Standard Motor Products (SMP), a leading automotive parts manufacturer and distributor, has reported its consolidated financial results for the three months and six months ended June 30, 2021.
Consolidated net sales for the second quarter of 2021 were $342.1 million, compared to consolidated net sales of $247.9 million during the comparable quarter in 2020.
Consolidated net sales for the six months ended June 30, 2021, were $618.6 million, compared to consolidated net sales of $502.2 million during the comparable period in 2020.
Eric Sills, Standard Motor Products’ CEO and president stated, “We are very pleased with our second quarter results as the strong sales trends we have been experiencing for the last three quarters continued unabated. While our sales finished the quarter 38% ahead of 2020, last year’s second quarter was dramatically affected by the pandemic. Yet we were also 12% favorable to the comparable quarter in 2019.
Sills added that SMP set records in earnings, with non-GAAP diluted earnings per share from continuing operations up 142% in the quarter, and up 37% vs. the second quarter of 2019.
“Our overall year-to-date performance was very strong, with sales and earnings up 23% and 135% respectively vs. last year. However, although market conditions remain robust, comparisons to 2020 will become more challenging. 2020 was a year of two halves – the first half was severely impacted by pandemic-related lockdowns, while the second half set records as the market surged. We believe that going forward a comparison to a more normalized 2019 is more appropriate.”
The SMP board of directors has approved payment of a quarterly dividend of 25 cents per share on the common stock outstanding. The dividend will be paid on Sept. 1, 2021, to stockholders of record on Aug. 16, 2021.