Standard Motor Products - SMP STOCK NEWS

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.

Standard Motor Products (SMP) has announced the launch of 365 new part numbers for its Standard® and Four Seasons® brands. This release includes parts suited for both import and domestic vehicles, encompassing gasoline, hybrid, and electric powertrains. Enhancements span over 107 product categories, including ADAS, Turbocharger, Collision Repair, and Temperature Control programs. Notably, new sensors and turbocharger kits expand their offerings for popular models such as the Ford F-150 and Honda CR-V.

On October 5, 2022, Standard Motor Products (NYSE: SMP) announced the full acquisition of Kade Trading GmbH, a European supplier of mobile temperature control components, for $6 million in cash, financed through its revolving credit facility. This strategic acquisition enhances SMP's market presence in Europe and strengthens its product offerings, including electric compressors, as the company aims to penetrate the evolving electric vehicle segment. CEO Eric Sills emphasized the synergies from this acquisition, which is expected to support SMP's growth in the EV market.

Standard Motor Products (SMP) is expanding its Advanced Driver Assistance Systems (ADAS) program, introducing new components aimed at enhancing vehicle safety. The recent launch covers an additional 44.5 million vehicles and includes over 550 part numbers, offering substantial repair opportunities across various vehicle models. Key additions involve Blind Spot Detection Sensors for 5.8 million Ford and Lincoln vehicles and Park Assist Cameras covering 11.3 million repairs. SMP's commitment to product quality ensures direct-fit replacements that integrate with vehicle safety systems.

Standard Motor Products (SMP) announced the addition of 314 new part numbers covering over 100 product categories for 2021 and 2022 model-year vehicles. Key highlights include new components for hybrid and electric vehicles, enhancing the range for brands like Mustang Mach-E and Nissan Leaf. The release also expands their powertrain-neutral coverage with over 170 new parts, including sensors and actuators.

SMP's Turbocharger program contributes four new kits for popular Ford vehicles, while the Collision Repair program adds parts for the Ford F-150. New offerings from Four Seasons® target A/C service.