NEW
YORK, Oct. 28, 2022 /PRNewswire/ -- Standard
Motor Products, Inc. (NYSE: SMP), a leading automotive parts
manufacturer and distributor, reported today its consolidated
financial results for the three and nine months ended
September 30, 2022.
Net sales for the third quarter of 2022 were $381.4 million, compared to consolidated net
sales of $370.3 million during the
comparable quarter in 2021. Earnings from continuing operations for
the third quarter of 2022 were $23.1
million or $1.06 per diluted
share, compared to $29.2 million
or $1.29 per diluted share in the
third quarter of 2021. Excluding non-operational gains and losses
identified on the attached reconciliation of GAAP and non-GAAP
measures, earnings from continuing operations for the third quarter
of 2022 were $22.9 million or
$1.05 per diluted share, compared to
$29.7 million or $1.32 per diluted share in the third quarter of
2021.
Consolidated net sales for the nine months ended September 30, 2022, were $1.06 billion, compared to consolidated net sales
of $988.9 million during the
comparable period in 2021. Earnings from continuing
operations for the nine months ended September 30, 2022, were $64.5 million or $2.91 per diluted share, compared to $79.3 million or $3.50 per diluted share in the comparable period
of 2021. Excluding non-operational gains and losses
identified on the attached reconciliation of GAAP and non-GAAP
measures, earnings from continuing operations for the nine
months ended September 30, 2022 and
2021 were $64.3 million or
$2.90 per diluted share and
$80.4 million or $3.54 per diluted share, respectively.
Mr. Eric Sills, Standard Motor
Products' Chief Executive Officer and President stated, "Overall,
we are pleased with our sales results which continue to reflect the
steady demand for our products as seen in our 3% sales increase
over last year, with gains in both segments."
Engine Management sales increased approximately 2% in the
quarter despite tough comparisons. Excluding the Wire and Cable
business, which is in secular ongoing decline, our Engine
Management sales were ahead approximately 3%, in line with our
long-term projections of low single digit growth. Engine Management
experienced consistently higher customer POS levels throughout the
quarter against record levels from 2021.
Temperature Control benefited from a strong summer season with
extreme temperatures across many regions even against record heat
and the difficult comparison in 2021. Sales grew 3.3% in the
quarter vs. last year, and up nearly 11% year-to-date due to a
combination of favorable weather, successful pricing initiatives
and overall strength in customer demand.
We were also pleased with the performance of our specialized
non-aftermarket business, which focuses on custom-engineered
products for niche end markets such as medium and heavy-duty
vehicles, construction and agricultural equipment, power sports,
and others. Our business strategy remains on track with a sales run
rate of over $300 million.
Cross-selling opportunities continue to surface and customers are
beginning to look beyond their current product categories and
inquiring as to other potential solutions and capabilities we can
provide.
In October, we acquired Kade Trading GmbH, a supplier of
temperature control products across Europe. While small at $6 million in annual sales, it provides synergies
to our other recent acquisitions, and provides SMP with an entry
point into the European market for our temperature control products
with a strong focus on the continuing electrification of thermal
systems.
Consolidated operating profit was 8.8% and was helped by the
strength of the Temperature Control segment. However,
operating profit was below last year's record levels as ongoing
inflationary pressures and rising interest rates continue to create
a headwind. We will be implementing additional price increases and
continue to seek out cost savings opportunities to offset these
higher expenses.
Our outlook for the full year has incorporated inflationary
pressures and interest rate increases as noted above, and remains
unchanged from our prior quarter. We expect our full year
gross margin to be approximately 27% and expect our operating
profit to be in the range of 7-8% of net sales.
Finally, we are pleased to announce that our Board of Directors
has approved payment of a quarterly dividend of 27 cents per share on the common stock
outstanding, which will be paid on December
1, 2022 to stockholders of record on November 15, 2022.
In closing, Mr. Sills commented, "The past three years have
presented some unprecedented challenges to our industry and the
marketplace in general. While there remain many unknowns related to
inflation, interest rates and the increasing risk of potential
recession, we are confident in our ability to navigate these
challenges. We appreciate and thank all our employees for their
hard work and support during this difficult period."
Conference Call
Standard Motor Products, Inc. will hold a conference call at
11:00 AM, Eastern Time, on
Friday, October 28th, 2022.
