Standard Motor Products Q2 Profit Surges

(RTTNews) - Standard Motor Products, Inc. (SMP) Thursday announced a surge in second quarter earnings compared to the prior year.

Currently, shares are up 3.21 percent at $33.78 on a volume of 200,128.

Quarterly earnings increased to $17.06 million $0.77 per share, from $9.14 million or $0.41 per share a year ago.

Sales for the automotive parts manufacturer and distributor increased to $389.83 million from $353.07 million in the prior month.

Looking ahead, the company expects full year sales and profit in the low- to mid-single digits, up from prior projections. This projection excludes any impact from the Nissens acquisition. Adjusted EBITDA is projected to be in a range of 9.0 to 9.5 percent.

Standard Motor expects to incur roughly $3-4 million of additional start-up costs in 2024 as compared to 2023.

The company said the previously announced acquisition of AX V Nissens III APS, worth $388 million, is expected to be completed before the end of 2024.

Further, the company revealed that its board has approved payment of a quarterly dividend of 29 cents per share on the common stock outstanding, to be paid on September 3, 2024 to stockholders on record on August 15, 2024.