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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 (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.
Standard Motor Products (NYSE: SMP) announced its Q4 2021 results, reporting net sales of $309.9 million, up from $282.7 million in Q4 2020. Earnings from continuing operations were $20.0 million (89 cents per share), down from $22.7 million (1.00 per share) year-over-year. For 2021, total net sales reached $1.30 billion, a 15% increase from 2020. The Engine Management division saw a 6% rise in Q4 sales, while Temperature Control sales surged by 24%. The company also increased its dividend to 27 cents per share, indicating strong financial health amidst challenges like inflation and supply chain issues.
Standard Motor Products, Inc. (SMP) will announce its fourth quarter and full-year earnings for 2021 on February 22, 2022. This report will be released before market opening. A conference call is scheduled for the same day at 11:00 AM ET, which will be available for live streaming on their Investor Relations page. Investors can participate via phone or access the webcast online. Important financial details regarding their performance will be discussed, and relevant playback options will be provided.
Standard Motor Products, Inc. (NYSE: SMP) has announced a dividend increase from 25 cents to 27 cents per share, effective on March 1, 2022. Shareholders on record as of February 15, 2022 will receive this increased dividend. The company emphasizes that this decision reflects its confidence in ongoing business operations, despite potential risks and uncertainties that could affect future results. Shareholders can expect continued returns as SMP demonstrates commitment to delivering value.
Standard Motor Products (NYSE: SMP) announced the appointment of Pamela Puryear, Ph.D., as an independent director, expanding the Board from nine to ten members. Dr. Puryear, 58, has extensive experience in human capital management and has held executive roles at Walgreens Boots Alliance and Pfizer. She will join several key committees, including Audit and Strategic Planning. The Chairman expressed confidence in her ability to enhance corporate social responsibility and bring valuable leadership skills to the Board.
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