Standard Motor Products Q2 Profit Slides - Quick Facts

(RTTNews) - Auto parts maker Standard Motor Products Inc. (SMP), an automotive replacement parts manufacturer and distributor, said its second-quarter net earnings dropped to $10.64 million, or $0.46 a share, from $16.4 million, or $0.69 a share, last year.

Consolidated net sales for the second quarter of 2014 were $272.5 million, compared with $270.1 million during the comparable quarter in 2013.

The recent quarter's results include a one-time, non-recurring litigation charge of $10.6 million, $6.4 million net of taxes, relating to a tentative settlement of a legal proceeding with a third party. 

In addition, the board has approved payment of a quarterly dividend of thirteen cents per share on the common stock outstanding, payable on September 2 to stockholders of record on August 15, 2014.