This call will be webcast and can be accessed on the Investor
Relations page of our website at www.smpcorp.com and clicking on
the SMP Q3'22 Earnings Call Earnings Webcast link. Investors
may also listen to the call by dialing 800-791-4813 (domestic) or
785-424-1102 (international). Our playback will be made
available for dial-in immediately following the call. For
those choosing to listen to the replay by webcast, the link should
be active on our website within 24 hours after the call. The
playback number is 800-839-9562 (domestic) or 402-220-6090
(international). The participant passcode is 34579.
Under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, Standard Motor Products cautions
investors that any forward-looking statements made by the company,
including those that may be made in this press release, are based
on management's expectations at the time they are made, but they
are subject to risks and uncertainties that may cause actual
results, events or performance to differ materially from those
contemplated by such forward looking statements. Among the factors
that could cause actual results, events or performance to differ
materially from those risks and uncertainties discussed in this
press release are those detailed from time-to-time in prior press
releases and in the company's filings with the Securities and
Exchange Commission, including the company's annual report on Form
10-K and quarterly reports on Form 10-Q. By making these
forward-looking statements, Standard Motor Products undertakes no
obligation or intention to update these statements after the date
of this release.
|
STANDARD MOTOR
PRODUCTS, INC.
|
Consolidated
Statements of Operations
|
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(In thousands,
except per share amounts)
|
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|
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|
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|
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THREE MONTHS
ENDED
|
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|
NINE MONTHS
ENDED
|
|
|
|
|
SEPTEMBER
30,
|
|
|
|
SEPTEMBER
30,
|
|
|
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|
2022
|
|
|
2021
|
|
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|
2022
|
|
|
2021
|
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|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
NET SALES
|
|
$
381,373
|
|
|
$
370,310
|
|
|
|
$
1,063,616
|
|
|
$
988,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF
SALES
|
|
274,589
|
|
|
265,105
|
|
|
|
770,641
|
|
|
700,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
106,784
|
|
|
105,205
|
|
|
|
292,975
|
|
|
288,261
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
SELLING, GENERAL &
ADMINISTRATIVE EXPENSES
|
|
73,199
|
|
|
66,509
|
|
|
|
204,551
|
|
|
183,316
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
-
|
|
|
166
|
|
|
|
44
|
|
|
166
|
|
|
OTHER INCOME,
NET
|
|
30
|
|
|
8
|
|
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|
43
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|
8
|
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|
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|
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|
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|
|
|
|
|
|
|
OPERATING
INCOME
|
|
33,615
|
|
|
38,538
|
|
|
|
88,423
|
|
|
104,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER NON-OPERATING
INCOME, NET
|
|
1,513
|
|
|
780
|
|
|
|
4,889
|
|
|
2,247
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
