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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 832 new part numbers in the first half of 2022 for its Standard® and Standard® Import brands. Among them, 286 are aftermarket exclusives. The releases span across 180 categories, targeting 2021 and 2022 model-year vehicles. Notably, the company expanded its ADAS program with new Park Assist Cameras and ABS Speed Sensors. SMP also strengthened its hybrid and electric vehicle parts coverage, now exceeding 2,200 part numbers for hybrids and over 570 for electric vehicles.
Standard Motor Products, Inc. (SMP) has announced the addition of 119 new part numbers across 53 product categories, enhancing its Standard® and Standard Import® lines. This update includes parts for 2021 and 2022 model-year vehicles. Key highlights feature the expansion of the turbocharger program with new kits for gas- and diesel-powered vehicles and an EV Battery Charging Cable for Toyota models. The release also introduces new sensors, switches, and actuators, reaffirming SMP's commitment to replacement parts for a wide range of vehicles.
Standard Motor Products (NYSE: SMP) announced the passing of John P. Gethin, a former President and COO, at the age of 74 on June 27, 2022, in San Diego, CA. Gethin, who joined SMP in 1995, served in various roles and was appointed to the Board of Directors in March 2016 after his retirement. Chairman Lawrence I. Sills expressed profound sadness over Gethin's loss, highlighting his contributions and guidance to the company. The press release also included a caution regarding forward-looking statements and related risks.
Standard Motor Products (NYSE: SMP) has secured a new five-year $500 million credit facility with JPMorgan Chase and other lenders. This includes a $100 million term loan and $400 million revolving credit. CFO Nathan Iles highlighted the company's growth and flexibility afforded by this facility, which will aid in strategic initiatives and enhance shareholder value through dividends and share repurchases. The facility matures in June 2027, with proceeds allocated to repay existing debts and cover related expenses.
Standard Motor Products reported net sales of $322.8 million for Q1 2022, up 17% from Q1 2021. Earnings from continuing operations were $20.6 million or 91 cents per diluted share, down from $22.2 million or 97 cents in the previous year. The company declared a quarterly dividend of 27 cents per share, payable on June 1, 2022. Operating margins declined to 8.3% due to inflation and supply chain costs, with expectations of gross margins between 28-29% for the full year. The company remains optimistic despite challenges including inflation and supply chain issues.
Standard Motor Products, Inc. (NYSE: SMP) is set to report its earnings for Q1 2022 on May 3, 2022, before market opening. The company will hold a conference call at 11:00 AM ET on the same day to discuss the results. Investors can access the call through the Investor Relations page of the company's website or by dialing specific numbers for domestic and international calls. The earnings call will also be available for playback shortly after its conclusion.
Standard Motor Products, Inc. (SMP) has expanded its aftermarket Electronic Throttle Body (ETB) offerings, now featuring over 200 part numbers that cover 190 million vehicles, including popular import brands like Toyota and Hyundai. The ETBs, designed to improve fuel economy and reduce emissions, are all-new and calibrated for high performance. This expansion emphasizes SMP's commitment to supporting channel partners with solutions for late-model vehicles. All new ETB applications are available in the eCatalog on StandardBrand.com.
Standard Motor Products, Inc. (NYSE: SMP) has appointed Alejandro Cesar Capparelli as an independent director to its Board as of May 19, 2022. Capparelli, with over 20 years of experience in industrial automation and digital transformation, will also serve on several key committees, including Audit and Strategic Planning. His background includes leadership roles at Rockwell Automation, enhancing SMP's international strategy. The Board size is set to adjust from eleven to ten directors following the retirement of Richard Ward.
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