Standard Motor Products (SMP) Tops Q1 EPS by 7c

Standard Motor Products (NYSE: SMP) reported Q1 EPS of $0.55, $0.07 better than the analyst estimate of $0.48. Revenue for the quarter came in at $238.9 million versus the consensus estimate of $236.18 million.

Eric Sills, Standard Motor Products' Chief Executive Officer and President stated, "We are very pleased with our first quarter results as we achieved a better than 35% increase in net earnings and diluted earnings per share, compared to the first quarter of 2015, on an overall sales increase of 5%.

"Engine Management sales were up about 2%, in line with our forecast of low single digit increases. Temperature Control sales achieved a 16% increase, a result of higher pre-season orders than the year before. We now await the second and third quarters when the bulk of the Temperature Control sales occur and our results tend to be weather dependent.

"The major improvement was in profitability. As we previously reported, results for the full year 2015 were burdened with roughly $10 million in one-time expenses related to startup costs in our line of remanufactured diesel fuel injectors; the carry forward of negative manufacturing variances in Temperature Control; and the costs of winding down our retiree medical program. These costs are now fully behind us and we anticipate a return to historic profitability rates."

For earnings history and earnings-related data on Standard Motor Products (SMP) click here.

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