We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Standard Motor (SMP) Beats on Q3 Earnings, Resumes Dividend
Read MoreHide Full Article
Standard Motor (SMP - Free Report) reported adjusted earnings of $1.59 per share for third-quarter 2020, which beat the Zacks Consensus Estimate of 94 cents. The bottom line was higher than the prior-year quarter’s $1.02 per share. Robust performance of both its major segments — Engine Management and Temperature Control — aided third-quarter 2020 results.
Total revenues rose 11.6% year over year to $343.6 million, beating the Zacks Consensus Estimate of $328 million. Gross profit increased to $107.7 million from the year-ago quarter’s $92.1 million. Operating income grew 53% year on year to $47.9 million.
Amid strong results and recovering auto industry dynamics, Standard Motor decided to reinstate quarterly dividend. The board has approved a payout of 25 cents, payable on Dec 1, 2020 to shareholders of record as of Nov 16, 2020. The company has also resumed the buyback program, which has remaining authorization worth $11.3 million.
Segmental Results
During the September-end quarter, revenues from the Engine Management segment totaled $229.5 million, up 6.3% year over year. Operating income was $36.7 million compared with the prior-year quarter’s $30.3 million.
Revenues in the Temperature Control segment increased 25% year over year to $110.4 million. The segment registered an operating income of $16.6 million compared with $7.5 million recorded in third-quarter 2019.
Revenues in the All Other segment increased to $3.6 million from $3.4 million recorded in the prior-year quarter. The segment reported an operating loss of $5.1 million, narrower than the loss of $5.6 million posted in the corresponding quarter of 2019.
Financial Position
Standard Motor — whose peers include LKQ Corp. (LKQ - Free Report) , Genuine Parts (GPC - Free Report) and Dorman Products (DORM - Free Report) — had cash and cash equivalents of $16.8 million as of Sep 30, 2020 compared with $10.4 million on Dec 31, 2019. Long-term debt was $103,000 compared with $129,000 recorded as of Dec 31, 2019. Net cash provided by operating activities totaled $79.4 million. Capex for the quarter amounted to $4.07 million.
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
Image: Bigstock
Standard Motor (SMP) Beats on Q3 Earnings, Resumes Dividend
Standard Motor (SMP - Free Report) reported adjusted earnings of $1.59 per share for third-quarter 2020, which beat the Zacks Consensus Estimate of 94 cents. The bottom line was higher than the prior-year quarter’s $1.02 per share. Robust performance of both its major segments — Engine Management and Temperature Control — aided third-quarter 2020 results.
Total revenues rose 11.6% year over year to $343.6 million, beating the Zacks Consensus Estimate of $328 million. Gross profit increased to $107.7 million from the year-ago quarter’s $92.1 million. Operating income grew 53% year on year to $47.9 million.
Amid strong results and recovering auto industry dynamics, Standard Motor decided to reinstate quarterly dividend. The board has approved a payout of 25 cents, payable on Dec 1, 2020 to shareholders of record as of Nov 16, 2020. The company has also resumed the buyback program, which has remaining authorization worth $11.3 million.
Segmental Results
During the September-end quarter, revenues from the Engine Management segment totaled $229.5 million, up 6.3% year over year. Operating income was $36.7 million compared with the prior-year quarter’s $30.3 million.
Revenues in the Temperature Control segment increased 25% year over year to $110.4 million. The segment registered an operating income of $16.6 million compared with $7.5 million recorded in third-quarter 2019.
Revenues in the All Other segment increased to $3.6 million from $3.4 million recorded in the prior-year quarter. The segment reported an operating loss of $5.1 million, narrower than the loss of $5.6 million posted in the corresponding quarter of 2019.
Financial Position
Standard Motor — whose peers include LKQ Corp. (LKQ - Free Report) , Genuine Parts (GPC - Free Report) and Dorman Products (DORM - Free Report) — had cash and cash equivalents of $16.8 million as of Sep 30, 2020 compared with $10.4 million on Dec 31, 2019. Long-term debt was $103,000 compared with $129,000 recorded as of Dec 31, 2019. Net cash provided by operating activities totaled $79.4 million. Capex for the quarter amounted to $4.07 million.
Standard Motor currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Legal Marijuana: An Investor’s Dream
Imagine getting in early on a young industry primed to skyrocket from $17.7 billion in 2019 to an expected $73.6 billion by 2027.
Although marijuana stocks did better as the pandemic took hold than the market as a whole, they’ve been pushed down. This is exactly the right time to get in on selected strong companies at a fraction of their value before COVID struck. Zacks’ Special Report, Marijuana Moneymakers, reveals 10 exciting tickers for urgent consideration.
Download Marijuana Moneymakers FREE >>