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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 (SMP) announced the release of 373 new part numbers on April 26, 2023, enhancing coverage across 87 product categories. This update includes over 100 part numbers specifically for 2022 and 2023 model-year vehicles, indicating SMP's commitment to the automotive aftermarket sector. Key introductions are made in Collision Repair and ADAS Programs, including Lane Departure System Cameras and Park Assist Cameras for popular vehicle models.
The release also emphasizes SMP's focus on electric and hybrid vehicles, with parts designed for models like the Ford Mustang Mach-E and Nissan Leaf. Furthermore, the industry-leading VVT Program adds Sprockets and Oil Control Valves, covering over 7.6 million vehicles. SMP's Four Seasons® Temperature Control Division has introduced 141 new part numbers, enhancing service capabilities with comprehensive repair solutions.
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