Standard Motor Products, Inc. Announces First Quarter 2024 Results and Quarterly Dividend

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Standard Motor Products, Inc. reported its first quarter 2024 financial results, with net sales of $331.4 million, a slight increase from the previous year. Earnings per share were $0.44, down from $0.57 in 2023. The company experienced mixed results across segments, with sales improvements in Vehicle Control and Engineered Solutions, but a decline in Temperature Control. Adjusted EBITDA margin was 6.9% due to cost pressures. Full-year sales growth is expected to be flat to low single digits, with Adjusted EBITDA projected at 9.0% to 9.5%. The company is investing in a new distribution center in Shawnee, KS, with additional costs expected in 2024.

Positive

• Record-setting sales performance in Vehicle Control and Engineered Solutions segments.

• Successful progress in winning new business and long-term sales growth opportunities.

• Expansion of capacity through new distribution center in Shawnee, KS for future growth.

• Commitment to returning value to shareholders through quarterly dividend payment and share repurchase authorization.

• Optimism about favorable aftermarket trends and global growth in Engineered Solutions business.

Negative

• Decline in Temperature Control sales due to timing of pre-season orders.

• Adjusted EBITDA margin decrease to 6.9% from 8.8% primarily due to cost pressures.

• Anticipated added costs in 2024 for new distribution center in Shawnee, KS.

• Lower gross margin impacting Engineered Solutions segment due to inflationary cost increases.

Financial Analyst

Standard Motor Products' first quarter results show a modest increase in net sales, marking a slight rebound from the previous quarter's sluggish performance. However, this uptick in sales did not translate to the bottom line as earnings from continuing operations saw a dip. The mention of non-operational gains and losses indicates potential one-off factors affecting earnings, underscoring the need to differentiate between core business performance and external influences.

Furthermore, the company's dividend payment showcases a commitment to shareholder returns. The share repurchase during the quarter also reflects a strategy to potentially enhance shareholder value by reducing the common stock supply which can, theoretically, increase earnings per share and market price of the remaining shares.

Investors must weigh the short-term earnings decline against the strategic investments the company is making in distribution capabilities, which may bolster long-term growth and operational efficiency. The allocated capital expenditures signal significant investment in infrastructure, suggesting a long-term strategic play at work.

Market Research Analyst

The breakdown by segment provides a nuanced view of the company's performance. The Vehicle Control's slight sales increase indicates resilience in the face of challenging comparisons from the previous year, suggesting a steady demand for the company's products. In contrast, Temperature Control's sales dip, albeit slight, should be monitored for trends as it may signal shifting market dynamics or operational issues.

Engineered Solutions' significant sales growth suggests strong market positioning and the potential for further expansion. This segment's performance could be a bellwether for the company's innovation and adaptability in a competitive market.

Investors should consider the full-year outlook provided by the company, including anticipated cost pressures. It is critical to monitor whether these headwinds could be a continued concern or are being effectively managed by the company.

NEW YORK, May 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 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 operations for the first quarter of 2024 were $9.9 million or $0.44 per diluted share, compared to $12.7 million or $0.57 per diluted share in the first quarter of 2023. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the first quarter of 2024 were $10.0 million or $0.45 per diluted share, compared to $13.4 million or $0.61 per diluted share in the first quarter of 2023.

Mr. Eric Sills, Standard Motor Products' Chief Executive Officer and President stated, "Our first quarter experienced mixed results. We are pleased with our record-setting top line performance as sales increased 1% against last year's first quarter, rebounding from the sluggish sales we saw at the end of 2023. However, as expected, we continued to experience headwinds across various cost inputs, causing a drag on our profitability."

By segment, Vehicle Control sales were up 0.5% against a difficult comparison of over 4% growth last year, as customers returned to more normalized ordering patterns after a slowdown in the fourth quarter of last year.

