Standard Motor Products Reports Record Year
Feb. 16, 2017—Standard Motor Products Inc. set records for both sales and profit, ending 2016 with consolidated net sales of $1.06 billion.That total is compared to consolidated net sales of $972 million during the comparable period in 2015. Earnings from continuing operations for 2016 were $62.4 million, compared to $48.1 million in 2015.
Consolidated net sales for the fourth quarter of 2016 were $229.8 million, compared to consolidated net sales of $205 million during the comparable quarter in 2015. Earnings from continuing operations for the fourth quarter of 2016 were $8.8 million, compared to $5.8 million in the fourth quarter of 2015.
For the year, overall net sales were up 8.9 percent; gross margin for the year increased from 28.9 percent to 30.5 percent; and net earnings and earnings per share were up roughly 30 percent.
"We are very pleased with our 2016 results, as we set company records for both sales and profit," said Eric P. Sills, Standard Motor Products' chief executive officer and president.