Feb. 17--Profits slid 30 percent at Genuine Parts Co. as all of its business units were hurt by the slow economy in the fourth quarter.

And while executives say they remain bullish long-term, their short-term outlook is cautious amid the current economic tumult.

The Atlanta-based company, whose business units include NAPA auto parts and S.P. Richards office products, on Tuesday posted net income of $87.7 million, or 55 cents per share in the quarter, compared with $126 million or 75 cents per share in the 2007 fourth quarter.

Wall Street expected a profit of 56 cents per share.

Sales in the quarter fell 4 percent from a year earlier.

Tom Gallagher, Genuine Parts' chairman and chief executive said in a statement, that 2008 "proved to be an interesting, as well as challenging, year ... We are, however, pleased to report that 2008 represents another record level of revenues for us."

Two of Genuine Parts' four business units -- Motion Industries and the EIS electrical group, which both serve the manufacturing sector -- saw sales gains of 5 percent and 7 percent, respectively, for the year.

But all of the company's units had weaker or flat sales in the fourth quarter, Gallagher said.

For the year, Genuine Parts reported net income of $475.4 million, or $2.92 per share, vs. $506.3 million or $2.98 per share in 2007.

The yearly results were in line with Wall Street estimates.

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