Standard Motor Products, Inc. (SMP), a leading automotive replacement parts manufacturer and distributor, has announced a drop in net income from its continuing operations for the first quarter. The income fell from $12.70 million or $0.57 per share in the previous year's quarter to $9.86 million or $0.44 per share this year.
Furthermore, the net earnings for the quarter have also declined from $11.92 million or $0.54 per share to $8.82 million or $0.39 per share compared to the same period last year.
However, after making allowances for certain items, the adjusted earnings from ongoing operations were $0.45 per share, a decrease from last year's $0.61 per share.
Despite the fall in earnings, the company did experience an increase in net sales for the quarter, rising from $328.03 million last year to $331.40 million this year.
In contrast to these figures, predictions made by analysts polled by Thomson Reuters anticipated the company would secure earnings of $0.37 per share on revenues of $321.84 million for the quarter. These estimates usually exclude any special items.
For the fiscal year of 2024, SMP expects sales growth in the low single digits, while analysts predict a 2.5 percent increase, totalling $1.39 billion.
Lastly, SMP's Board of Directors has sanctioned a quarterly dividend of 29 cents per share on the remaining common stock, which will be paid out to the stockholders recorded on May 15, 2024, on June 3, 2024.
