Financial Data and Key Metrics Changes - The first quarter of 2024 saw net sales of $185.5 million in the Vehicle Control segment, up 0.5% compared to the previous year, while Temperature Control net sales were $71.6 million, down 1.1% [32][33] - Adjusted EBITDA for Vehicle Control was 10.4% of net sales, down from last year, while Temperature Control's adjusted EBITDA improved to 4.7%, up 0.1 points from last year [32][33] - Consolidated SG&A expenses were 19.5% of net sales, with a total increase of $4.2 million, including $1.1 million in start-up costs for a new distribution center [46][50] Business Line Data and Key Metrics Changes - Vehicle Control experienced a rebound in sales after a soft fourth quarter, with solid demand across all categories, despite a challenging comparison to a strong Q1 2023 [30][32] - Engineered Solutions segment sales increased by 4.5%, achieving a single-quarter record, driven by strong demand and new business wins [35][48] - Temperature Control's preseason ordering patterns varied slightly compared to last year, indicating that Q1 results are not indicative of the full year [33][25] Market Data and Key Metrics Changes - The overall market showed signs of returning to normal demand after a strong previous year, with some volatility in customer and market channel mix [30][31] - The aftermarket is stabilizing with low single-digit growth, driven by an aging car park and stable miles driven [63] Company Strategy and Development Direction - The company is focusing on expanding its distribution capacity with a new 575,000 square foot facility in Shawnee, Kansas, to improve service and mitigate risks [36][37] - There is an emphasis on maintaining a healthy pipeline of opportunities and gaining traction as a capable supplier across various products and technologies [31][36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in maintaining profitability due to inflationary pressures but remains optimistic about long-term growth prospects [34][58] - The company expects full-year 2024 sales to show flat to low single-digit percentage growth, with adjusted EBITDA anticipated to be in the range of 9% to 9.5% [53][54] Other Important Information - The company is experiencing product cost inflation, particularly in labor costs in Mexico and Europe, impacting gross margins [41][54] - Cash used in operations for Q1 was $45.7 million, compared to $20.4 million last year, reflecting a return to normal inventory levels [50][52] Q&A Session Summary Question: What is the outlook for the Engineered Solutions segment? - Management indicated that growth in Engineered Solutions is driven by new awards with existing customers and a focus on maintaining a full funnel of opportunities [69] Question: How is the company addressing labor cost inflation? - The company is actively working with customers to share experiences regarding cost inflation and is exploring pricing strategies, although the competitive market makes pricing adjustments challenging [70] Question: What are the expectations for the aftermarket segment? - The aftermarket is expected to stabilize with low single-digit growth, supported by an aging vehicle fleet and stable driving patterns [63]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission file number: 001-04743 Standard Motor Products, Inc. (Exact name of registrant as specified in its charter) New York 11-1362020 (State or other jurisdiction of incorporation o ...

Exhibit 99.1 Standard Motor Products, Inc. Announces First Quarter 2024 Results and Quarterly Dividend New York, NY, May 1, 2024......Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three months ended March 31, 2024. Net sales for the first quarter of 2024 were $331.4 million, compared to consolidated net sales of $328.0 million during the comparable quarter in 2023. Earnings from continuing operati ...

Standard Motor Products, Inc. (NYSE:SMP) Q4 2023 Earnings Conference Call February 22, 2024 11:00 AM ET Company Participants Tony Cristello - Vice President, Investor Relations Eric Sills - President & Chief Executive Officer Jim Burke - Chief Operating Officer Nathan Iles - Chief Financial Officer Conference Call Participants Joe Enderlin - Stephens Bret Jordan - Jefferies Operator Good day, everyone, and welcome to today's Standard Motor Products Fourth Quarter 2023 earnings conference call. At this time ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission file number: 001-04743 Standard Motor Products, Inc. (Exact name of registrant as specified in its charter) New York 11-1362020 (State or o ...

Exhibit 99.1 For Immediate Release For more information, contact: Anthony (Tony) Cristello Standard Motor Products, Inc. (972) 316-8107 tony.cristello@smpcorp.com Standard Motor Products, Inc. Releases Fourth Quarter and 2023 Year-End Results New York, NY, February 22, 2024......Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three and twelve months ended December 31, 2023. Net sales for the fourth ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission file number: 001-04743 Standard Motor Products, Inc. (Exact name of registrant as specified in its charter) New York 11-1362020 (State or other jurisdiction of incorporati ...

