NEW YORK — Standard Motor Products reported its consolidated financial results for the three months and six months ended June 30, 2010.

Consolidated net sales for the second quarter of 2010 were $231 million, compared to consolidated net sales of $197.5 million during the comparable quarter in 2009. Earnings from continuing operations for the second quarter of 2010 were $8.1 million or 35 cents per diluted share, compared to $5.6 million or 30 cents per diluted share in the second quarter of 2009. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the second quarter of 2010 were $8.7 million or 38 cents, compared to $5.2 million or 27 cents per diluted share in the second quarter of 2009.

Consolidated net sales for the six month period ended June 30, 2010 were $410.4 million, compared to consolidated net sales of $369.7 million during the comparable period in 2009. Earnings from continuing operations for the six month period ended June 30, 2010 were $10.9 million or 48 cents per diluted share, compared to $6.4 million or 34 cents per diluted share in the comparable period of 2009.

Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the six months ended 2010 and 2009 were $11.8 million or 52 cents per diluted share and $6.5 million or 35 cents per diluted share, respectively.

Commenting on the results, Lawrence I. Sills, Standard Motor Products' chairman and CEO, stated, "We are pleased with our results for the second quarter and for the first six months of the year. Sales were strong for both Engine Management and Temperature Control, and both divisions continued to benefit from cost reduction programs initiated over the past few years.

"Engine Management sales were 24 percent ahead for the quarter and 17 percent for the half. We attribute this to a combination of factors — solid growth for the entire aftermarket (which apparently is continuing into the third quarter), new business from the acquisition of Federal Mogul's wire line, inventory increases on the part of several customers as they return to more normalized stocking levels, and an increase in OE/OES volume from last year's depressed levels.

"Temperature Control sales are benefiting from one of the hottest summers in recent years, and full year volume from two large accounts gained in 2009.
            
"One element we are not yet satisfied with is our Engine Management gross margin, which is running slightly below 2009. However, we anticipate improvement in the second half, as our price increases are now fully implemented, and we continue our cost reduction initiatives.                                                                  
"We were very successful deleveraging our balance sheet in 2009. While our working capital has increased in 2010 to accommodate the strong sales performance to-date, we anticipate achieving further debt reductions in the second half of this year."
    
The Board of Directors has approved payment of a quarterly dividend of 5 cents per share on the common stock outstanding. The dividend will be paid on Sep. 1, 2010 to stockholders of record on Aug. 13, 2010.