relates to the gain recognized upon remeasuring the Company's preexisting 35% equity investment to fair value upon acquiring the remaining equity of Inenco on July 1, 2019.
(6) Adjustment reflects transaction and other costs related to acquisitions and divestitures in 2019.



GENUINE PARTS COMPANY AND SUBSIDIARIES
CHANGE IN NET SALES SUMMARY
(UNAUDITED)

 
 
Three Months Ended December 31, 2019
 
 
Comparable Sales
 
Acquisitions
 
Divestitures and Other
 
Foreign Currency
 
Total Net Sales
Automotive
 
2.9
 %
 
7.2
%
 
0.0
 %
 
(1.4
)%
 
8.7
 %
Industrial
 
(1.2
)%
 
7.6
%
 
(12.3
)%
 
—
 %
 
(5.9
)%
Business Products
 
(6.3
)%
 
—
%
 
—
 %
 
—
 %
 
(6.3
)%
Total Net Sales
 
0.5
 %
 
6.7
%
 
(4.2
)%
 
(0.8
)%
 
2.2
 %

 
 
Twelve Months Ended December 31, 2019
 
 
Comparable Sales
 
Acquisitions
 
Divestitures and Other
 
Foreign Currency
 
Total Net Sales
Automotive
 
2.3
 %
 
5.0
%
 
(0.6
)%
 
(2.3
)%
 
4.4
 %
Industrial
 
1.7
 %
 
5.2
%
 
(3.1
)%
 
(0.2
)%
 
3.6
 %
Business Products
 
(1.7
)%
 
—
%
 
—
 %
 
(0.1
)%
 
(1.8
)%
Total Net Sales
 
1.7
 %
 
4.6
%
 
(1.4
)%
 
(1.4
)%
 
3.5
 %