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|
INTEREST
EXPENSE
|
|
3,656
|
|
|
652
|
|
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|
6,282
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|
1,356
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|
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|
|
EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
31,472
|
|
|
38,666
|
|
|
|
87,030
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|
|
105,678
|
|
|
|
|
|
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|
PROVISION FOR INCOME
TAXES
|
|
8,280
|
|
|
9,481
|
|
|
|
22,407
|
|
|
26,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM
CONTINUING OPERATIONS
|
|
23,192
|
|
|
29,185
|
|
|
|
64,623
|
|
|
79,363
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
LOSS FROM DISCONTINUED
OPERATION, NET OF INCOME TAXES
|
|
(14,294)
|
|
|
(5,122)
|
|
|
|
(17,076)
|
|
|
(7,139)
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
NET EARNINGS
|
|
8,898
|
|
|
24,063
|
|
|
|
47,547
|
|
|
72,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
NET EARNINGS
ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
|
52
|
|
|
13
|
|
|
|
129
|
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
NET EARNINGS
ATTRIBUTABLE TO SMP (a)
|
|
$
8,846
|
|
|
$
24,050
|
|
|
|
$
47,418
|
|
|
$
72,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS
ATTRIBUTABLE TO SMP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM
CONTINUING OPERATIONS
|
|
$
23,140
|
|
|
$
29,172
|
|
|
|
$
64,494
|
|
|
$
79,331
|
|
|
LOSS FROM DISCONTINUED
OPERATION, NET OF INCOME TAXES
|
|
(14,294)
|
|
|
(5,122)
|
|
|
|
(17,076)
|
|
|
(7,139)
|
|
|
TOTAL
|
|
$
8,846
|
|
|
$
24,050
|
|
|
|
$
47,418
|
|
|
$
72,192
|
|
|
|
|
|
|
|
|
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|
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|
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|
NET EARNINGS PER COMMON
SHARE ATTRIBUTABLE TO SMP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
EARNINGS FROM CONTINUING OPERATIONS
|
|
$
1.08
|
|
|
$
1.32
|
|
|
|
$
2.97
|
|
|
$
3.57
|
|
|
DISCONTINUED OPERATION
|
|
(0.67)
|
|
|
(0.23)
|
|
|
|
(0.79)
|
|
|
(0.32)
|
|
|
NET
EARNINGS PER COMMON SHARE - BASIC
|
|
$
0.41
|
|
|
$
1.09
|
|
|
|
$
2.18
|
|
|
$
3.25
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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|
|
|
|
|
DILUTED
EARNINGS FROM CONTINUING OPERATIONS
|
|
$
1.06
|
|
|
$
1.29
|
|
|
|
$
2.91
|
|
|
$
3.50
|
|
|
DISCONTINUED OPERATION
|
|
(0.66)
|
|
|
(0.22)
|
|
|
|
(0.77)
|
|
|
(0.32)
|
|
|
NET
EARNINGS PER COMMON SHARE - DILUTED
|
|
$
0.40
|
|
|
$
1.07
|
|
|
|
$
2.14
|
|
|
$
3.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
|
|
21,427,393
|
|
|
22,090,195
|
|
|
|
21,719,281
|
|
|
22,201,398
|
|
|
WEIGHTED AVERAGE NUMBER
OF COMMON AND DILUTIVE SHARES
|
|
21,847,602
|
|
|
22,543,781
|
|
|
|
22,153,348
|
|
|
22,678,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) "SMP"
refers to Standard Motor Products, Inc. and
subsidiaries.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
Segment Revenues and
Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
NINE MONTHS
ENDED
|
|
|
|
|
SEPTEMBER
30,
|
|
|
SEPTEMBER
30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ignition, Emission
Control, Fuel & Safety
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related
System Products
|
|
$ 215,021
|
|
|
$ 208,443
|
|
|
$ 618,198
|
|
|
$ 574,595
|
|
|
Wire and
Cable
|
|
36,720
|
|
|
38,708
|
|
|
114,673
|
|
|
117,790
