NEW YORK, Oct. 25, 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 nine months ended September 30, 2024, on Wednesday, October 30, 2024, before the opening of the stock market.Conference CallStandard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Wednesday, October 30, 2024.  This call will be webcast and can be accessed on the Investor Relatio ...

NEW YORK, Sept. 17, 2024 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, announced today it has entered into a new five-year $750 million credit facility, with JPMorgan Chase Bank, N.A., as agent, and a syndicate of lenders (the "Credit Facility"). The Credit Facility includes $310 million of term loans and a $440 million revolving credit facility, and allows for borrowing in multiple currencies. In addition, SMP intends to use interest rat ...

Shares of Standard Motor Products, Inc. (SMP) , one of the leading manufacturers, distributors and marketers of premium automotive replacement parts, have plunged 19.7% year to date (YTD), underperforming the industry as well as its peers like Dorman Products, Inc. (DORM) and Douglas Dynamics, Inc. (PLOW) . Image Source: Zacks Investment Research YTD Price Comparison Standard Motor thrives on sustained demand for automotive parts and acquisition and balance sheet strength. However, rising capital expenditur ...

Financial Data and Key Metrics Changes - Sales increased by 10% year-over-year, marking an all-time record for the company [4] - Vehicle Control segment sales rose by 2.7% compared to the previous year, with year-to-date growth of 1.6% [4][10] - Temperature Control segment sales surged by 28% year-over-year, with year-to-date growth of nearly 16% [5][12] - Engineered Solutions segment sales grew by 6% in the quarter and 5% year-to-date [6][13] - Adjusted EBITDA for Vehicle Control was 10.4%, down from last year due to lower gross margin rates and higher operating expenses [11] - Adjusted EBITDA for Temperature Control increased to 12.6% in Q2, benefiting from higher sales volumes [12] - Adjusted EBITDA for Engineered Solutions was 13.1%, slightly up from last year [13] Business Line Data and Key Metrics Changes - Vehicle Control segment net sales were $188.7 million in Q2, up 2.7% [10] - Temperature Control segment net sales reached $124.5 million, up 28.2% [12] - Engineered Solutions segment sales were up 6.1% in Q2 [13] Market Data and Key Metrics Changes - The company noted that inventory levels at customers remained stable month-over-month, indicating no significant shifts in inventory strategy [30] - The company anticipates continued replenishment orders in Temperature Control due to prolonged heat [27] Company Strategy and Development Direction - The company announced the acquisition of Nissens Automotive, a leading supplier in the European aftermarket, which is expected to enhance growth through cross-selling and cost reduction synergies [8][9] - The company aims to leverage its strengths in various product categories to expand offerings and improve supplier capabilities [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the North American aftermarket despite macroeconomic uncertainties [21] - The company expects low to mid-single-digit percentage growth in sales for the full year of 2024, maintaining adjusted EBITDA expectations in the range of 9% to 9.5% [18][19] - Cost pressures from inflation and elevated distribution expenses are anticipated to continue impacting profitability [15][19] Other Important Information - The company implemented an early retirement program expected to save approximately $10 million annually [7][15] - Cash used in operations for the first six months was $10.1 million, compared to cash generated of $39.4 million last year [16] Q&A Session Summary Question: What is the current demand situation in the Vehicle Control segment? - Management noted that while some customers reported sluggish demand, their sales have been roughly flat to slightly down, which aligns with customer purchasing patterns [24][25] Question: How will potential rate cuts affect the company? - Management indicated that a 25 basis point move in rates could be worth about $2 million for their factoring programs, but the recent Fed announcement did not significantly change their outlook [25] Question: What is the inventory situation in Temperature Control? - Management observed that customer inventory levels remained flat, allowing them to meet demand effectively [26][27] Question: How receptive are customers to price increases? - Management acknowledged that while they strive to cover inflation through pricing, the competitive market makes receptivity to price increases challenging [28] Question: What is the outlook on overall inventory in the market? - Management reported that inventory levels in Vehicle Control are stable, with no significant shifts noted [30]

Standard Motor Products (SMP) posted second-quarter 2024 adjusted earnings per share (EPS) of 98 cents, which rose from 84 cents reported in the prior-year quarter and beat the Zacks Consensus Estimate of 78 cents. Total revenues rose to $389.8 million from $353.1 million reported in the second quarter of 2023. The reported figure also beat the Zacks Consensus Estimate of $366 million. Gross profit rose to $111.4 million from the year-ago quarter's $101.3 million. Operating income declined to $24.99 million ...

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $2.00 per share SMP New York Stock Exchange LLC 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 June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITI ...

For the quarter ended June 2024, Standard Motor Products (SMP) reported revenue of $389.83 million, up 10.4% over the same period last year. EPS came in at $0.98, compared to $0.84 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $365.55 million, representing a surprise of +6.64%. The company delivered an EPS surprise of +25.64%, with the consensus EPS estimate being $0.78. While investors scrutinize revenue and earnings changes year-over-year and how they compare wi ...

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 ...

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. Announces Second Quarter 2024 Results and Quarterly Dividend New York, NY, August 1, 2024......Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three and six months ended June 30, 2024. Net sales for the second ...