8-K

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): April 15, 2005

Genuine Parts Company
__________________________________________
(Exact name of registrant as specified in its charter)

Georgia	001-05690	58-0254510
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	Identification No.)
2999 Circle 75 Pkwy, Atlanta, Georgia		30339
_________________________________ (Address of principal executive offices)		___________ (Zip Code)

Registrant’s telephone number, including area code: 770.953.1700

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On April 15, 2005, Genuine Parts Company issued a press release announcing its results of operations for the first quarter ended March 31, 2005. A copy of the press release is furnished with this Current Report on Form 8-K as exhibit 99.1.

The information, including the exhibits attached hereto contained in this Current Report on Form 8-K of Genuine Parts Company is being "furnished" and shall not be deemed "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 and Item 9.01 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Securities Exchange Act of 1934, as amended, except as otherwise expressly stated in any such filing.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

99.1 Earnings Press Release dated April 15, 2005

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Genuine Parts Company
April 15, 2005	By:	Jerry W. Nix
		Name: Jerry W. Nix
		Title: Executive Vice President Finance

Exhibit Index

Exhibit No.	Description
99.1	Earnings Press Release dated April 15, 2005

EX-99.1

FOR IMMEDIATE RELEASE

Contact: Jerry W. Nix, Executive Vice President — Finance
(770) 612-2048

GENUINE PARTS COMPANY
REPORTS RECORD FIRST QUARTER RESULTS

Atlanta, Georgia, April 15, 2005 — Genuine Parts Company (NYSE: GPC) reported record sales and earnings for the first quarter ended March 31, 2005. Thomas C. Gallagher, Chairman, President and Chief Executive Officer, announced today that sales totaling $2.3 billion were up 7% compared to the first quarter of 2004. Net income for the quarter was $106.6 million, an increase of 6% over $100.2 million recorded in the same period of the previous year. Earnings per share on a diluted basis were 61 cents, up 7% compared to 57 cents for the first quarter last year.

Mr. Gallagher commented: “We are pleased to report that we are off to a solid start to 2005. Motion Industries, our Industrial Group, reported the strongest results, ending the quarter with a 13% sales increase. The Automotive Group reported a 4% increase for the period and S. P. Richards, our Office Products Group, improved sales 6%. EIS, our Electrical/Electronics Group, was up 1% for the quarter. The EIS revenues were impacted by the sale of a division in the Electronic side of their business during the quarter.”

Mr. Gallagher concluded: “Our balance sheet remains in excellent condition and the combination of working capital initiatives and solid earnings growth has enabled us to continue to generate strong cash flows. As we look forward, we continue to feel that market conditions are favorable for each of our businesses and we are positioned to have another good year in 2005.”

Page 2

Conference Call

Genuine Parts Company will hold a conference call today at 11:00 a.m. EDT to discuss the results of the quarter and the future outlook. Interested parties may listen by dialing 877-422-4780, conference ID 5171608. A replay will also be available at 800-642-1687, conference ID 5171608, two hours after the completion of the conference call until 12:00 a.m. Eastern time on April 29, 2005.

Forward Looking Statements

Some statements in this release constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company cautions that its forward-looking statements involve risks and uncertainties. The Company undertakes no duty to update its forward-looking statements, which reflect the Company’s beliefs, expectations, and plans as of the present. Actual results or events may differ materially from those indicated as a result of various important factors. Such factors include, but are not limited to, changes in general economic conditions, the growth rate of the market for the Company’s products and services, the ability to maintain favorable supplier arrangements and relationships, competitive product and pricing pressures, including internet-related initiatives, the effectiveness of the Company’s promotional, marketing and advertising programs, changes in laws and regulations, including changes in accounting and taxation guidance, the uncertainties of litigation, as well as other risks and uncertainties discussed from time to time in the Company’s filings with the Securities and Exchange Commission.

About Genuine Parts Company

Genuine Parts Company is a distributor of automotive replacement parts in the U.S., Canada and Mexico. The Company also distributes industrial replacement parts in the U.S. and in Canada through its Motion Industries subsidiary. S. P. Richards Company, the Office Products Group, distributes product nationwide in the U.S. and in Canada. The Electrical/Electronic Group, EIS, Inc., distributes electrical and electronic components throughout the U.S. and Mexico.

