Standard Motor Products, Inc. (SMP), an automotive replacement parts manufacturer and distributor, reported Thursday a net loss from continuing operations for the fourth quarter of $0.80 million or $0.04 per share, compared to net income of $6.43 million or $0.32 per share in the prior-year quarter.
The company also reported a net loss attributable to SMP of $2.20 million or $0.10 per share, compared to net income of $6.43 million or $0.29 per share in the prior-year quarter.
Excluding items, adjusted earnings from continuing operations were $0.47 per share, compared to $0.37 per share last year.
Net sales for the quarter grew 18.1 percent to $343.35 million from $290.76 million in the same quarter last year. Net sales were up 5.8 percent, excluding Nissens. Acquisition of Nissens closed in November, contributed $35.7 million of sales in the quarter.
On average, analysts polled expected the company to earn $0.44 per share on revenues of $292.50 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2025, the company now expects sales to grow in the mid-teens percentage, while analysts expect it to grow 2.34 percent to $1.45 billion.
The Board of Directors also approved the payment of an increased quarterly dividend of $0.31 per share on the common stock outstanding, which will be paid on March 3, 2025 to stockholders of record on February 14, 2025.
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