Standard Motor Products Inc.’s first half net sales and earnings were both up for 2016, according to the company’s first half financial results.
“We are pleased with our results for the second quarter and first half of 2016. Net sales were up 7.3% for the quarter and 6.2% for the half; 2016 sales included $8.5 million from our recent acquisition of the General Cable Corp.’s North American automotive ignition wire business,” said Eric P. Sills, Standard Motor Products’ CEO and president.
SMP’s net sales increased to $527.9 million compared to its $497 million net sales in 2015, while earnings from continuing operations were up $32.5 million compared to $23.1 million last year.
Excluding non-operational gains and losses, earnings from continuing operations were $32.8 million.
SMP’s operating income, before restructuring and integration expenses and other income, increased roughly 46% in six months.
“We are also quite pleased with our strong performance in profitability, although as mentioned above, some of it was due to favorable comparisons to 2015 when we incurred some fairly substantial one-time costs that were not repeated in 2016,” Sills said. “We therefore expect earnings in the second half of 2016 to continue to show improvement over 2015, but to a lesser extent, as the bulk of the roughly $10 million one-time costs from 2015 were incurred in the first half of the year.