Share price of Standard Motor Products Inc. SMP increased 7.2% to $37.53 after the company recorded a significant 37.5% improvement in adjusted earnings per share to 55 cents in the first quarter of 2016 from 40 cents earned in the prior-year quarter. Earnings also exceeded the Zacks Consensus Estimate of 48 cents. Earnings from continuing operations increased to $12.6 million from $9.2 million in the year-ago quarter. Standard Motor Products Inc. (SMP) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompany Earnings from continuing operations, on a reported basis, amounted to $12.7 million or 55 cents per share, compared with $9.3 million or 40 cents in the prior-year quarter.Total revenue rose 5% to $238.9 million from $227.6 million a year ago, surpassing the Zacks Consensus Estimate of $237 millionGross profit increased 14.3% to $73 million (30.6% of sales) from $63.9 million (28.1% of sales) in the first quarter of 2015. Operating income increased significantly by 34.3% to $20 million from $14.9 million in the year-ago quarter.Segment ResultsRevenues at the Engine Management segment went up 2% to $180.7 million in the reported quarter from $177.1 million a year ago. The improvement was in line with the projection of a low single-digit increase. Operating profit was $24.2 million (13.4% of sales) compared with $21.7 million (12.3% of sales) in the prior-year quarter.Revenues at the Temperature Control segment increased 16.5% to $56.8 million. This improvement was driven by higher pre-season orders. The segment recorded an operating profit of $2.4 million (4.2% of sales), as against an operating loss of $1.4 million (2.8% of sales) in first-quarter 2015.Revenues at the All Other segment decreased to $1.5 million from $1.8 million a year ago. The segment recorded an operating loss of $6.6 million, wider than an operating loss of $5.6 million in the first quarter of 2015.Financial PositionStandard Motor had cash balance of $13.4 million as of Mar 31, 2016, compared with $18.8 million as of Dec 31, 2015. Long-term debt of the company was $200,000 as of Mar 31, 2016, compared with $78,000 as of Dec 31, 2015.In the first quarter of 2016, Standard Motor had cash outflow of $1.3 million from operating activities compared with $14.2 million in the prior-year quarter. Capital expenditures were in line with the year-ago level of $4.1 million.DividendStandard Motor’s board approved a dividend of 17 cents per share. The dividend will be paid on Jun 1, to shareholders on record as of May 16, 2016.Zacks RankStandard Motor currently carries a Zacks Rank #4 (Sell).Some better-ranked automobile stocks include Lear Corp. LEA, Superior Industries International, Inc. SUP and Oshkosh Corporation OSK. All the three stocks sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SUPERIOR INDS (SUP): Free Stock Analysis Report LEAR CORPORATN (LEA): Free Stock Analysis Report OSHKOSH CORP (OSK): Free Stock Analysis Report STANDARD MOTOR (SMP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research