Standard Motor Products, Inc. (SMP) announced that its Board of Directors has approved an increase in its quarterly stock dividend from 7 cents per share to 9 cents per share. The increased dividend is payable on March 1, 2012 to stockholders of record as of February 15, 2012.
Standard Motor last raised its dividend payments from 5 cents per share to 7 cents per share in January last year. In the first nine months of 2011, the company paid dividends of $4.8 million.
Standard Motor Products reported earnings of $14.1 million or 61 cents per share from continuing operations in the third quarter of 2011 compared with $11.1 million or 48 cents per share in the year-ago quarter. Reported earnings per share included a tax gain of 2 cents per share compared with a similar tax gain of 4 cents per share and a gain of 4 cents per share from sale of assets in the prior-year quarter.
Excluding the special items, earnings of the company stood at $13.7 million or 59 cents per share compared with $9.8 million or 43 cents per share in the third quarter of 2010. Earnings per share were comprehensively higher than the Zacks Consensus Estimate of 48 cents.
Consolidated net sales in the quarter grew 3.8% year over year to $236.2 million, driven by improved performance by the Engine Management segment, partly offset by lower sales from the Temperature Control segment. Sales in the quarter were at par with the Zacks Consensus Estimate of $236.0 million.
The Long Island City, New York-based Standard Motor Products was founded in 1919 and is one of the leading manufacturers, distributors and marketers of automotive replacement parts in the U.S. It has two primary operating segments: Engine Management (comprising 75% of the company’s sales) and Temperature Control (25%).
The company is expected to release its fourth quarter results on February 27, 2012. Currently, it retains a Zacks #1 Rank on its shares, which translates to a short-term (1 to 3 months) rating of Strong Buy.
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