GENUINE PARTS COMPANY and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended March 31,
	2005		2004
	(Unaudited)
	(in thousands, except per share data)
Net sales	$	2,342,201	$	2,196,991
Cost of goods sold		1,605,721		1,510,080
		736,480		686,911
Selling, administrative & other expenses		564,270		524,514
Income before income taxes		172,210		162,397
Income taxes		65,612		62,198
Net income	$	106,598	$	100,199
Basic net income per common share	$	.61	$	.57
Diluted net income per common share	$	.61	$	.57
Weighted average common shares outstanding		174,772		174,320
Dilutive effect of stock options and non-vested restricted stock awards		1,264		580
Weighted average common shares outstanding – assuming dilution		176,036		174,900

GENUINE PARTS COMPANY and SUBSIDIARIES
SEGMENT INFORMATION AND FINANCIAL HIGHLIGHTS

	Three Months Ended March 31,
	2005			2004
	(Unaudited)
	(in thousands, except ratio analysis)
Net sales:
Automotive	$	1,168,955		$	1,126,551
Industrial		686,740			608,504
Office Products		410,929			386,790
Electrical/Electronic Materials		84,289			83,079
Other		(8,712	)		(7,933	)
Total net sales	$	2,342,201		$	2,196,991
Operating profit:
Automotive	$	95,307		$	93,261
Industrial		48,253			46,119
Office Products		46,027			43,754
Electrical/Electronic Materials		3,309			3,220
Total operating profit		192,896			186,354
Interest expense		(7,947	)		(9,977	)
Other, net		(12,739	)		(13,980	)
Income before income taxes	$	172,210		$	162,397
Capital expenditures	$	20,768		$	12,057
Depreciation and amortization	$	17,071		$	16,193
Current ratio		3.1/1			3.5/1
Total debt to total capitalization		16.3	%		21.9	%

GENUINE PARTS COMPANY and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,		March 31,
	2005		2004
	(Unaudited)
	(in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	157,817	$	28,088
Trade accounts receivable		1,195,034		1,135,227
Merchandise inventories		2,149,814		2,129,236
Prepaid expenses and other current assets		186,837		172,469
TOTAL CURRENT ASSETS		3,689,502		3,465,020
Goodwill and other intangible assets		57,583		57,939
Other assets		404,300		350,928
Total property, plant and equipment, net		379,587		337,960
TOTAL ASSETS	$	4,530,972	$	4,211,847
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Trade accounts payable	$	878,640	$	697,919
Current portion long-term debt and other borrowings		897		36,900
Income taxes payable		98,994		70,627
Dividends payable		54,630		52,336
Other current liabilities		147,165		131,716
TOTAL CURRENT LIABILITIES		1,180,326		989,498
Long-term debt		500,000		625,000
Other long-term liabilities		112,305		65,781
Deferred income taxes		116,689		114,409
Minority interests in subsidiaries		53,052		51,129
Common stock		174,450		174,442
Retained earnings and other		2,394,150		2,191,588
TOTAL SHAREHOLDERS’ EQUITY		2,568,600		2,366,030
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	4,530,972	$	4,211,847

Note: Certain balance sheet reclassifications have been made to prior year amounts to conform to current year presentation.

GENUINE PARTS COMPANY and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months
	Ended March 31,
	2005			2004
	(Unaudited)
	(in thousands)
OPERATING ACTIVITIES:
Net income	$	106,598		$	100,199
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		17,071			16,193
Other		2,525			2,517
Changes in operating assets and liabilities		(9,983	)		(37,782	)
NET CASH PROVIDED BY OPERATING ACTIVITIES		116,211			81,127
INVESTING ACTIVITIES:
Purchase of property, plant and equipment		(20,768	)		(12,057	)
Other		6,804			-0-
NET CASH USED IN INVESTING ACTIVITIES		(13,964	)		(12,057	)
FINANCING ACTIVITIES:
Net payments on credit facilities		(71	)		(15,733	)
Stock options exercised		4,162			11,119
Dividends paid		(52,495	)		(51,331	)
Purchase of stock		(30,966	)		(430	)
NET CASH USED IN FINANCING ACTIVITIES		(79,370	)		(56,375	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		22,877			12,695
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		134,940			15,393
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	157,817		$	28,088