Standard Motor Products, Inc. (NYSE:SMP) Q2 2023 Results Conference Call August 2, 2023 11:00 AM ET Company Participants Tony Cristello - VP, IR Eric Sills - President and CEO Jim Burke - COO Nathan Iles - CFO Conference Call Participants Bret Jordan - Jefferies Daniel Imbro - Stephens Robert Smith - Center for Performance Investing Operator Good day, everyone, and welcome to the Standard Motor Products Second Quarter 2023 Earnings Call and Webcast. [Operator Instructions] Please note today's call will be r ...

Financial Performance - Consolidated net sales for Q2 2023 were $353.1 million, a decrease of $6.3 million, or 1.8%, compared to $359.4 million in Q2 2022[127]. - Gross profit for Q2 2023 was $101.3 million, with a gross profit margin of 28.7%, up from 26.8% in Q2 2022[127][129]. - Operating income for Q2 2023 was $27.2 million, resulting in an operating margin of 7.7%, essentially flat compared to 7.8% in Q2 2022[127][131]. - Consolidated net sales for the six months ended June 30, 2023 were $681.1 million, a slight decrease of $1.1 million compared to $682.2 million in the same period of 2022[152]. - Operating income was $47.9 million, or 7% of consolidated net sales, in the first six months of 2023, down from $54.8 million, or 8% of consolidated net sales, in the same period of 2022[161]. - Net earnings during the first six months of 2023 were $21.1 million, down from $38.6 million in the same period of 2022[171]. Segment Performance - The Vehicle Control segment experienced a decrease in net sales due to lower sales from a customer that filed for bankruptcy[128]. - The Engineered Solutions segment saw year-over-year improvement in net sales driven by increased pricing and new business wins[128]. - Vehicle Control's net sales for Q2 2023 decreased slightly to $183.8 million, down from $185.8 million in Q2 2022, primarily due to lower sales to a customer that filed for bankruptcy[138]. - Temperature Control's net sales for Q2 2023 decreased by $8.5 million, or 8.1%, to $97.1 million compared to $105.6 million in Q2 2022, impacted by adverse weather conditions affecting customer orders[139]. - Engineered Solutions' net sales for Q2 2023 increased by $4.2 million, or 6.2%, to $72.2 million compared to $68 million in Q2 2022, driven by increased pricing and new business wins[140]. - Vehicle Control segment net sales increased by $5.4 million, or 1.5%, to $368.4 million for the six months ended June 30, 2023[153]. - Temperature Control segment net sales decreased by $9.2 million, or 5.2%, to $169.5 million for the six months ended June 30, 2023[154]. - Engineered Solutions segment net sales increased by $2.8 million, or 2%, to $143.3 million for the six months ended June 30, 2023[156]. Expenses and Margins - SG&A expenses for Q2 2023 were $73.8 million, or 20.9% of net sales, compared to $68.5 million, or 19% of net sales, in Q2 2022[131]. - Selling, general and administrative expenses (SG&A) were $143.5 million, or 21.1% of consolidated net sales, in the first six months of 2023, compared to $131.4 million, or 19.3% in the same period of 2022[159]. - Interest expense increased to $3.3 million in Q2 2023 from $1.8 million in Q2 2022, due to higher average interest rates on credit facilities[147]. - Interest expense increased to $7.1 million in the first six months of 2023, compared to $2.6 million for the same period in 2022[163]. - Gross margins increased to 28.7% in Q2 2023 from 26.8% in Q2 2022, with Vehicle Control's gross margin rising to 32.7%[141]. Cash Flow and Debt - Cash provided by operating activities was $39.4 million in the first six months of 2023, compared to cash used in operating activities of $95.3 million in the same period of 2022[170]. - Total debt decreased to $223.2 million as of June 30, 2023, down from $267.5 million at the end of 2022[170]. - Cash used in investing activities was $9.4 million in the first six months of 2023, compared to $13.2 million in the same period of 2022[173]. - Material cash commitments as of June 30, 2023, include $223 million in borrowings under the Credit Agreement and $93.6 million in future minimum cash requirements under operating leases[193]. - The Company anticipates that cash flow from operations, available cash, and borrowings will be adequate to meet liquidity needs for at least the next twelve months[194]. Strategic Initiatives - The company anticipates ongoing inflationary cost increases in raw materials, labor, and transportation, but expects to offset much of the impact through cost savings initiatives[129][134]. - The reorganization into three operating segments aims to provide clarity on market dynamics and align with strategic growth opportunities[123][119]. - The Engineered Solutions segment is expected to provide a platform for growth by supplying custom-engineered solutions to diversified global end-markets[119]. - The company remains optimistic about long-term growth potential in the Engineered Solutions segment and is focused on cash flow generation for the remainder of 2023[132]. - The company is closely monitoring the impact of global supply chain disruptions and inflationary cost increases on its operations[134]. Risks and Accounting Policies - The company has identified critical accounting policies related to the valuation of long-lived and intangible assets and asbestos litigation, which are essential for understanding its financial results[196]. - The company is exposed to risks from supply chain disruptions, geopolitical tensions, and inflation, which could materially impact its financial condition and results of operations[198].

