Standard Motor Products (SMP) will suspend its quarterly dividend in 2020 because of COVID-19. Earlier this year the company raised its quarterly dividend by 8.7 percent $0.25 per share, marking the 10th consecutive year of dividend increases by the automotive replacement parts manufacturer and distributor.

In its press release dated April 29, 2020 the company announces first quarter 2020 results and discusses the COVID-19 business impact. SMP states that it has drawn down an additional $75 million from its bank credit line, temporarily ceased its stock buyback program, and temporarily suspended its quarterly dividend.

Standard Motor Products, Inc. is a manufacturer and distributor of  premium replacement parts for the engine management and temperature control systems of motor vehicles in the automotive aftermarket industry with a complementary focus on heavy duty, industrial equipment and the original equipment market. Standard Motor sells its products primarily to automotive aftermarket retailers, program distribution groups, warehouse distributors, original equipment manufacturers and original equipment service part operations in the United States, Canada, Mexico, Europe, Asia and other Latin American countries. The company's brands include Standard, Blue Streak, Intermotor, Standard Diesel, BWD Select, BWD, TechSmart, Tech/Expert, GP Sorensen, LockSmart, FourSeasons, Everco, Hayden Automotive, Pro Source and Factory Air.