Turning to Temperature Control, sales declined 1.1% versus the same quarter last year.  However, this is mainly due to the timing of pre-season orders which can always shift between periods. Ultimately, as a seasonal business, our annual results will be determined by the degree and duration of hot weather the country experiences, and therefore early results are not indicative of the full year.

Engineered Solutions sales increased 4.5% over last year's first quarter, setting a single quarter record for this segment, as our traction with new and existing customers continues to build.  We remain encouraged with our progress in winning new business and the overall opportunity we see in terms of long-term sales growth.    

Looking at profitability, our Adjusted EBITDA margin was 6.9% in the quarter vs. 8.8% last year. Excluding $1.1 million of start-up costs related to our new distribution center in Shawnee, KS, Adjusted EBITDA was 7.2% in the quarter. Within the combined Aftermarket segments, Adjusted EBITDA was helped by a 40 basis point gross margin improvement, but was offset by $1.0 million of higher factoring costs, as well as inflation in other SG&A expenses. Adjusted EBITDA in Engineered Solutions was down primarily due to a lower gross margin in the quarter, which was impacted by inflationary cost increases and some unfavorable changes in mix of sales. 

Our sales and profit expectations for the full year of 2024 remain unchanged. We anticipate sales growth will be flat to low single digits, and Adjusted EBITDA will be in a range of 9.0% to 9.5%.  As previously discussed, we expect to incur roughly $5 million of added costs in 2024 as compared to 2023 for our new distribution center in Shawnee, KS, related to increased rent as well as redundancy expenses as we transition away from our Edwardsville, KS distribution center.  Additionally, we anticipate approximately $25 million in capital expenditures as we outfit the new facility.  We are pleased to have successfully begun the first phase of shipping from our new DC, and are optimistic about the benefits it will bring once fully implemented. It will provide SMP with expanded capacity for future growth, mitigate risk through a multi-point distribution strategy, and improve product delivery times in certain geographies.

As part of our commitment to return value to shareholders, the Board of Directors has approved payment of a quarterly dividend of 29 cents per share on the common stock outstanding, which will be paid on June 3, 2024 to stockholders of record on May 15, 2024.  Additionally, we purchased $2.6 million of common stock under our existing $30 million share repurchase authorization during the quarter.  From the end of the first quarter through April 29, 2024, we purchased an additional $3.5 million of common stock, leaving our remaining authorization under the current program at $23.9 million.

In closing, Mr. Sills commented, "As we look to the long term, we remain optimistic about both of our end markets. The fundamental trends in the aftermarket are favorable – a growing and aging car parc, a return to historical miles driven, and the high cost of new vehicles should lead to ongoing demand for parts, especially in non-discretionary categories such as ours. Our Engineered Solutions business continues to grow globally as we become known as a capable high-quality supplier, and opportunities continue to present themselves. And while near-term cost pressures persist, we are excited for 2024 and beyond, and we thank our employees that make all of this possible."

Conference Call

Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Wednesday, May 1, 2024.  This call will be web cast and can be accessed on the Investor Relations page of our website at www.smpcorp.com and clicking on the SMP Q1 2024 Earnings Webcast link.  Investors may also listen to the call by dialing 800-267-6316 (domestic) or 203-518-9783 (international).  Our playback will be made available for dial in immediately following the call.  For those choosing to listen to the replay by webcast, the link should be active on our website within 24 hours after the call.  The playback number is 888-215-1535 (domestic) or 402-220-4940 (international).

Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Standard Motor Products cautions investors that any forward-looking statements made by the company, including those that may be made in this press release, are based on management's expectations at the time they are made, but they are subject to risks and uncertainties that may cause actual results, events or performance to differ materially from those contemplated by such forward looking statements. Among the factors that could cause actual results, events or performance to differ materially from those risks and uncertainties discussed in this press release are those detailed from time-to-time in prior press releases and in the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10-K and quarterly reports on Form 10-Q.  By making these forward-looking statements, Standard Motor Products undertakes no obligation or intention to update these statements after the date of this release.