|
|
|
Engine
Management
|
|
251,741
|
|
|
247,151
|
|
|
732,871
|
|
|
692,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compressors
|
|
78,211
|
|
|
75,080
|
|
|
193,551
|
|
|
178,031
|
|
|
Other Climate Control
Parts
|
|
44,780
|
|
|
43,995
|
|
|
125,193
|
|
|
109,988
|
|
|
Temperature Control
|
|
122,991
|
|
|
119,075
|
|
|
318,744
|
|
|
288,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other
|
|
6,641
|
|
|
4,084
|
|
|
12,001
|
|
|
8,535
|
|
|
Revenues
|
|
$ 381,373
|
|
|
$ 370,310
|
|
|
$
1,063,616
|
|
|
$ 988,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engine
Management
|
|
$
66,026
|
26.2 %
|
|
$
66,907
|
27.1 %
|
|
$ 193,855
|
26.5 %
|
|
$ 199,509
|
28.8 %
|
|
Temperature
Control
|
|
35,415
|
28.8 %
|
|
33,815
|
28.4 %
|
|
85,965
|
27.0 %
|
|
78,468
|
27.2 %
|
|
All Other
|
|
5,343
|
|
|
4,676
|
|
|
13,155
|
|
|
10,562
|
|
|
Gross
Margin
|
|
$ 106,784
|
28.0 %
|
|
$ 105,398
|
28.5 %
|
|
$ 292,975
|
27.5 %
|
|
$ 288,539
|
29.2 %
|
|
One-Time Acquisition
Costs
|
|
-
|
0.0 %
|
|
(193)
|
-0.1 %
|
|
-
|
0.0 %
|
|
(278)
|
0.0 %
|
|
Gross
Margin
|
|
$ 106,784
|
28.0 %
|
|
$ 105,205
|
28.4 %
|
|
$ 292,975
|
27.5 %
|
|
$ 288,261
|
29.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General
& Administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engine
Management
|
|
$
42,763
|
17.0 %
|
|
$
38,702
|
15.7 %
|
|
$ 122,745
|
16.7 %
|
|
$ 109,721
|
15.8 %
|
|
Temperature
Control
|
|
21,163
|
17.2 %
|
|
17,120
|
14.4 %
|
|
54,230
|
17.0 %
|
|
44,952
|
15.6 %
|
|
All Other
|
|
9,273
|
|
|
10,029
|
|
|
27,576
|
|
|
27,315
|
|
|
Selling, General & Administrative
|
|
$
73,199
|
19.2 %
|
|
$
65,851
|
17.8 %
|
|
$ 204,551
|
19.2 %
|
|
$ 181,988
|
18.4 %
|
|
One-Time Acquisition
Costs
|
|
-
|
0.0 %
|
|
658
|
0.2 %
|
|
-
|
0.0 %
|
|
1,328
|
0.1 %
|
|
Selling, General & Administrative
|
|
$
73,199
|
19.2 %
|
|
$
66,509
|
18.0 %
|
|
$ 204,551
|
19.2 %
|
|
$ 183,316
|
18.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engine
Management
|
|
$
23,263
|
9.2 %
|
|
$
28,205
|
11.4 %
|
|
$
71,110
|
9.7 %
|
|
$
89,788
|
13.0 %
|
|
Temperature
Control
|
|
14,252
|
11.6 %
|
|
16,695
|
14.0 %
|
|
31,735
|
10.0 %
|
|
33,516
|
11.6 %
|
|
All Other
|
|
(3,930)
|
|
|
(5,353)
|
|
|
(14,421)
|
|
|
(16,753)
|
|
|
Subtotal
|
|
$
33,585
|
8.8 %
|
|
$
39,547
|
10.7 %
|
|
$
88,424
|
8.3 %
|
|
$ 106,551
|
10.8 %
|
|
One-Time Acquisition
Costs
|
|
-
|
0.0 %
|
|
(851)
|
-0.2 %
|
|
-
|
0.0 %
|
|
(1,606)
|
-0.2 %
|
|
Restructuring &
Integration
|
|
-
|
0.0 %
|
|
(166)
|
0.0 %
|
|
(44)
|
0.0 %
|
|
(166)
|
0.0 %
|
|
Other Income,
Net
|
|
30
|
0.0 %
|
|
8
|
0.0 %
|
|
43
|
0.0 %
|
|
8
|
0.0 %
|
|
Operating Income
|
|
$
33,615
|
8.8 %
|
|
$
38,538
|
10.4 %
|
|
$
88,423
|
8.3 %
|
|
$ 104,787
|
10.6 %
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
Reconciliation of
GAAP and Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
|
|
|
|
|
|
SEPTEMBER
30,
|
|
SEPTEMBER
30,
|
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
EARNINGS FROM
CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS
|
|
$
23,140
|
|
$
29,172
|
|
$
64,494
|
|
$
79,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
-
|
|
166
|
|
44
|
|
166
|
|
|
|
|
|
|
ONE-TIME ACQUISITION
COSTS
|
|
-
|
|
851
|
|
-
|
|
1,606
|
|
|
|
|
|
|
CERTAIN TAX CREDITS AND
PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
|
(249)
|
|
(259)
|
|
(249)
|
|
(259)
|
|
|
|
|
|
|
INCOME TAX EFFECT
RELATED TO RECONCILING ITEMS
|
|
-
|
|
(265)
|
|
(11)
|
|
(461)
|
|
|
|
|
|
|
NON-GAAP EARNINGS FROM
CONTINUING OPERATIONS
|
|
$
22,891
|
|
$
29,665
|
