LONG ISLAND CITY, N.Y. (AP) — LONG ISLAND CITY, N.Y. (AP) — Standard Motor Products Inc. (SMP) on Wednesday reported first-quarter net income of $8.8 million.
On a per-share basis, the Long Island City, New York-based company said it had profit of 39 cents. Earnings, adjusted to account for discontinued operations and restructuring costs, came to 45 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.
The auto parts maker posted revenue of $331.4 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $322.9 million.
