Morning
Mover - SMP - Standard Motor Products, Inc. Announces First Quarter 2009
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Standard Motor Products Inc.SMP
After Hours: 8.91 Up 0.00 (0.00%) 6:08PM ET
Standard Motor Products, Inc. (NYSE: SMP - News), an automotive replacement
parts manufacturer and distributor, reported today its consolidated financial
results for the three months ending March 31, 2009.
Consolidated net sales for the first quarter of 2009 were $172.2 million,
compared to consolidated net sales of $208.1 million during the comparable
quarter in 2008. Earnings from continuing operations for the first quarter of
2009 were $787 thousand or 4 cents per diluted share, compared to $13.3 million
or 68 cents per diluted share in the first quarter of 2008. 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 2009 were $1.3 million or 7 cents, compared to $3.1 million or 17
cents per diluted share in the first quarter of 2008
About
Standard Motor Products, Inc engages in manufacturing, distribution, and
marketing replacement parts for motor vehicles in the automotive aftermarket
industry in the United States, Canada, Latin America, and Europe. It operates
in two business segments, Engine Management and Temperature Control. The Engine
Management segment manufactures ignition and emission parts, ignition wires,
battery cables, and fuel system parts. It offers engine management replacement
parts, including distributor caps and rotors, electronic ignition control
modules, voltage regulators, coils, switches, emission sensors, EGR valves, and
other engine management components under Standard and BWD brands, as well as
through private labels, such as CARQUEST and NAPA Echlin. This segment also
provides ignition (spark plug) wires, battery cables, electrical wires,
terminals, connectors, and tools. The Temperature Control segment engages in
the manufacture and remanufacture of air conditioning compressors,
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