Standard Motor Products, Inc. 2nd Quarter 2024 Earnings Call | August 1, 2024 1 Safe Harbor – Forward Looking Statements You should be aware that except for historical information, the matters discussed herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements, including projections and anticipated levels of future performance, are based on current information and assumptions and involve risks and uncertainties which may caus ...

Core Insights - Standard Motor Products (SMP) reported revenue of $389.83 million for the quarter ended June 2024, reflecting a year-over-year increase of 10.4% [1] - The company's earnings per share (EPS) was $0.98, up from $0.84 in the same quarter last year, exceeding the consensus EPS estimate of $0.78 by 25.64% [1] - The reported revenue surpassed the Zacks Consensus Estimate of $365.55 million, resulting in a surprise of 6.64% [1] Revenue Breakdown - Vehicle Control revenues reached $188.74 million, slightly above the average estimate of $185.54 million, marking a year-over-year increase of 2.7% [3] - Temperature Control revenues were reported at $124.48 million, significantly exceeding the average estimate of $99.59 million, with a year-over-year growth of 28.2% [4] - Engineered Solutions revenues totaled $76.61 million, which was below the estimated $78.60 million, but still represented a 6.1% increase compared to the previous year [5] Stock Performance - Shares of Standard Motor Products have increased by 21.3% over the past month, outperforming the Zacks S&P 500 composite, which saw a change of 1.1% [5] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [5]

Standard Motor Products (SMP) came out with quarterly earnings of $0.98 per share, beating the Zacks Consensus Estimate of $0.78 per share. This compares to earnings of $0.84 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 25.64%. A quarter ago, it was expected that this auto parts maker would post earnings of $0.40 per share when it actually produced earnings of $0.45, delivering a surprise of 12.50%. Over the last four quar ...

Core Insights - Standard Motor Products, Inc. reported a 10.4% increase in net sales for Q2 2024, reaching $389.8 million compared to $353.1 million in Q2 2023 [1] - The company experienced a year-to-date sales growth of nearly 6% relative to 2023, with significant contributions from all segments, particularly Temperature Control, which saw a 28.2% increase [1][4] - Adjusted EBITDA margin improved to 10.1% in Q2 2024, slightly up from 10.0% in the previous year, despite ongoing cost pressures [1][5] Financial Performance - Q2 2024 earnings from continuing operations were $18.0 million or $0.81 per diluted share, compared to $18.4 million or $0.83 per diluted share in Q2 2023 [1][3] - For the six months ended June 30, 2024, consolidated net sales were $721.2 million, up from $681.1 million in the same period of 2023 [1][3] - Year-to-date earnings from continuing operations were $27.8 million or $1.25 per diluted share, down from $31.1 million or $1.40 per diluted share in the comparable period of 2023 [1][3] Segment Performance - Vehicle Control sales increased by 2.7% in Q2 2024, with year-to-date sales up 1.6% [1] - Temperature Control achieved record sales of $124.5 million in Q2 2024, a 28.2% increase from the previous year, driven by elevated temperatures across the country [1][4] - Engineered Solutions segment sales rose by 6.1% in Q2 2024, supported by strong demand from existing customers and new business wins [1][4] Strategic Initiatives - The company announced an agreement to acquire AX V Nissens III APS for approximately $388 million, expected to close by the end of 2024, which will enhance its product offerings and geographic presence [1][5] - An early retirement program was implemented to address cost pressures, anticipated to yield $10 million in annualized savings, with one-time severance costs of approximately $6 million [1][5] Shareholder Returns - The Board of Directors approved a quarterly dividend of $0.29 per share, payable on September 3, 2024 [1] - During the quarter, the company repurchased $7.8 million of common stock, leaving $19.6 million remaining under the current share repurchase authorization [1]

Conference Call SOURCE Standard Motor Products, Inc. NEW YORK, July 29, 2024 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, is scheduled to report its earnings for the three months and six months ended June 30, 2024, on Thursday, August 1, 2024, before the opening of the stock market. Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Thursday, August 1, 2024. This call will be webcast and can be access ...

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks. Standard Motor Products (SMP) is a stock many investors are watching right now. SMP is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value. The stock has a Forward P/E ratio of 9.77. This c ...

Standard Motor Products, Inc. will host a conference call at 11:00 AM, Eastern Time, on Wednesday, July 10, 2024 to discuss the acquisition of Nissens Automotive. This call will be webcast and can be accessed on the Investor Relations page of our website at www.smpcorp.com and clicking on the SMP Investor Call Webcast link. Investors may also listen to the call by dialing 800-225-9448 (domestic) or 203-518-9708 (international). Our playback will be made available for dial in immediately following the call. ...

NEW YORK, July 10, 2024 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, announced it has reached a definitive agreement to acquire AX V Nissens III APS ("Nissens"), a leading European manufacturer and distributor of aftermarket engine cooling and air conditioning products with a growing array of vehicle control technologies, for approximately $388 million (€360 million) in cash from Nordic private equity firm Axcel and the Nissen family. Ni ...

NEW YORK, June 20, 2024 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, has been recognized as one of U.S. News and World Report's Best Companies to Work For and was named one of the Best Companies to Work For in the Northeast. Highlighting this honor, SMP was one of only eight companies to receive the Best Companies to Work For in Auto and Parts distinction. The complete list recognizes companies that are at the very top of their respectiv ...

NEW YORK, June 5, 2024 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, has been recognized in USA Today's List of America's Climate Leaders for the second year in a row. This list recognizes companies that have reduced greenhouse gas emissions and cut their carbon footprint over the past several years. In order to make the list, companies must have demonstrated significant improvements in reducing their carbon intensity. SMP, a leading auto ...