Feb. 25, 2015—Standard Motor Products Inc., an automotive replacement parts manufacturer and distributor, reported Wednesday its consolidated financial results for the fourth quarter and entirety of 2014.
Consolidated net sales for the fourth quarter of 2014 were $218.1 million, compared to consolidated net sales of $218.7 million during the comparable quarter in 2013. Earnings from continuing operations for the fourth quarter of 2014 were $11.5 million or 50 cents per diluted share, compared to $9.4 million (40 cents per diluted share) in the fourth quarter of 2013.
Excluding non-operational gains and losses identified on the reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the fourth quarter of 2014 were $11.4 million, compared to $9.7 million in the fourth quarter of 2013.
Consolidated net sales for 2014 were $980.4 million, compared to consolidated net sales of $983.7 million in 2013.
Earnings from continuing operations for 2014 were $52.9 millio, compared to $53 million in 2013.
Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for 2014 and 2013 were $58.7 million and $54.1 million, respectively.
The board of directors has authorized the purchase of up to an additional $10 million of its common stock under a stock repurchase program. This increase is in addition to the completed $10 million repurchase program authorized by the board in February 2014. Stock will be purchased from time to time, in the open market or through private transactions, as market conditions warrant. The company intends to fund the stock repurchase program through its revolving credit facility.
