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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, 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.
Standard Motor Products, Inc. (SMP) enhanced its community engagement in 2022 through its SMP Cares® initiative, focusing on philanthropy and volunteerism. Key actions included raising $125,000 for Ukraine relief and distributing over 400 backpacks filled with school supplies for local children. SMP also organized hunger relief efforts, packaging over 500 meals for seniors. The company's commitment to community welfare is emphasized by various programs aimed at uplifting those in need. SMP continues to solidify its role as a responsible corporate citizen.
Standard Motor Products, Inc. (SMP) has expanded its Collision Repair Program with over 7,500 parts designed for direct-fit replacements, enhancing integration with modern vehicle safety systems. The program now includes comprehensive ADAS components, covering an additional 51.8 million vehicles. New releases feature parts for models like the 2020-16 Dodge Durango and 2019-16 Nissan Rogue. The initiative aims to support distribution partners and service providers as the collision repair market continues to grow.
Standard Motor Products, Inc. (NYSE: SMP) reported Q3 2022 net sales of $381.4 million, up from $370.3 million in Q3 2021. However, earnings declined to $23.1 million or $1.06 per diluted share, compared to $29.2 million or $1.29 per diluted share in the prior year. For the nine months ending September 30, 2022, sales reached $1.06 billion, up from $988.9 million in 2021, while earnings fell to $64.5 million or $2.91 per diluted share. The company announced a quarterly dividend of 27 cents per share, payable on December 1, 2022, amidst ongoing inflation concerns and rising interest rates.
Standard Motor Products, Inc. (NYSE: SMP) is set to report its earnings for the three and nine months ended September 30, 2022, on Friday, October 28, 2022, before market opening. The company will also host a conference call at 11:00 AM ET on the same day, which will be available via webcast on their Investor Relations page. Investors can access the call by dialing designated numbers for domestic and international listeners, with replays available shortly after the call.
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