Standard Motor Products Inc. (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 the company's press release dated October 28 the company announces Q3 results and the dividend reinstatement: "Though our crystal ball is somewhat cloudy, with coronavirus infection rates rising again and unemployment still at high levels, we are optimistic looking forward. Accordingly, the Board of Directors has approved a reinstatement of a quarterly dividend of 25 cents per share on common stock outstanding. The dividend will be paid on December 1, 2020, to stockholders of record on November 16, 2020. We have also reinstated our share purchase program, which has remaining authorization from our Board of Directors in the amount of $11.3 million." 

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. The dividend was suspended in 2020 because of COVID-19 and reinstated later that year.