Standard Motor Products Reports Q3 Adj. EPS From Cont. Ops. Of $0.74

(RTTNews) - Standard Motor Products, Inc. (SMP), an automotive replacement parts manufacturer and distributor, reported third-quarter earnings from continuing operations of $17.8 million or $0.77 per share, compared to $17.7 million or $0.76 per share in the third quarter of 2013. Excluding items, earnings from continuing operations for the third quarter of 2014 were $17.1 million or $0.74 per share.

On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.81 for the quarter. Analysts' estimates typically exclude special items. Consolidated net sales were $257 million, compared to $264.2 million, prior year. Analysts expected revenue of $270.43 million for the quarter.

Lawrence Sills, Standard Motor Products' CEO said, "We are disappointed with our third quarter results, which essentially resulted from a decline in sales compared with the third quarter of 2013."

The Board of Standard Motor Products has approved payment of a quarterly dividend of thirteen cents per share on the common stock outstanding. The dividend will be paid on December 1, 2014 to stockholders of record on November 14, 2014.