Standard Motor Products (SMP), an automotive replacement parts manufacturer and distributor, announced today that its board of directors has approved the payment of a quarterly common stock dividend of 25 cents per share.
The dividend will be payable on March 1, 2021, to shareholders of record on Feb. 16, 2021.
Completed sale of Global Products business on March 1 generated $2.38 billion of net proceeds.
Valvoline Inc. today reported financial results for its second fiscal quarter ended March 31, 2023.
"With the sale of the Global Products business complete, Valvoline is wholly focused on driving long-term value to shareholders through our best-in-class retail platform by growing system-wide store sales, increasing units through both company-operated and franchised additions, and evolving the service portfolio over time," said Sam Mitchell, CEO. "Valvoline continues to see resiliency and strength in the demand for the quick, easy and trusted preventive maintenance service we provide to our customers, demonstrated by 26% adjusted EBITDA growth on 19% adjusted sales growth1 year over year for the quarter."
The deal, first announced on Feb 27, is expected to generate approximately $55 million in run-rate cost synergies and incremental revenue upside opportunities.
First quarter net sales were $4,180 million for the first quarter 2023, an increase of 8% compared with $3,874 million for the first quarter 2022.
The company reports $4 billion in revenue, an increase of 2% with organic growth of 5%.
The company reiterates full-year fiscal 2023 revenue and earnings outlook.
First quarter 2023 sales were up 6% year-over-year.
Net income decreased 14 percent versus the prior year to $29.7 million or $0.17 per diluted share.
Net sales for the first quarter of 2023 were $328 million.
Sills was honored at the Automotive Parts Services Group annual conference and expo in National Harbor, Maryland.
