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Standard Motor (SMP) Q3 Earnings & Revenues Beat, Up Y/Y
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Standard Motor Products Inc. (SMP - Free Report) reported third-quarter 2018 adjusted earnings of 83 cents per share, beating the Zacks Consensus Estimate of 82 cents. Further, the bottom line was higher than the prior-year quarter figure of 74 cents per share. During the quarter under review, the company witnessed signs of recovery. This trend is likely to continue through the rest of the year.
During the quarter under review, earnings from continuing operations were $19.3 million compared with $17.1 million in the prior-year quarter.
During the reported quarter, total revenues increased to $296.6 million from $281.1 million a year ago. Moreover, the top line surpassed the Zacks Consensus Estimate of $291 million.
Gross profit increased to $87.3 million from $82.5 million in the year-ago quarter. Operating income also increased to $27.2 million from $26.8 million in the year-ago quarter.
Standard Motor Products, Inc. Price, Consensus and EPS Surprise
During the reported quarter, revenues in the Engine Management segment increased to $197.6 million from $196.8 million a year ago.
Operating income was $21.6 million (11% of sales) compared with $23.5 million (12% of sales) in the prior-year quarter.
Revenues at the Temperature Control segment increased to $96.1 million from $81.2 million a year ago. The segment recorded operating income of $8.6 million (8.9% of sales) compared with $8.1 million (9.9% of sales) in the third quarter of 2017.
Revenues at the All Other segment decreased to $3 million from $3.1 million a year ago. The segment registered an operating loss of $3 million, lower than the loss of $4 million in the third quarter of 2017.
Financial Position
Standard Motor had cash and cash equivalents of $27.3 million as of Sep 30, 2018, compared with $25.4 million as of Sep 30, 2017. Other long-term debt was $26,000 as of Sep 30, 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 Dec 3, 2018, to stockholders of record as of Nov 15, 2018.
Zacks Rank & Key Picks
Currently, Standard Motor has a Zacks Rank #3 (Hold).
A few better-ranked stocks in the auto space are Allison Transmission Holdings, Inc. (ALSN - Free Report) , Advance Auto Parts, Inc. (AAP - Free Report) and AutoZone, Inc. (AZO - Free Report) . While Allison Transmission sports a Zacks Rank #1 (Strong Buy), both Advance Auto Parts and AutoZone carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Allison Transmission has an expected long-term growth rate of 10%. Over the past six months, shares of the company have surged 12.7%.
Advance Auto Parts has an expected long-term growth rate of 12.3%. Over the past six months, shares of the company have risen 43.7%.
AutoZone has an expected long-term growth rate of 12.2%. Over the past two years, shares of the company have risen 19%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
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Standard Motor (SMP) Q3 Earnings & Revenues Beat, Up Y/Y
Standard Motor Products Inc. (SMP - Free Report) reported third-quarter 2018 adjusted earnings of 83 cents per share, beating the Zacks Consensus Estimate of 82 cents. Further, the bottom line was higher than the prior-year quarter figure of 74 cents per share. During the quarter under review, the company witnessed signs of recovery. This trend is likely to continue through the rest of the year.
During the quarter under review, earnings from continuing operations were $19.3 million compared with $17.1 million in the prior-year quarter.
During the reported quarter, total revenues increased to $296.6 million from $281.1 million a year ago. Moreover, the top line surpassed the Zacks Consensus Estimate of $291 million.
Gross profit increased to $87.3 million from $82.5 million in the year-ago quarter. Operating income also increased to $27.2 million from $26.8 million in the year-ago quarter.
Standard Motor Products, Inc. Price, Consensus and EPS Surprise
Standard Motor Products, Inc. Price, Consensus and EPS Surprise | Standard Motor Products, Inc. Quote
Segmental Results
During the reported quarter, revenues in the Engine Management segment increased to $197.6 million from $196.8 million a year ago.
Operating income was $21.6 million (11% of sales) compared with $23.5 million (12% of sales) in the prior-year quarter.
Revenues at the Temperature Control segment increased to $96.1 million from $81.2 million a year ago. The segment recorded operating income of $8.6 million (8.9% of sales) compared with $8.1 million (9.9% of sales) in the third quarter of 2017.
Revenues at the All Other segment decreased to $3 million from $3.1 million a year ago. The segment registered an operating loss of $3 million, lower than the loss of $4 million in the third quarter of 2017.
Financial Position
Standard Motor had cash and cash equivalents of $27.3 million as of Sep 30, 2018, compared with $25.4 million as of Sep 30, 2017. Other long-term debt was $26,000 as of Sep 30, 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 Dec 3, 2018, to stockholders of record as of Nov 15, 2018.
Zacks Rank & Key Picks
Currently, Standard Motor has a Zacks Rank #3 (Hold).
A few better-ranked stocks in the auto space are Allison Transmission Holdings, Inc. (ALSN - Free Report) , Advance Auto Parts, Inc. (AAP - Free Report) and AutoZone, Inc. (AZO - Free Report) . While Allison Transmission sports a Zacks Rank #1 (Strong Buy), both Advance Auto Parts and AutoZone carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Allison Transmission has an expected long-term growth rate of 10%. Over the past six months, shares of the company have surged 12.7%.
Advance Auto Parts has an expected long-term growth rate of 12.3%. Over the past six months, shares of the company have risen 43.7%.
AutoZone has an expected long-term growth rate of 12.2%. Over the past two years, shares of the company have risen 19%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>