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. (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.
Standard Motor Products (NYSE: SMP) reported Q2 2022 net sales of $359.4 million, a 5.1% increase from Q2 2021. However, earnings from continuing operations fell to $20.8 million ($0.93/share), down from $28.0 million ($1.23/share). For the six months ended June 30, 2022, sales were $682.2 million, up 10.3% year-over-year, but earnings dropped to $41.4 million ($1.85/share) from $50.2 million ($2.21/share). A dividend of $0.27 per share will be paid on September 1, 2022. The company anticipates lower gross margins due to inflation and supply chain challenges.
Standard Motor Products, Inc. (NYSE: SMP) will report its earnings for the second quarter of 2022 on August 3, 2022, before market opening. This earnings release will cover financial results for the three and six months ending June 30, 2022. A conference call is scheduled for 10:30 AM ET on the same day, accessible via their website or through dialing provided numbers. Playback options will be available shortly after the call. Investors are encouraged to participate for insights into the company's performance.
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?
