Standard Motor Products Q1 Earnings Rise - Quick Facts

(RTTNews) - Standard Motor Products, Inc. (SMP), an automotive replacement parts manufacturer and distributor, reported that its net earnings for the first quarter of 2014 increased to $11.73 million or $0.50 per share, from $9.17 million or $0.40 per share in the first quarter of 2013.

Earnings from continuing operations for the first quarter of 2014 were $12.4 million or $0.53 per share, compared to $9.6 million or $0.41 per share in the first quarter of 2013.

Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the first quarter of 2014 were $12.4 million or $0.53 per share, compared to $9.7 million or $0.42 per share in the first quarter of 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated net sales for the first quarter were $232.8 million, compared to consolidated net sales of $230.7 million during the comparable quarter in 2013. Wall Street expected revenues of $236.65 million for the quarter.

Commenting on the results, Lawrence Sills, Standard Motor Products' Chairman and Chief Executive Officer, stated, "The earnings growth resulted primarily from an increase in gross margin from 28.5% to 29.2% combined with a reduction in SG&A expense. In gross margin, we continue to reap the benefits of our initiatives of recent years - moving production to low cost areas, increased manufacturing, savings in purchasing, and successfully integrating our prior acquisitions. The savings in SG&A resulted from continued streamlining and cost reductions in our distribution centers, as well as cost control in other areas."

The Board of Directors has approved payment of a quarterly dividend of thirteen cents per share on the common stock outstanding. The dividend will be paid on June 2, 2014 to stockholders of record on May 15, 2014.