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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.
On March 28, 2023, Standard Motor Products, Inc. (SMP) announced an expansion of its line of ABS Speed Sensors, crucial for modern vehicle safety. The company introduced 75 new part numbers, now covering nearly 20 million vehicles, including popular models like the 2022-19 Toyota Corolla and 2020-19 Kia Niro EV. SMP's ABS sensors utilize advanced microsensor technology for accurate data collection, enhancing performance in emergency conditions, unlike competitors offering outdated models. This expansion supports the integration of ABS sensors with electronic safety features, reflecting SMP's commitment to evolving automotive technology.
On March 22, 2023, Standard Motor Products, Inc. (SMP) announced the release of 110 new part numbers, enhancing its coverage across 56 product categories, including 29 for 2022 and 2023 model-year vehicles. Key highlights include new Active Grille Shutter Actuators for the 2022-21 Ford F-150 and Park Assist Cameras that cover 2.9 million vehicles, including the Ford Bronco Sport. Additionally, SMP expands its hybrid vehicle offerings with products for Lexus and Toyota hybrids, and introduces new Oil Filter Housing Assemblies. These additions support both import and domestic vehicles, allowing distribution partners to capture more business.
On March 8, 2023, Standard Motor Products, Inc. (SMP) announced the expansion of its parts line for hybrid and electric vehicles, driven by a growing market. SMP has added 258 SKUs for hybrids and 60 for electric vehicles since 2022, with over 4,000 parts available for 150 models. The company also offers more than 50,000 powertrain-neutral parts.
The increasing number of hybrid vehicles on the road, many over ten years old, provides ample repair opportunities. SMP's commitment to meeting the demand for high-quality replacement parts is evident in their continuous product development.
On February 27, 2023, Standard Motor Products (SMP) announced the introduction of 276 new part numbers, expanding its coverage to 77 product categories. This includes 43 part numbers tailored for 2022 and 2023 model vehicles, showcasing SMP's commitment to the hybrid and electric vehicle market. Notable new offerings include a universal Battery Pack Charging Cord and various sensors for hybrid models. Additionally, the Four Seasons brand added 72 new part numbers in the temperature control division. These updates reflect SMP's push into advanced automotive technologies and their extensive product catalog for diverse vehicle types.
Standard Motor Products, Inc. (NYSE: SMP) has announced the establishment of a new operating segment named Engineered Solutions, aimed at diverse non-aftermarket end markets, effective 2023. This segment will enhance the company's growth profile and diversify revenue. Additionally, the existing Engine Management segment will be renamed Vehicle Control to better reflect its product offerings. The changes support the company's strategic focus and will be discussed in detail during the Q4 earnings call on February 22, 2023. The company achieved 2022 sales of $270 million from non-aftermarket customers, highlighting its expanding market reach.
Standard Motor Products (NYSE: SMP) announced its Q4 2022 financial results, reporting net sales of $308.2 million, a slight decline from $309.9 million in Q4 2021. Earnings from continuing operations dropped to $8.5 million ($0.39 per diluted share), down from $20.0 million ($0.89 per diluted share) a year prior. Total net sales for 2022 increased to $1.37 billion, a 5.6% rise from 2021. However, earnings per diluted share fell to $3.30 from $4.39. A significant $7.0 million pre-tax charge was recorded due to a bankruptcy filing by a customer. The company anticipates low single-digit sales growth in 2023 and introduced a new operating segment, 'Engineered Solutions', to enhance focus on growth opportunities.
Standard Motor Products, Inc. (NYSE: SMP) will announce its earnings for Q4 2022 and the full year on February 22, 2023, before market opening. A conference call will take place at 11:00 AM ET on the same day, accessible via the company's Investor Relations page or by phone. Investors can dial 800-343-1703 (domestic) or 785-424-1226 (international) to participate. Details regarding the playback of the call will be available shortly after. This report will provide insights into the company’s financial performance, including revenue and earnings per share (EPS) figures that are crucial for stakeholders.
Standard Motor Products, Inc. (NYSE: SMP) announced an increase in its quarterly common stock dividend from twenty-seven cents to twenty-nine cents per share. This dividend will be payable on March 1, 2023, to shareholders of record on February 15, 2023. This adjustment reflects the company's confidence in its financial health and commitment to returning value to shareholders. The decision was unanimously approved by the Board of Directors, signaling strong performance amidst a competitive automotive parts market.
Standard Motor Products, Inc. (SMP) announced the introduction of 214 new part numbers as part of its December release, expanding its offerings to cover 88 product categories. This includes 84 part numbers for recent model-year vehicles. Highlights include components for electric vehicles like Tesla and Ford Mustang Mach-E, as well as new Battery Cooling Fan Motors covering over 3.4 million vehicles. SMP added a total of 2,400 new products in 2022, enhancing its position in the automotive aftermarket industry.
Standard Motor Products, Inc. (NYSE: SMP) announced significant changes to its Board of Directors effective May 2023. Chairman Lawrence I. Sills and Presiding Independent Director William H. Turner will transition to Director Emeritus roles. CEO Eric P. Sills will become the new Chairman, Alisa C. Norris will step up as Presiding Independent Director, and Pamela S. Puryear will take over as Chair of the Compensation Committee. Additionally, James J. Burke will join the Board while continuing as COO. The Board size will temporarily increase from nine to ten before reducing to eight in May 2023.
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