RTTNews | May 5, 2021 09:12AM EDT

09:11 Wednesday, May 5, 2021 (RTTNews.com) - Standard Motor Products, Inc. (SMP), Wednesday reported an increase in first-quarter net earnings on higher revenues, compared to the prior year.

For the first quarter, the automotive parts manufacturer and distributor reported earnings of $21 million or $0.92 per share, up from $8.63 million or $0.38 per share a year ago.

On average, 3 analysts polled by Thomson Reuters expected the company to earn $0.54 per share. Analysts estimates usually exclude special items.

Net sales increased to $276.55 million from $254.30 million last year. Analysts expected revenue of $257.57 million.

Further, the company said its board has approved payment of a quarterly dividend of 25 cents per share on the common stock outstanding, to be paid on June 1, 2021 to stockholders on record on May 17.

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