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Standard Motor Products Q1 Results Top Estimates
(RTTNews) - Standard Motor Products, Inc. (SMP), an automotive replacement parts manufacturer and distributor, reported Wednesday that net income from continuing operations for the first quarter plunged to $12.70 million or $0.57 per share from $20.56 million or $0.87 per share in the prior-year quarter.
Net earnings for the quarter decreased to $11.92 million or $0.54 per share from $19.45 million or $0.87 per share in the prior-year quarter.
Excluding items, adjusted earnings from continuing operations were $0.61 per share, compared to $0.92 per share last year.
Net sales for the quarter grew to $328.03 million from $322.83 million in the same quarter last year.
On average, three analysts polled by Thomson Reuters expected the company to earn $0.57 per share on revenues of $325.36 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2023, the company continues to expect sales to grow in the low single digits, while analysts expect it to grow 2.9 percent to $1.41 billion.
The Board of Directors also approved the payment of a quarterly dividend of 29 cents per share on the common stock outstanding, which will be paid on June 1, 2023 to stockholders of record on May 15, 2023.
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