 

STANDARD MOTOR PRODUCTS, INC
Consolidated Statements of Operations
(In thousands, except per share amounts)
		THREE MONTHS ENDED
		MARCH 31,
		2024			2023
		(Unaudited)
NET SALES		$       331,403			$       328,028
COST OF SALES		241,881			236,761
GROSS PROFIT		89,522			91,267
SELLING, GENERAL & ADMINISTRATIVE EXPENSES		74,733			69,633
RESTRUCTURING AND INTEGRATION EXPENSES		192			912
OTHER INCOME, NET		22			24
OPERATING INCOME		14,619			20,746
OTHER NON-OPERATING INCOME, NET		819			225
INTEREST EXPENSE		2,067			3,862
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES		13,371			17,109
PROVISION FOR INCOME TAXES		3,342			4,372
EARNINGS FROM CONTINUING OPERATIONS		10,029			12,737
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(1,039)			(780)
NET EARNINGS		8,990			11,957
NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST		166			39
NET EARNINGS ATTRIBUTABLE TO SMP (a)		$           8,824			$         11,918
NET EARNINGS ATTRIBUTABLE TO SMP
EARNINGS FROM CONTINUING OPERATIONS		$           9,863			$         12,698
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(1,039)			(780)
TOTAL		$           8,824			$         11,918
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
BASIC EARNINGS FROM CONTINUING OPERATIONS		$             0.45			$             0.59
DISCONTINUED OPERATION		(0.05)			(0.04)
NET EARNINGS PER COMMON SHARE - BASIC		$             0.40			$             0.55
DILUTED EARNINGS  FROM CONTINUING OPERATIONS		$             0.44			$             0.57
DISCONTINUED OPERATION		(0.05)			(0.03)
NET EARNINGS  PER COMMON SHARE - DILUTED		$             0.39			$             0.54
WEIGHTED AVERAGE NUMBER OF COMMON SHARES		21,923,830			21,609,618
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES		22,372,543			22,097,750
(a) "SMP" refers to Standard Motor Products, Inc. and subsidiaries

 

STANDARD MOTOR PRODUCTS, INC
Segment Revenues and Operating Profit
(In thousands)
		THREE MONTHS ENDED
		MARCH 31,
		2024			2023
		(Unaudited)
Revenues
Engine Management (Ignition, Emissions and
Fuel Delivery)		$       116,085			$       116,083
Electrical and Safety		52,407			51,804
Wire sets and other		17,032			16,690
Vehicle Control		185,524			184,577
AC System Components		49,960			50,798
Other Thermal Components		21,648			21,608
Temperature Control		71,608			72,406
Commercial Vehicle		22,908			20,232
Construction / Agriculture		10,076			11,692
Light Vehicle		21,803			23,019
All Other		19,484			16,102
Engineered Solutions		74,271			71,045
Revenues		$       331,403			$       328,028
Gross Margin
Vehicle Control		$         58,899	31.7 %		$         58,472	31.7 %
Temperature Control		19,689	27.5 %		19,155	26.5 %
Engineered Solutions		10,934	14.7 %		13,640	19.2 %
All Other		-			-
Gross Margin		$         89,522	27.0 %		$         91,267	27.8 %
Selling, General & Administrative
Vehicle Control		$         43,258	23.3 %		$         40,836	22.1 %
Temperature Control		17,600	24.6 %		16,528	22.8 %
Engineered Solutions		8,691	11.7 %		7,909	11.1 %
All Other		5,184			4,360
Selling, General & Administrative		$         74,733	22.6 %		$         69,633	21.2 %
Operating Income
Vehicle Control		$         15,641	8.4 %		$         17,636	9.6 %
Temperature Control		2,089	2.9 %		2,627	3.6 %
Engineered Solutions		2,243	3.0 %		5,731	8.1 %
All Other		(5,184)			(4,360)
Subtotal		$         14,789	4.5 %		$         21,634	6.6 %
Restructuring & Integration		(192)	-0.1 %		(912)	-0.3 %
Other Income, Net		22	0.0 %		24	0.0 %
Operating Income		$         14,619	4.4 %		$         20,746	6.3 %

