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Standard Motor Products Q4 Adj. EPS Tops Estimates, But Net Sales Miss
(RTTNews) - Standard Motor Products, Inc. (SMP), an automotive replacement parts manufacturer and distributor, reported Wednesday that net income from continuing operations for the fourth quarter plunged to $8.55 million or $0.39 per share from $20.02 million or $0.89 per share in the prior-year quarter.
Net income for the quarter decreased to $7.93 million or $0.36 per share from $18.69 million or $0.83 per share in the prior-year quarter.
Excluding items, adjusted earnings from continuing operations were $0.69 per share, compared to $0.90 per share last year.
Consolidated net sales for the quarter edged down to $308.20 million from $309.88 million in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to earn $0.55 per share on revenues of $319.51 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2023, the company expects sales to grow in the low single digits, while analysts expect it to grow 2.7 percent to $1.42 billion.
Separately, the company announced its new operating segment, "Engineered Solutions," along with the intent to rename its Engine Management segment to "Vehicle Control". These segment changes will be effective from the beginning in 2023.
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