Standard Motor's (SMP) Q1 Earnings & Revenues Miss Estimates
Zacks Investment Research | May 03, 2018 11:00PM ET
Standard Motor Products Inc. (NYSE:SMP) reported first-quarter 2018 adjusted earnings per share of 46 cents per share, missing the Zacks Consensus Estimate of 66 cents. Also, the bottom line was lower than the prior-year quarter figure of 74 cents per share.
During the quarter under review, earnings from continuing operations were $8.6 million against $16.4 million in the prior-year quarter.
During the reported quarter, total revenues decreased to $261.8 million from $282.4 million a year ago. Moreover, the top line missed the Zacks Consensus Estimate of $280 million.
Gross profit decreased to $72.6 million from $84.1 million in the year-ago quarter. Operating income also declined to $12.3 million from $25.5 million in the year-ago quarter.
Segment Results
During the reported quarter, revenues at the Engine Management segment declined to $199.5 million from $211.3 million a year ago.
Operating income was $20.2 million (10.1% of sales) compared with $28.1 million (13.3% of sales) in the prior-year quarter.
Revenues at the Temperature Control segment decreased to $60.2 million from $70.3 million a year ago. The segment recorded operating income of $838,000 (1.4% of sales) compared with $4.7 million (6.7% of sales) in the first quarter of 2017.
Revenues at the All Other segment increased to $2.1 million from $774000 a year ago. The segment registered an operating loss of $6.2 million, slightly wider than the loss of $6.1 million in the first quarter of 2017.
Financial Position
Standard Motor had cash and cash equivalents of $26.2 million as of Mar 31, 2018, compared with $15.6 million as of Mar 31, 2017. Long-term debt was $42,000 as of Mar 31, 2018, compared with $79,000 as of Dec 31, 2017.
Dividend Update
The company’s board of directors approved a quarterly dividend of 21 cents per common share. The dividend will be paid on Jun 1, 2018, to stockholders of record as of May 15, 2018.
Zacks Rank & Key Picks
Currently, Standard Motor has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the auto space are Visteon Corporation (NASDAQ:VC) , Wabash National Corporation (NYSE:WNC) and Fiat Chrysler Automobiles N.V. (NYSE:FCAU) . Visteon and Wabash National currently carry a Zacks Rank #2 (Buy) while Fiat Chrysler sports a Zacks Rank #1 (Strong Buy). You can see Zacks Investment Research
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