 

STANDARD MOTOR PRODUCTS, INC
Reconciliation of GAAP and Non-GAAP Measures
(In thousands, except per share amounts)
		THREE MONTHS ENDED
		MARCH 31,
		2024		2023
		(Unaudited)
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
GAAP EARNINGS FROM CONTINUING OPERATIONS		$            9,863		$           12,698
RESTRUCTURING AND INTEGRATION EXPENSES		192		912
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS		(50)		(237)
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS		$          10,005		$           13,373
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS		$              0.44		$              0.57
RESTRUCTURING AND INTEGRATION EXPENSES		0.01		0.04
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS		-		-
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS		$              0.45		$              0.61
OPERATING INCOME
GAAP OPERATING INCOME		$          14,619		$           20,746
RESTRUCTURING AND INTEGRATION EXPENSES		192		912
OTHER INCOME, NET		(22)		(24)		LAST TWELVE MONTHS ENDED				YEAR ENDED
						MARCH 31,				DECEMBER 31,
NON-GAAP OPERATING INCOME		$          14,789		$           21,634		2024		2023		2023
						(Unaudited)
EBITDA WITHOUT SPECIAL ITEMS
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES		$          13,371		$           17,109		$           77,978		$           87,882		$            81,716
DEPRECIATION AND AMORTIZATION		7,301		7,082		29,241		28,428		29,022
INTEREST EXPENSE		2,067		3,862		11,492		13,674		13,287
EBITDA		22,739		28,053		118,711		129,984		124,025
RESTRUCTURING AND INTEGRATION EXPENSES		192		912		1,922		2,762		2,642
CUSTOMER BANKRUPTCY CHARGE		-		-		-		7,002		-
SPECIAL ITEMS		192		912		1,922		9,764		2,642
EBITDA WITHOUT SPECIAL ITEMS		$          22,931		$           28,965		$         120,633		$         139,748		$          126,667
MANAGEMENT BELIEVES THAT NON-GAAP EARNINGS FROM CONTINUING OPERATIONS AND NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS WHICH ARE ATTRIBUTABLE TO SMP, AND NON-GAAP OPERATING INCOME AND EBITDA WITHOUT SPECIAL ITEMS, EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND ARE ADJUSTED FOR SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE THEY PROVIDE A VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING RESULTS.  SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE COMPANY'S OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON-GAAP MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE

 

