Standard Motor Products Q2 EPS Misses Estimates, But Net Sales Top
(RTTNews) - Standard Motor Products, Inc. (SMP), an automotive replacement parts manufacturer and distributor, reported Wednesday that net income from continuing operations for the second quarter declined to $20.79 million or $0.93 per share from $28.0 million or $1.23 per share in the prior-year quarter.
Net income for the quarter decreased to $19.13 million or $0.86 per share from $27.14 million or $1.20 per share in the prior-year quarter.
Consolidated net sales for the quarter rose 5.1 percent to $359.41 million from $342.08 million in the same quarter last year.
On average, three analysts polled by Thomson Reuters expected the company to earn $1.18 per share on revenues of $356.59 million for the quarter. Analysts' estimates typically exclude special items.
Standard Motor said its board of directors has approved a quarterly dividend of 27 cents per share on the common stock outstanding, payable on September 1, 2022 to stockholders of record on August 15, 2022.
The Board of Directors has also authorized a new $30 million common share repurchase plan.
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