Standard Motor Products, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 27, 2023 at 08:30 am EDT
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Standard Motor Products, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 386.41 million compared to USD 381.37 million a year ago. Net income was USD 6.66 million compared to USD 8.85 million a year ago. Basic earnings per share from continuing operations was USD 1.14 compared to USD 1.08 a year ago. Diluted earnings per share from continuing operations was USD 1.12 compared to USD 1.06 a year ago. Basic earnings per share was USD 0.31 compared to USD 0.41 a year ago. Diluted earnings per share was USD 0.3 compared to USD 0.4 a year ago.
For the nine months, sales was USD 1,067.52 million compared to USD 1,063.62 million a year ago. Net income was USD 27.71 million compared to USD 47.42 million a year ago. Basic earnings per share from continuing operations was USD 2.58 compared to USD 2.97 a year ago. Diluted earnings per share from continuing operations was USD 2.52 compared to USD 2.91 a year ago. Basic earnings per share was USD 1.28 compared to USD 2.18 a year ago. Diluted earnings per share was USD 1.25 compared to USD 2.14 a year ago.
Standard Motor Products, Inc. is a manufacturer and distributor of replacement parts in the automotive aftermarket and a custom-engineered solutions provider to vehicle and equipment manufacturers in diverse non-aftermarket end markets. Its Vehicle Control Segment services its core automotive aftermarket customers through its offering of replacement parts within the product groups: Engine Management, Electrical and Safety and Wire Sets and Other. Its Temperature Control Segment also services its core automotive aftermarket customers through its offering of replacement parts within the various product groups: AC System Components and Other Thermal Components. Its Engineered Solutions Segment services its vehicle and equipment manufacturing customers across diverse global end markets, including on-highway and off-highway applications such as commercial and light vehicles, construction, agriculture, power sports, marine, hydraulics and lawn and garden.