STANDARD MOTOR PRODUCTS, INC
Reconciliation of GAAP and Non-GAAP Measures by Segments
(In thousands)		THREE MONTHS ENDED MARCH 31, 2024
		Vehicle Control		Temperature Control		Engineered Solutions		All Other		Consolidated
		(Unaudited)
OPERATING INCOME
GAAP OPERATING INCOME		$          15,540		$            2,031	0	$            2,232	0	$           (5,184)		$           14,619
RESTRUCTURING AND INTEGRATION EXPENSES		101		58		33		-		192
OTHER INCOME, NET		-		-		(22)		-		(22)
NON-GAAP OPERATING INCOME		$          15,641		$            2,089		$            2,243		$           (5,184)		$           14,789
EBITDA WITHOUT SPECIAL ITEMS
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES		$          14,315		$            1,888		$            2,346		$           (5,178)		$           13,371
DEPRECIATION AND AMORTIZATION		3,525		898		2,469		409		7,301
INTEREST EXPENSE		1,427		531		664		(555)		2,067
EBITDA		19,267		3,317		5,479		(5,324)		22,739
RESTRUCTURING AND INTEGRATION EXPENSES		101		58	0	33	0	-		192
SPECIAL ITEMS		101		58		33		-		192
EBITDA WITHOUT SPECIAL ITEMS		$          19,368		$            3,375		$            5,512		$           (5,324)		$           22,931
% of Net Sales		10.4 %		4.7 %		7.4 %				6.9 %
(In thousands)		THREE MONTHS ENDED MARCH 31, 2023
		Vehicle Control		Temperature Control		Engineered Solutions		All Other		Consolidated
		(Unaudited)
OPERATING INCOME
GAAP OPERATING INCOME		$          17,375		$            2,084		$            5,647		$           (4,360)		$           20,746
RESTRUCTURING AND INTEGRATION EXPENSES		285		543		84		-		912
OTHER INCOME, NET		(24)		-		-		-		(24)
NON-GAAP OPERATING INCOME		$          17,636		$            2,627		$            5,731		$           (4,360)		$           21,634
EBITDA WITHOUT SPECIAL ITEMS
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES		$          15,057		$            1,105		$            5,286		$           (4,339)		$           17,109
DEPRECIATION AND AMORTIZATION		3,412		763		2,481		426		7,082
INTEREST EXPENSE		2,741		893		359		(131)		3,862
EBITDA		21,210		2,761		8,126		(4,044)		28,053
RESTRUCTURING AND INTEGRATION EXPENSES		285		543		84		-		912
SPECIAL ITEMS		285		543		84		-		912
EBITDA WITHOUT SPECIAL ITEMS		$          21,495		$            3,304		$            8,210		$           (4,044)		$           28,965
% of Net Sales		11.6 %		4.6 %		11.6 %				8.8 %
MANAGEMENT BELIEVES THAT NON-GAAP OPERATING INCOME AND EBITDA WITHOUT SPECIAL ITEMS, EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND ARE ADJUSTED FOR SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE THEY PROVIDE A VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING RESULTS.  SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE COMPANY'S OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON- GAAP MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE

 

STANDARD MOTOR PRODUCTS, INC
Condensed Consolidated Balance Sheets
(In thousands)
		MARCH		MARCH		DECEMBER
		2024		2023		2023
		(Unaudited)		(Unaudited)
ASSETS
CASH AND CASH EQUIVALENTS		$         27,113		$         24,196		$         32,526
ACCOUNTS RECEIVABLE, GROSS		212,224		216,617		168,327
ALLOWANCE FOR EXPECTED CREDIT LOSSES		8,284		5,816		8,045
ACCOUNTS RECEIVABLE, NET		203,940		210,801		160,282
INVENTORIES		520,702		522,039		507,075
UNRETURNED CUSTOMER INVENTORY		18,007		20,626		18,240
OTHER CURRENT ASSETS		26,674		26,192		26,100
TOTAL CURRENT ASSETS		796,436		803,854		744,223
PROPERTY, PLANT AND EQUIPMENT, NET		124,822		107,123		121,872
OPERATING LEASE RIGHT-OF-USE ASSETS		102,060		74,291		100,065
GOODWILL		134,624		132,289		134,729
OTHER INTANGIBLES, NET		90,000		98,389		92,308
DEFERRED INCOME TAXES		40,241		33,893		40,533
INVESTMENT IN UNCONSOLIDATED AFFILIATES		24,751		42,719		24,050
OTHER ASSETS		38,627		27,462		35,267
TOTAL ASSETS		$     1,351,561		$     1,320,020		$     1,293,047
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT PORTION OF REVOLVING CREDIT FACILITY		$                  -		$         52,600		$                  -
CURRENT PORTION OF TERM LOAN AND OTHER DEBT		5,030		5,014		5,029
ACCOUNTS PAYABLE		98,293		94,372		107,455
ACCRUED CUSTOMER RETURNS		47,220		42,153		38,238
ACCRUED CORE LIABILITY		17,438		21,319		18,399
ACCRUED REBATES		45,191		39,657		42,278
PAYROLL AND COMMISSIONS		27,326		24,268		29,561
SUNDRY PAYABLES AND ACCRUED EXPENSES		58,714		42,041		63,303
TOTAL CURRENT LIABILITIES		299,212		321,424		304,263
LONG-TERM DEBT		209,872		215,487		151,182
NONCURRENT OPERATING LEASE LIABILITY		90,667		65,319		88,974
ACCRUED ASBESTOS LIABILITIES		68,985		60,820		72,013
OTHER LIABILITIES		27,704		24,298		25,742
TOTAL LIABILITIES		696,440		687,348		642,174
TOTAL SMP STOCKHOLDERS' EQUITY		639,150		621,644		635,064
NONCONTROLLING INTEREST		15,971		11,028		15,809
TOTAL STOCKHOLDERS' EQUITY		655,121		632,672		650,873
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$     1,351,561		$     1,320,020		$     1,293,047

