Standard Motor Products Q3 Profit Beats Estimates

(RTTNews) - Standard Motor Products, Inc. (SMP) said its third quarter earnings are down from a year ago, but the prior year quarter results included many unique non-recurring benefits, related to the Covid-19 pandemic. Sales were up nearly 8% over a very strong third quarter of 2020.

The Board approved payment of a quarterly dividend of 25 cents per share on the common stock outstanding. The dividend will be paid on December 1, 2021 to stockholders of record on November 15, 2021. Also, the Board recently authorized an additional $30 million common stock repurchase plan.

Third quarter adjusted earnings per share from continuing operations was $1.32, compared to $1.59, last year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $1.10, for the quarter. Analysts' estimates typically exclude special items. Earnings from continuing operations were $29.2 million or $1.29 per share, compared to $36.2 million or $1.59 per share.

Consolidated net sales were $370.3 million, compared to $343.6 million, a year ago. Analysts expected revenue of $342.64 million, for the quarter.

Shares of Standard Motor Products were up 1% in pre-market trade on Thursday.