Standard Motor Products Down 17.5% on Disappointing Revenue Guidance
Standard Motor Products (NYSE: SMP) is trading lower on the session after guiding its first quarter revenue lower than the estimates. The company expects revenues of $220.2M vs $232.94M estimate.
Lawrence I. Sills, Standard Motor Products' Chairman and Chief Executive Officer, commented on the Q4 earnings: "We are gratified by our results in 2011 as we set new Company records for both sales and profit. Our 8% sales increase and in excess of 45% operating earnings per share increase were aided by positive industry trends, but much of the success came from the skill and efforts of our people."
Standard Motor Products is currently trading at $20.09, a loss of $4.28 or 17.56%.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.