On February 1, 2023, Standard Motor Products Inc. (SMP) declared an increased quarterly dividend of $0.29 per share, up 7.4% from the previous dividend of $0.29 per share. This marks the 2nd consecutive year of increased dividends for SMP. The company now pays an estimated $25 million in dividends annually. The next SMP dividend will payable on March 1, 2023, to shareholders of record on February 15, 2023. Last year the dividend was hiked by 8%.
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.