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Standard Motor's (SMP) Q2 Earnings & Revenues Miss Estimates
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Standard Motor Products Inc. (SMP - Free Report) reported second-quarter 2018 adjusted earnings of 74 cents per share, missing the Zacks Consensus Estimate of 83 cents. Also, the bottom line was lower than the prior-year quarter figure of 81 cents per share.
During the quarter under review, earnings from continuing operations were $16.8 million compared with $18.3 million in the prior-year quarter.
During the reported quarter, total revenues decreased to $286.6 million from $312.7 million a year ago. Moreover, the top line missed the Zacks Consensus Estimate of $305.5 million.
Gross profit decreased to $81.3 million from $90.7 million in the year-ago quarter. Operating income also declined to $23.4 million from $29.4 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 declined to $203.4 million from $223.3 million a year ago.
Operating income was $23.1 million (11.4% of sales) compared with $27.4 million (12.3% of sales) in the prior-year quarter.
Revenues at the Temperature Control segment decreased to $80.4 million from $87.4 million a year ago. The segment recorded operating income of $5.1 million (6.3% of sales) compared with $8.6 million (9.8% of sales) in the second quarter of 2017.
Revenues at the All Other segment increased to $2.8 million from $2 million a year ago. The segment registered an operating loss of $4.7 million, slightly lower than the loss of $5.7 million in the second quarter of 2017.
Financial Position
Standard Motor had cash and cash equivalents of $18.6 million as of Jun 30, 2018, compared with $16.4 million as of Jun 30, 2017. Long-term debt was $34,000 as of Jun 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 Sep 4, 2018, to stockholders of record as of Aug 15, 2018.
Zacks Rank & Key Picks
Currently, Standard Motor has a Zacks Rank #3 (Hold).
Oshkosh has an expected long-term growth rate of 18.3%. Over the past year, shares of the company have moved up 7.3%.
AB Volvo has an expected long-term growth rate of 15%. Over the past year, shares of the company have gained 2.3%.
Fox Factory has an expected long-term growth rate of 15.8%. Shares of the company have risen 30.2% over the past year.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
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Standard Motor's (SMP) Q2 Earnings & Revenues Miss Estimates
Standard Motor Products Inc. (SMP - Free Report) reported second-quarter 2018 adjusted earnings of 74 cents per share, missing the Zacks Consensus Estimate of 83 cents. Also, the bottom line was lower than the prior-year quarter figure of 81 cents per share.
During the quarter under review, earnings from continuing operations were $16.8 million compared with $18.3 million in the prior-year quarter.
During the reported quarter, total revenues decreased to $286.6 million from $312.7 million a year ago. Moreover, the top line missed the Zacks Consensus Estimate of $305.5 million.
Gross profit decreased to $81.3 million from $90.7 million in the year-ago quarter. Operating income also declined to $23.4 million from $29.4 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
Segment Results
During the reported quarter, revenues in the Engine Management segment declined to $203.4 million from $223.3 million a year ago.
Operating income was $23.1 million (11.4% of sales) compared with $27.4 million (12.3% of sales) in the prior-year quarter.
Revenues at the Temperature Control segment decreased to $80.4 million from $87.4 million a year ago. The segment recorded operating income of $5.1 million (6.3% of sales) compared with $8.6 million (9.8% of sales) in the second quarter of 2017.
Revenues at the All Other segment increased to $2.8 million from $2 million a year ago. The segment registered an operating loss of $4.7 million, slightly lower than the loss of $5.7 million in the second quarter of 2017.
Financial Position
Standard Motor had cash and cash equivalents of $18.6 million as of Jun 30, 2018, compared with $16.4 million as of Jun 30, 2017. Long-term debt was $34,000 as of Jun 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 Sep 4, 2018, to stockholders of record as of Aug 15, 2018.
Zacks Rank & Key Picks
Currently, Standard Motor has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Oshkosh Corporation (OSK - Free Report) , AB Volvo (VLVLY - Free Report) and Fox Factory Holding Corp. (FOXF - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Oshkosh has an expected long-term growth rate of 18.3%. Over the past year, shares of the company have moved up 7.3%.
AB Volvo has an expected long-term growth rate of 15%. Over the past year, shares of the company have gained 2.3%.
Fox Factory has an expected long-term growth rate of 15.8%. Shares of the company have risen 30.2% over the past year.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>