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Standard Motor Products Inc. Reports Operating Results (10-Q)

November 02, 2012 | About:
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10qk

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Standard Motor Products Inc. (SMP) filed Quarterly Report for the period ended 2012-09-30.

Standard Motor Products has a market cap of $390.3 million; its shares were traded at around $19.03 with a P/E ratio of 10.9 and P/S ratio of 0.5. The dividend yield of Standard Motor Products stocks is 2.1%. Standard Motor Products had an annual average earning growth of 12.9% over the past 5 years.
This is the annual revenues and earnings per share of SMP over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of SMP.


Highlight of Business Operations:

The most recent actuarial study was performed as of August 31, 2012. The updated study has estimated an undiscounted liability for settlement payments, excluding legal costs and any potential recovery from insurance carriers, ranging from $27.1 million to $41.5 million for the period through 2058. The change from the prior year study was a $0.4 million decrease for the low end of the range and a $25 million decrease for the high end of the range. The decrease in the estimated undiscounted liability from the prior year study at both the low end and high end of the range reflects our actual experience over the past twelve months. Based on the information contained in the actuarial study and all other available information considered by us, we concluded that no amount within the range of settlement payments was more likely than any other and, therefore, recorded the low end of the range as the liability associated with future settlement payments through 2058 in our consolidated financial statements. Accordingly, an incremental $0.4 million provision in our discontinued operation was added to the asbestos accrual in September 2012 increasing the reserve to approximately $27.1 million. According to the updated study, legal costs, which are expensed as incurred and reported in earnings (loss) from discontinued operation in the accompanying statement of operations, are estimated to range from $32.3 million to $57 million during the same period.

Read the The complete Report

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