Standard Motor Products Q2 Results Top Estimates - Quick Facts

(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 surged to $28.0 million or $1.23 per share from $11.8 million or $0.52 per share in the prior-year quarter. Excluding items, adjusted earnings from continuing operations for the quarter were $1.26 per share.

Consolidated net sales for the quarter rose 38 percent to $342.1 million from $247.9 million in the same quarter last year.

On average, three analysts polled by Thomson Reuters expected the company to earn $0.65 per share on revenues of $268.56 million for the quarter. Analysts' estimates typically exclude special items.

Standard Motor said its board of directors has approved a quarterly dividend of 25 cents per share on the common stock outstanding, payable on September 1, 2021 to stockholders of record on August 16, 2021.