 

STANDARD MOTOR PRODUCTS, INC
Condensed Consolidated Statements of Cash Flows
	(In thousands)
		THREE MONTHS ENDED
		MARCH 31,
		2024			2023
		(Unaudited)
	CASH FLOWS FROM OPERATING ACTIVITIES
	NET EARNINGS	$         8,990			$       11,957
	ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
	USED IN OPERATING ACTIVITIES:
	DEPRECIATION AND AMORTIZATION	7,301			7,082
	OTHER	3,511			4,587
	CHANGE IN ASSETS AND LIABILITIES:
	ACCOUNTS RECEIVABLE	(43,978)			(42,617)
	INVENTORY	(14,670)			6,195
	ACCOUNTS PAYABLE	(9,274)			4,809
	PREPAID EXPENSES AND OTHER CURRENT ASSETS	1,649			1,165
	SUNDRY PAYABLES AND ACCRUED EXPENSES	3,988			(10,656)
	OTHER	(3,233)			(2,964)
	NET CASH USED IN OPERATING ACTIVITIES	(45,716)			(20,442)
	CASH FLOWS FROM INVESTING ACTIVITIES
	CAPITAL EXPENDITURES	(10,086)			(4,363)
	OTHER INVESTING ACTIVITIES	15			13
	NET CASH USED IN INVESTING ACTIVITIES	(10,071)			(4,350)
	CASH FLOWS FROM FINANCING ACTIVITIES
	NET CHANGE IN DEBT	58,692			33,478
	PURCHASE OF TREASURY STOCK	(2,235)			-
	DIVIDENDS PAID	(6,392)			(6,261)
	OTHER FINANCING ACTIVITIES	315			125
	NET CASH PROVIDED BY FINANCING ACTIVITIES	50,380			27,342
	EFFECT OF EXCHANGE RATE CHANGES ON CASH	(6)			496
	NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(5,413)			3,046
	CASH AND CASH EQUIVALENTS at beginning of period	32,526			21,150
	CASH AND CASH EQUIVALENTS at end of period	$       27,113			$       24,196

 

 

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SOURCE Standard Motor Products, Inc.

FAQ

<p>What were Standard Motor Products' first quarter 2024 net sales?</p>

Standard Motor Products reported net sales of $331.4 million in the first quarter of 2024.

<p>What was the earnings per share for Standard Motor Products in the first quarter of 2024?</p>

Standard Motor Products' earnings per share in the first quarter of 2024 were $0.44.

<p>What caused the decline in Temperature Control sales for Standard Motor Products?</p>

The decline in Temperature Control sales was mainly due to the timing of pre-season orders, which can shift between periods.

<p>What are Standard Motor Products' full-year sales growth expectations for 2024?</p>

Standard Motor Products anticipates flat to low single digits sales growth for the full year of 2024.

<p>How much did Standard Motor Products invest in their new distribution center in Shawnee, KS?</p>

Standard Motor Products invested approximately $25 million in capital expenditures for their new distribution center in Shawnee, KS.