Financial Data and Key Metrics Changes - The company reported a 3.3% increase in revenue compared to the previous year's record-setting quarter, with a year-to-date increase of almost 6% [6] - Adjusted diluted EPS increased over 15% from last year's third quarter, with year-to-date performance also ahead [7] - Consolidated SG&A expenses were up for both the quarter and first nine months, with SG&A as a percentage of net sales flat at 16.9% for the quarter [25][26] Business Line Data and Key Metrics Changes - **Vehicle Control**: Net sales of $200.9 million in Q3 were up 5.2%, with year-to-date sales up 2.8% [18] - **Temperature Control**: Q3 net sales of $126 million were up 1.9%, with year-to-date sales up 9.9% [21] - **Engineered Solutions**: Sales in Q3 were up 0.8%, with year-to-date sales up 3.8% [23] Market Data and Key Metrics Changes - The company noted that certain end markets for Engineered Solutions are beginning to show a slowdown, impacting sales [11] - The North American aftermarket has shown resilience, with nondiscretionary repair items performing well even during economic downturns [38] Company Strategy and Development Direction - The company is focused on the acquisition of Nissens Automotive, which is expected to enhance growth, cost reduction, and operational synergies [12][13][15] - The company plans to present Nissens as a new segment and is eager to explore growth opportunities together [36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged external factors impacting the business but expressed confidence in the resilience of the markets [38] - The company expects low to mid-single-digit percentage growth in sales for the full year of 2024, with adjusted EBITDA in the range of 9% to 9.5% [33] Other Important Information - The company incurred start-up costs related to a new distribution center, which impacted SG&A expenses [26] - A new 5-year, $750 million credit facility was established to support the acquisition of Nissens and provide flexibility for growth [32] Q&A Session Summary Question: Vehicle Control performance amidst sluggish customer reports - Management noted that while some customers reported sluggishness, nondiscretionary products are outperforming, and sales exceeded customer purchases due to inventory expansion [41] Question: Inventory status in Temperature Control - Management indicated that both customer and company inventories were well-maintained throughout the period, leading to a healthy position heading into the off-season [43] Question: Performance in Engineered Solutions and market softness - Management acknowledged some softness in construction and agricultural equipment markets but emphasized long-term growth potential despite quarterly fluctuations [44] Question: Outlook for 2025 and interest rates - Management refrained from providing guidance for 2025 but acknowledged the importance of monitoring interest rates and their impact on factoring [46] Question: Softening in Europe and collaboration with Nissens - Management stated that while the deal with Nissens has not closed yet, they are optimistic about future collaboration and the potential for growth in the European market [48]

Standard Motor Products (SMP) came out with quarterly earnings of $1.28 per share, beating the Zacks Consensus Estimate of $1.09 per share. This compares to earnings of $1.11 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 17.43%. A quarter ago, it was expected that this auto parts maker would post earnings of $0.78 per share when it actually produced earnings of $0.98, delivering a surprise of 25.64%. Over the last four quar ...

Net Sales of $399.3M, up 3.3%, with all three operating segments showing increases Adjusted diluted earnings per share of $1.28, up 15% Adjusted EBITDA up 80 basis points to 12.2% Nissens Automotive acquisition expected to close in near future Full year guidance remains unchanged NEW YORK, Oct. 30, 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 nine months ended Septe ...

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 ...

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]