Standard Motor Products Inc. (SMP), an automotive replacement parts manufacturer and distributor, reported that its earnings from continuing operations for the first quarter of 2018 declined to $8.6 million or $0.37 per share, from $16.4 million or $0.70 per share in the first quarter of 2017.
Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the first quarter of 2018 were $10.5 million or $0.46 per share, compared to $17.1 million or $0.74 per share in the first quarter of 2017.
Consolidated net sales for the first quarter of 2018 were $261.8 million, compared to consolidated net sales of $282.4 million during the comparable quarter in 2017.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share and revenues of $280.1 million for the quarter. Analysts' estimates typically exclude special items.
The Board of Directors has approved payment of a quarterly dividend of 21 cents per share on the common stock outstanding. The dividend will be paid on June 1, 2018 to stockholders of record on May 15, 2018.
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