Standard Motor's (SMP) Q1 Earnings & Revenues Miss Estimates
Standard Motor Products Inc. SMP reported first-quarter 2018 adjusted earnings per share of 46 cents per share, missing the Zacks Consensus Estimate of 66 cents. Also, the bottom line was lower than the prior-year quarter figure of 74 cents per share.
During the quarter under review, earnings from continuing operations were $8.6 million against $16.4 million in the prior-year quarter.
During the reported quarter, total revenues decreased to $261.8 million from $282.4 million a year ago. Moreover, the top line missed the Zacks Consensus Estimate of $280 million.
Gross profit decreased to $72.6 million from $84.1 million in the year-ago quarter. Operating income also declined to $12.3 million from $25.5 million in the year-ago quarter.
Segment Results
During the reported quarter, revenues at the Engine Management segment declined to $199.5 million from $211.3 million a year ago.
Operating income was $20.2 million (10.1% of sales) compared with $28.1 million (13.3% of sales) in the prior-year quarter.
Revenues at the Temperature Control segment decreased to $60.2 million from $70.3 million a year ago. The segment recorded operating income of $838,000 (1.4% of sales) compared with $4.7 million (6.7% of sales) in the first quarter of 2017.
Revenues at the All Other segment increased to $2.1 million from $774000 a year ago. The segment registered an operating loss of $6.2 million, slightly wider than the loss of $6.1 million in the first quarter of 2017.
Standard Motor Products, Inc. Price, Consensus and EPS Surprise
Standard Motor Products, Inc. Price, Consensus and EPS Surprise | Standard Motor Products, Inc. Quote
Financial Position
Standard Motor had cash and cash equivalents of $26.2 million as of Mar 31, 2018, compared with $15.6 million as of Mar 31, 2017. Long-term debt was $42,000 as of Mar 31, 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 Jun 1, 2018, to stockholders of record as of May 15, 2018.
Zacks Rank & Key Picks
Currently, Standard Motor has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the auto space are Visteon Corporation VC, Wabash National Corporation WNC and Fiat Chrysler Automobiles N.V. FCAU. Visteon and Wabash National currently carry a Zacks Rank #2 (Buy) while Fiat Chrysler sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Visteon has expected long-term growth rate of 15%. In the last three months, shares of the company have gained 3%.
Wabash National has expected long-term growth rate of 21.5%. Shares of the company have risen 0.5% in the last six months.
Fiat Chrysler has expected long-term growth rate of 23.7%. In the last six months, shares of the company have gained 24.1%.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6% and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Fiat Chrysler Automobiles N.V. (FCAU) : Free Stock Analysis Report
Visteon Corporation (VC) : Free Stock Analysis Report
Wabash National Corporation (WNC) : Free Stock Analysis Report
Standard Motor Products, Inc. (SMP) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
