Standard Motor Products, Inc., an automotive replacement parts manufacturer and distributor, announced today that its Board of Directors has approved an increase in its quarterly common stock dividend from seventeen cents per share to nineteen cents per share, payable on March 1, 2017 to stockholders of record on February 15, 2017.
Eric Sills, Standard Motor Products' Chief Executive Officer, stated, "We are pleased to announce an increase in our quarterly dividend. This reflects our confidence in the long-term outlook of our Company. As a part of our strategy, we strive to continue to return value to our shareholders through this quarterly dividend, while maintaining financial strength and flexibility to pursue other value-creating opportunities."
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Standard Motor Products cautions investors that any forward-looking statements made by the company, including those that may be made in this press release, are based on management's expectations at the time they are made, but they are subject to risks and uncertainties that may cause actual results, events or performance to differ materially from those contemplated by such forward looking statements. Among the factors that could cause actual results, events or performance to differ materially from those risks and uncertainties discussed in this press release are those detailed from time-to-time in prior press releases and in the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10-K and quarterly reports on Form 10-Q. By making these forward-looking statements, Standard Motor Products undertakes no obligation or intention to update these statements after the date of this release.