NEW YORK -- Standard Motor Products Inc. (SMP) has reported its consolidated financial results for the three months and year ended Dec. 31, 2010.

Consolidated net sales for the fourth quarter of 2010 were $173 million, compared to consolidated net sales of $160.1 million during the comparable quarter in 2009.  

Earnings from continuing operations for the fourth quarter of 2010 were $2.7 million or 12 cents per diluted share, compared to a loss of $5.2 million or 25 cents per diluted share in the fourth quarter of 2009.

Consolidated net sales for 2010 were $810.9 million, compared to consolidated net sales of $735.4 million in 2009. Earnings from continuing operations for 2010 were $24.7 million or $1.09 per diluted share, compared to $5.9 million or 31 cents per diluted share in 2009

Commenting on the results, Chairman and CEO Lawrence Sills said, "We are pleased to see that our strong results continued through the fourth quarter. We achieved a sales increase of roughly 8 percent for the quarter and 10 percent for the year. Adjusting for the sale of our European distribution business, in November 2009, the sales increases were 11.9 percent for the quarter and 14.4 percent for the year.

"As has been well-documented, the entire aftermarket has experienced solid growth, aided by an aging car population and the closing of car dealerships. We also benefited from a hot summer for our Temperature Control business and growth in the wire business acquired from Federal-Mogul.

"Our earnings grew at an even faster rate, with non-GAAP earnings per share from continuing operations going from 70 cents to $1.07, as a result of the sales increase, plus the benefits of a multi-year effort in cost-reduction. A major component of the improvement was a year-over-year increase in gross margin from 24.1 percent to 25.6 percent.

"From a cash flow perspective, we reduced debt by $10 million, from $76 million to $66 million, despite a rise in inventories to support the sales growth. In January, we announced an increase in our quarterly dividend, from 5 cents to 7 cents per share. In all, we are pleased with 2010 and look forward to 2011."