Genuine Parts (GPC) Declares $0.675 Quarterly Dividend; Announces 15M Share Buyback & Names Russ Hardin to Board

Dividend

Genuine Parts (NYSE: GPC) declared a quarterly dividend of $0.675 per share, or $2.7 annualized.

The dividend will be payable on October 2, 2017, to stockholders of record on September 8, 2017, with an ex-dividend date of September 6, 2017.

The annual yield on the dividend is 3.3 percent.

For a dividend history and other dividend-related data on Genuine Parts (GPC) click here.

Share Repurchase

Paul Donahue, President and Chief Executive Officer of Genuine Parts Company, also announced today the Company has increased the number of shares of its common stock authorized for repurchase by 15 million shares. Mr. Donahue stated, "The Company will continue to make advantageous purchases from time to time on the open market or in unsolicited negotiated transactions."

The Company's share repurchase program originally authorized the repurchase of 15 million shares in August 1994, another 15 million in April 1999, August 2006, and November 2008, for a total authorization of 60 million shares. Through the current date, the Company has purchased approximately 57.6 million shares under this program and remains authorized to complete the purchase of the approximately 2.4 million shares outstanding. Mr. Donahue concluded, "We are pleased with the progress in the current repurchase program and believe this additional authorization will help to further enhance shareholder value."

New Board Member

Tom Gallagher, Chairman of Genuine Parts Company, stated, "We are pleased to welcome Mr. Hardin as our newest director. Russ is an extremely talented executive with a wealth of management, business, and legal experience and knowledge that make him a valuable addition to our board. We look forward to his contributions as a director of the Company."

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