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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) 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.
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.
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