Welcome to our dedicated page for Standard Motor Products news (Ticker: SMP), a resource for investors and traders seeking the latest updates and insights on Standard Motor Products stock.
Standard Motor Products, Inc. (NYSE: SMP) is a leading independent manufacturer and distributor of replacement parts for motor vehicles in the automotive aftermarket industry. Established in 1919, SMP has built a reputation for delivering high-quality automotive parts that meet the rigorous demands of today’s vehicles. The company operates through two main segments: Engine Management and Temperature Control.
The Engine Management segment produces a comprehensive range of parts for ignition, emission, and fuel systems. This includes sensors, fuel injectors, ignition coils, and more. On the other hand, the Temperature Control segment is focused on manufacturing and remanufacturing automotive air conditioning and heating system parts, such as compressors, condensers, and blower motors.
SMP has recently emphasized expanding into the original equipment and original equipment service markets, enhancing its product offerings and market reach. The company’s products are marketed across the United States, Canada, Latin America, Europe, and Asia through both traditional and non-traditional channels.
In the latest financial results for the third quarter of 2023, SMP reported net sales of $386.4 million, a 1.3% increase compared to the same period in the previous year. Earnings from continuing operations were $24.9 million or $1.12 per diluted share. The company continues to see growth in its Engineered Solutions segment, driven by strong demand from existing customers and new business wins.
Looking ahead, SMP has announced the opening of a new distribution center in Shawnee, KS, set to begin phased operations in early 2025. This 575,000 sq.ft. facility will enhance the company’s logistics capabilities and expand its capacity for all aftermarket product categories.
SMP’s commitment to innovation, quality, and customer satisfaction has solidified its position as a key player in the automotive parts industry. The company's ongoing initiatives to reduce inventory and debt, along with its strategic growth plans, are expected to drive future profitability and market presence.
With a history of strong financial performance and a clear vision for the future, Standard Motor Products, Inc. continues to be a trusted partner in the automotive aftermarket industry.
Standard Motor Products, Inc. (NYSE: SMP) has acquired certain assets and liabilities of the particulate matter sensor business from Stoneridge, Inc. This segment generates approximately $12-14 million in annual revenue, with manufacturing previously located in Lexington, OH and Tallin, Estonia. SMP plans to relocate all production to its existing facilities, with full integration expected within 12 months. This acquisition aligns with SMP's strategy to expand into the original equipment heavy-duty market, enhancing their emissions control technology portfolio.
Standard Motor Products (SMP) reported its Q4 2020 financial results, achieving consolidated net sales of $282.7 million, up from $241.3 million in Q4 2019. Earnings from continuing operations were $22.7 million or $1.00 per diluted share, compared to $12.7 million or $0.56 per diluted share last year. For the full year, net sales reached $1,128.6 million, slightly below $1,137.9 million in 2019, but full-year earnings rose to $80.4 million or $3.52 per share. The company announced a quarterly dividend of 25 cents per share and plans to repurchase up to $26.5 million of stock.
Standard Motor Products (NYSE: SMP) will report its earnings for Q4 and the full year 2020 on February 23, 2021, before market opening. The conference call is scheduled for 11:00 AM ET on the same day. Investors can join via domestic dial-in number 888-632-3389 or international 785-424-1674. The playback options are also provided for future reference. This earnings report will provide insights into the company's performance and financial metrics from the previous fiscal year.
Standard Motor Products announces a quarterly common stock dividend of 25 cents per share, payable on March 1, 2021. Shareholders of record will be entitled to this dividend as of February 16, 2021. The Board of Directors' decision reflects the company’s commitment to returning value to its shareholders. However, the company also reminds investors that forward-looking statements are subject to risks and uncertainties that could impact actual performance.
Standard Motor Products (SMP) awarded four students with $5,000 scholarships each in its annual Blue Streak® 'Better Then, Better Now' Automotive Scholarship Contest. Winners include Jade Etchart, Ndayishimiye Bisamaza, Mario Zaragoza, and Mikel Cole. The competition drew hundreds of participants, and the awards aim to support future automotive technicians by covering education costs in automotive technology or repair. SMP, a leader in automotive replacement parts, has a legacy of over 100 years, supplying quality parts globally.
Standard Motor Products reported consolidated net sales of $343.6 million for Q3 2020, up from $307.7 million in Q3 2019. Earnings from continuing operations were $36.2 million or $1.59 per diluted share, compared to $22.7 million or $1.00 per diluted share last year. For the first nine months, net sales were $845.9 million versus $896.7 million in 2019. The company reinstated a quarterly dividend of $0.25 per share, payable on December 1, 2020. CEO Eric Sills expressed optimism for future sales growth despite ongoing pandemic challenges.
Standard Motor Products, Inc. (NYSE: SMP) is set to announce its earnings for the third quarter and the first nine months of 2020 on October 28, 2020, before the market opens. A conference call will follow at 11:00 AM EDT on the same day, where stakeholders can engage and inquire about the financial performance. The call can be accessed via dial-in numbers for both domestic and international participants, ensuring broad accessibility.
Standard Motor Products (SMP) has launched the 'SMP® Your Car. Your Data. Sweepstakes,' running until October 31, 2020, to raise awareness about vehicle data transparency. This initiative supports the Auto Care Industry's campaign urging consumers to understand data collection from their cars. Participants can enter the sweepstakes by taking a quiz on SMP's dedicated website, with 10 winners receiving $500 WeatherTech® gift cards. SMP emphasizes the importance of vehicle data access for consumers and independent technicians, aligning with advocacy efforts in the automotive sector.
Standard Motor Products reported a decline in consolidated net sales for Q2 2020 at $247.9 million, down from $305.2 million in Q2 2019. Earnings also fell to $11.8 million or 52 cents per diluted share, compared to $20.6 million or 90 cents per diluted share in the prior year. For the first half of 2020, net sales totalled $502.2 million versus $588.9 million in 2019, with earnings dropping from $33.7 million to $21.5 million. Despite these challenges, the company reports month-over-month sales improvement going into Q3.
FAQ
What is the current stock price of Standard Motor Products (SMP)?
What is the market cap of Standard Motor Products (SMP)?
What does Standard Motor Products, Inc. do?
What are the main segments of SMP?
Where are SMP’s products marketed?
What were SMP’s financial results for the third quarter of 2023?
What recent expansions has SMP announced?
How does SMP ensure the quality of its products?
What is SMP’s approach to financial management?
How does SMP address environmental concerns?
What is SMP’s dividend policy?
How can investors stay updated on SMP’s financial performance?
