FILE - In this Monday, Dec. 10, 2012, file photo, workers sort packages at a FedEx sorting facility in Kansas City, Mo. FedEx is more pessimistic about the U.S. economy than it was three months ago, but more assured of its own ability to grow earnings. The world's second-largest package delivery company lowered its economic forecast for the U.S., saying that there remains a lot of uncertainty for the company and the country. Its forecast for the current quarter, which incorporates the critical holiday season, falls short of Wall Street expectations. (AP Photo/Charlie Riedel, File)

Standard Motor rises on 4Q results, dividend boost

Published: 07:22:23 PM, Mon 04 March 2013 UTC

NEW YORK (AP) — Shares of Standard Motor Products Inc. hit their highest point in nearly two decades Monday, after the auto parts maker reported an increase in adjusted fourth-quarter profit and announced plans to boost its dividend and buy back more of its stock.

For the quarter ended Dec. 31, the New York-based company earned $5.9 million, or 26 cents per share, down 80 percent from $29.3 million, or $1.28 per share, in the final three months of 2011.

The 2011 quarter included a tax-related benefit of $24.3 million. Excluding that and other one-time items, the company's profit rose to an adjusted 28 cents from an adjusted 17 cents per share.

Revenue rose 10 percent to $192.4 million from $174.2 million, mainly as a result of contributions from recent acquisitions.

For the full year, Standard Motor earned $41.4 million, or $1.79 per share, down from $62.4 million, or $2.70 per share, for all of 2011. Revenue rose to $948.9 million from $874.6 million.

Citing the improved financial results, the company boosted its dividend by 2 cents to 11 cents and announced it would buy back additional $6 million in common stock. The company currently has $864,000 left under its previous authorization.

Shares of Standard Motor rose $1.11, or 4.4 percent, to $26.13 in afternoon trading, after peaking at $26.86 earlier in the session. That was the highest point the stock has touched since January 1994, according to FactSet.

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