Standard Motor Products had a positive 2016 according to its year-end financial reports.
The company saw an increase in net sales year over year from $972 million to $1,058 million. Earnings from continuing operations for 2016 were $62.4 million compared to $48.1 million in 2015.
This equated to a gross profit of $322 million for 2016 versus a 280 million gross profit for 2015.
“We are very pleased with our 2016 results, as we set company records for both sales and profit. For the year, net sales were up 8.9% (excluding the mid-year acquisition of General Cable’s North American automotive ignition wire business, net sales were ahead 3.5%). Gross margin for the year increased from 28.9% to 30.5%, and net earnings and earnings per share were up roughly 30%,” said Eric P. Sills, Standard Motor Products’ CEO and president.