|
$
64,278
|
|
$
80,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER
SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP DILUTED EARNINGS
PER SHARE FROM CONTINUING OPERATIONS
|
|
$
1.06
|
|
$
1.29
|
|
$
2.91
|
|
$
3.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
-
|
|
0.01
|
|
-
|
|
-
|
|
|
|
|
|
|
ONE-TIME ACQUISITION
COSTS
|
|
-
|
|
0.04
|
|
-
|
|
0.07
|
|
|
|
|
|
|
CERTAIN TAX CREDITS AND
PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
|
(0.01)
|
|
(0.01)
|
|
(0.01)
|
|
(0.01)
|
|
|
|
|
|
|
INCOME TAX EFFECT
RELATED TO RECONCILING ITEMS
|
|
-
|
|
(0.01)
|
|
-
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP DILUTED
EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
|
$
1.05
|
|
$
1.32
|
|
$
2.90
|
|
$
3.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
33,615
|
|
$
38,538
|
|
$
88,423
|
|
$
104,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
-
|
|
166
|
|
44
|
|
166
|
|
|
|
|
|
|
ONE-TIME ACQUISITION
COSTS
|
|
-
|
|
851
|
|
-
|
|
1,606
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE,
NET
|
|
(30)
|
|
(8)
|
|
(43)
|
|
(8)
|
|
LAST TWELVE MONTHS
ENDED
|
|
YEAR ENDED
|
|
|
|
|
|
|
|
|
|
|
SEPTEMBER
30,
|
|
DECEMBER 31,
|
NON-GAAP OPERATING
INCOME
|
|
$
33,585
|
|
$
39,547
|
|
$
88,424
|
|
$
106,551
|
|
2022
|
|
2021
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
EBITDA WITHOUT
SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
31,472
|
|
$
38,666
|
|
$
87,030
|
|
$
105,678
|
|
$
111,817
|
|
$
136,264
|
|
$
130,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
7,002
|
|
7,060
|
|
20,895
|
|
20,160
|
|
27,978
|
|
27,170
|
|
27,243
|
INTEREST
EXPENSE
|
|
3,656
|
|
652
|
|
6,282
|
|
1,356
|
|
6,954
|
|
1,577
|
|
2,028
|
EBITDA
|
|
42,130
|
|
46,378
|
|
114,207
|
|
127,194
|
|
146,749
|
|
165,011
|
|
159,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
-
|
|
166
|
|
44
|
|
166
|
|
270
|
|
166
|
|
392
|
ONE-TIME ACQUISITION
COSTS
|
|
-
|
|
851
|
|
-
|
|
1,606
|
|
105
|
|
1,606
|
|
1,711
|
INTANGIBLE ASSET
IMPAIRMENT
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,600
|
|
-
|
SPECIAL ITEMS
|
|
-
|
|
1,017
|
|
44
|
|
1,772
|
|
375
|
|
4,372
|
|
2,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
42,130
|
|
$
47,395
|
|
$
114,251
|
|
$
128,966
|
|
$
147,124
|
|
$
169,383
|
|
$
161,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT BELIEVES
THAT NON-GAAP EARNINGS FROM CONTINUING OPERATIONS AND NON-GAAP
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS WHICH ARE
ATTRIBUTABLE TO SMP, AND NON-GAAP OPERATING INCOME AND EBITDA
WITHOUT SPECIAL ITEMS, EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND
ARE ADJUSTED FOR SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE
THEY PROVIDE A VIEW OF THE COMPANY WITH RESPECT TO ONGOING
OPERATING RESULTS. SPECIAL ITEMS REPRESENT SIGNIFICANT
CHARGES OR CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE
COMPANY'S OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH
NON-GAAP MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED
AS AN ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE.
|
STANDARD MOTOR
PRODUCTS, INC.
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
|
December
31,
|
|
|
2022
|
|
|
2021
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
CASH
|
|
$
17,525
|
|
|
$
21,755
|
|
|
|
|
|
|
ACCOUNTS RECEIVABLE,
GROSS
|
|
236,342
|
|
|
186,774
|
ALLOWANCE FOR EXPECTED
CREDIT LOSSES
|
|
5,900
|
|
|
6,170
|
ACCOUNTS RECEIVABLE,
NET
|
|
230,442
|
|
|
180,604
|
|
|
|
|
|
|
INVENTORIES
|
|
534,310
|
|
|
468,755
|
UNRETURNED CUSTOMER
INVENTORY
|
