Standard Motor Products Reports Q1 Numbers
May 3, 2013—Standard Motor Products Inc. reported today that consolidated net sales for the first quarter of 2013 were $230.7 million.
This was in comparison to consolidated net sales of $211.7 million during the first quarter of 2012.
Earnings from continuing operations for the first quarter of 2013 were $9.6 million, compared to $5.5 million in the first quarter of 2012.
"We are pleased with our first quarter results. Sales, gross margin, and earnings per share all showed substantial improvement over the first quarter of 2012,” said Lawrence I. Sills, CEO of Standard. "Net sales were up 9 percent, which consisted of 7.7 percent improvement in engine management and 16.4 percent in temperature control.”
Sills also said that the company’s gross margin increased 2.7 percentage points compared to the first quarter of 2012, thanks to increased in-house production, reduced purchase costs, and expanded production in Mexico and Poland manufacturing options.