Standard Motor Products Q2 Profit Misses Estimates

(RTTNews) - Standard Motor Products, Inc. (SMP) reported second quarter earnings from continuing operations of $18.4 million or $0.83 per share, compared to $20.8 million or $0.93 per share, prior year. Excluding items, earnings from continuing operations were $18.6 million or $0.84 per share, compared to $20.8 million or $0.93 per share, last year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.98, for the quarter. Analysts' estimates typically exclude special items.

Net sales for the second quarter were $353.1 million, compared to $359.4 million, prior year. Analysts on average had estimated $374.45 million in revenue.

The Board of Directors has approved payment of a quarterly dividend of 29 cents per share, which will be paid on September 1, 2023 to stockholders of record on August 15, 2023.

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