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Standard Motor Products profit misses consensus by 41.3% in Q4

Standard Motor Products said its normalized net income for the fourth quarter amounted to 33 cents per share, compared with the S&P Capital IQ consensus estimate of 56 cents per share.

EPS decreased 29.8% year over year from 47 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $7.6 million, a decrease of 30.6% from $10.9 million in the prior-year period.

The normalized profit margin declined to 2.6% from 5.0% in the year-earlier period.

Total revenue decreased 6.0% year over year to $205.0 million from $218.1 million, and total operating expenses decreased year over year to $189.0 million from $196.3 million.

Reported net income fell 48.9% on an annual basis to $5.9 million, or 26 cents per share, from $11.5 million, or 49 cents per share.

For the year, the company's normalized net income totaled $2.06 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.34.

EPS declined 17.1% from $2.49 in the prior year.

Normalized net income was $47.8 million, a decrease of 17.4% from $57.8 million in the prior year.

Full-year total revenue totaled $972.0 million, compared with $980.4 million in the prior year, and total operating expenses came to $879.5 million, compared with $871.2 million in the prior-year period.

The company said reported net income declined 9.2% on an annual basis to $48.1 million, or $2.08 per share, in the full year, from $53.0 million, or $2.28 per share.