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Standard Motor Products Announces Second-Quarter 2012 Results


9/10/2012

 
NEW YORK, N.Y. – Standard Motor Products (SMP) has reported its consolidated financial results for the three months and six months ended June 30.

Consolidated net sales for the second quarter of 2012 were $268.9 million, compared to consolidated net sales of $244 million during the comparable quarter in 2011.

Consolidated net sales for the six month period ended June 30 were $480.6 million, compared to consolidated net sales of $464.2 million during the comparable period in 2011.

Commenting on the results, SMP Chairman and CEO Lawrence Sills, stated, “We are obviously pleased with our second-quarter results. Aided by our two most recent acquisitions — Forecast Trading and CompressorWorks — sales were 10.2 percent ahead of the second quarter of 2011, and earnings per share, excluding non-operational items, were 20.4 percent ahead. Excluding the acquisitions, sales were higher by 1.6 percent in Engine Management and essentially flat in Temperature Control compared to 2011.

“For the six months, sales were up 3.5 percent, inclusive of acquisitions, but down 4 percent, excluding acquisitions. As we have previously stated, sales in the first quarter of 2011 benefited from substantial pipeline orders, and in addition we experienced the loss of certain air conditioning product groups from a major account. The majority of these unfavorable events occurred in the first half of the year allowing more comparable comparisons over the second half of the year.

In addition, the SMP Board of Directors has approved payment of a quarterly dividend of nine cents per share on the common stock outstanding. The dividend will be paid on Sept. 4 to stockholders of record on Aug. 16.












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