Financial Data and Key Metrics Changes - The company reported cash used in operations in Q1 2023 of $20.4 million, an improvement of $83.6 million compared to $104 million last year, driven by a $74 million improvement in cash flows from inventory [2] - Consolidated net sales increased by 1.6% in Q1 2023 compared to the same quarter last year, reflecting growth primarily in Vehicle Control [38] - Adjusted EBITDA for the company was $29 million, down $6.4 million from last year, with a decline in both operating income and adjusted EBITDA due to increased factoring expenses [40][41] Business Line Data and Key Metrics Changes - Vehicle Control net sales in Q1 were $184.6 million, up 4.1% year-over-year, with adjusted EBITDA of $21.5 million, representing 11.6% of net sales, down 2.2 points from last year [33][34] - Temperature Control net sales were $72.4 million, down 0.9% year-over-year, with adjusted EBITDA of $3.3 million, down from last year and at 4.6% of net sales [35] - Engineered Solutions sales were $71 million, down 2% compared to last year, with adjusted EBITDA at 11.6%, a decrease of 1.1 points from last year [37] Market Data and Key Metrics Changes - The aftermarket business, which constitutes about 80% of total revenue, is experiencing favorable market conditions, with increasing vehicle age and miles driven nearing historic levels [16][17] - Customer inventory levels at the end of Q1 were roughly the same as the previous year, indicating stable demand and effective preseason order planning [78] Company Strategy and Development Direction - The company has launched a newly defined global strategy focusing on cross-selling opportunities across its combined portfolio, particularly in Engineered Solutions [8][20] - The company aims to reduce outstanding debt and return value to shareholders through increased dividends while investing in new technologies [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position in the market, noting that the industry tends to perform well even in difficult economic times due to the nondiscretionary nature of their products [17][20] - The company anticipates full-year 2023 sales growth in the low single digits, maintaining expectations for adjusted EBITDA at approximately 10% [10][11] Other Important Information - The company has approved a quarterly dividend of $0.29 per share to be paid on June 1, 2023, reflecting confidence in cash flow improvements [13] - The company is focused on reducing inventory levels and expects to see operating cash flows return to healthy levels consistent with past years [22] Q&A Session Summary Question: Inquiry about downstream market share and share gains - Management indicated that they are outperforming the competition in most product categories and are gaining market share through strong partnerships [28][29] Question: Discussion on SG&A expenses and factoring costs - SG&A expenses were well controlled, and management expects better leverage in the second half of the year if factoring costs normalize [30][48] Question: Comments on customer relationships and inventory levels - Management noted that customer relationships are stronger than ever, and inventory levels are stable, with expectations for a good summer season [18][64] Question: Impact of U.S.-China relations on business - Management stated that it has been business as usual with their partners in China, while closely monitoring the situation [83][99] Question: Electric vehicle market and aftermarket potential - The company is preparing for the future by studying the aftermarket potential of electric vehicles while continuing to grow its combustion engine product lines [100][101]