NEW YORK, Aug. 1, 2024 /PRNewswire/ -- 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 quarter of 2024 were $389.8 million, compared to consolidated net sales of $353.1 million during the comparable quarter in 2023. Earnings from continuing operations for the second quarter of 2024 were $18.0 million or $0.81 per diluted share, compa ...

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 ...

Per Eric Sills, chairman and CEO of Standard Motor, the acquisition will expand SMP's range of powertrainneutral products. The company intends to keep Nissens functioning as an independent unit while utilizing the combined strengths of both companies to achieve cost savings and increase revenues. The transaction values Nissens at about 7.5x adjusted EBITDA, considering estimated cost synergies of $10 million. The acquisition is expected to boost SMP's GAAP EPS in the first full year and should be completed ...

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 ...

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 ...