Standard Motor Products Increases Dividend

Parts manufacturer and distributor Standard Motor Products has announced that its board of directors has approved an increase in its quarterly common stock dividend from five cents per share to seven cents per share.
The dividend will be payable on March 1, 2011 to stockholders of record on February 15, 2011.
Lawrence I. Sills, Standard Motor Products’ chairman and chief executive officer, stated, “Our board’s decision to increase the dividend reflects our confidence in the future and the importance of delivering returns to our investors.”
Standard Motor Products reported net income of $19.7 million, or 87 cents per share, through the first three quarters of last year, more than double the same period in 2009.

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