|
21,485
|
|
|
22,268
|
OTHER CURRENT
ASSETS
|
|
25,911
|
|
|
17,823
|
|
|
|
|
|
|
TOTAL CURRENT
ASSETS
|
|
829,673
|
|
|
711,205
|
|
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT, NET
|
|
104,199
|
|
|
102,786
|
OPERATING LEASE
RIGHT-OF-USE ASSETS
|
|
47,168
|
|
|
40,469
|
GOODWILL
|
|
130,727
|
|
|
131,652
|
OTHER INTANGIBLES,
NET
|
|
99,756
|
|
|
106,234
|
DEFERRED INCOME
TAXES
|
|
34,484
|
|
|
36,126
|
INVESTMENT IN
UNCONSOLIDATED AFFILIATES
|
|
42,648
|
|
|
44,087
|
OTHER ASSETS
|
|
30,071
|
|
|
25,402
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$ 1,318,726
|
|
|
$ 1,197,961
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT PORTION OF
REVOLVING CREDIT FACILITY
|
|
$
52,100
|
|
|
$
125,298
|
CURRENT PORTION OF TERM
LOAN AND OTHER DEBT
|
|
6,036
|
|
|
3,117
|
ACCOUNTS
PAYABLE
|
|
103,894
|
|
|
137,167
|
ACCRUED CUSTOMER
RETURNS
|
|
53,857
|
|
|
42,412
|
ACCRUED CORE
LIABILITY
|
|
23,845
|
|
|
23,663
|
ACCRUED
REBATES
|
|
42,378
|
|
|
42,472
|
PAYROLL AND
COMMISSIONS
|
|
37,539
|
|
|
45,058
|
SUNDRY PAYABLES AND
ACCRUED EXPENSES
|
|
54,215
|
|
|
57,182
|
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES
|
|
373,864
|
|
|
476,369
|
|
|
|
|
|
|
OTHER LONG-TERM
DEBT
|
|
211,400
|
|
|
21
|
NONCURRENT OPERATING
LEASE LIABILITY
|
|
38,618
|
|
|
31,206
|
ACCRUED ASBESTOS
LIABILITIES
|
|
63,820
|
|
|
52,698
|
OTHER
LIABILITIES
|
|
20,637
|
|
|
25,040
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
708,339
|
|
|
585,334
|
|
|
|
|
|
|
TOTAL SMP STOCKHOLDERS'
EQUITY
|
|
599,387
|
|
|
601,580
|
NONCONTROLLING
INTEREST
|
|
11,000
|
|
|
11,047
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
610,387
|
|
|
612,627
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$ 1,318,726
|
|
|
$ 1,197,961
|
STANDARD MOTOR
PRODUCTS, INC.
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS
ENDED
|
|
SEPTEMBER
30,
|
|
2022
|
|
|
2021
|
|
(Unaudited)
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
NET
EARNINGS
|
$
47,547
|
|
|
$
72,224
|
ADJUSTMENTS TO
RECONCILE NET EARNINGS TO NET CASH
|
|
|
|
|
PROVIDED BY (USED IN)
OPERATING ACTIVITIES:
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
20,895
|
|
|
20,160
|
OTHER
|
25,904
|
|
|
13,904
|
CHANGE IN ASSETS AND
LIABILITIES:
|
|
|
|
|
ACCOUNTS
RECEIVABLE
|
(51,887)
|
|
|
(15,343)
|
INVENTORY
|
(75,300)
|
|
|
(52,742)
|
ACCOUNTS
PAYABLE
|
(31,844)
|
|
|
24,228
|
PREPAID EXPENSES AND
OTHER CURRENT ASSETS
|
(6,270)
|
|
|
2,324
|
SUNDRY PAYABLES AND
ACCRUED EXPENSES
|
3,807
|
|
|
18,905
|
OTHER
|
(8,327)
|
|
|
(4,522)
|
NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
|
(75,475)
|
|
|
79,138
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
ACQUISITIONS OF AND
INVESTMENTS IN BUSINESSES
|
-
|
|
|
(124,663)
|
CAPITAL
EXPENDITURES
|
(19,499)
|
|
|
(19,406)
|
OTHER INVESTING
ACTIVITIES
|
12
|
|
|
29
|
NET CASH USED IN
INVESTING ACTIVITIES
|
(19,487)
|
|
|
(144,040)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN
DEBT
|
141,457
|
|
|
121,854
|
PURCHASE OF TREASURY
STOCK
|
(29,656)
|
|
|
(26,518)
|
DIVIDENDS
PAID
|
(17,602)
|
|
|
(16,678)
|
PAYMENTS OF DEBT
ISSUANCE COSTS
|
(2,128)
|
|
|
-
|
OTHER FINANCING
ACTIVITIES
|
(54)
|
|
|
455
|
NET CASH PROVIDED BY
FINANCING ACTIVITIES
|
92,017
|
|
|
79,113
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE
CHANGES ON CASH
|
(1,285)
|
|
|
(555)
|
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS
|
(4,230)
|
|
|
13,656
|
CASH AND CASH
EQUIVALENTS at beginning of period
|
21,755
|
|
|
19,488
|
CASH AND CASH
EQUIVALENTS at end of period
|
$
17,525
|
|
|
$
33,144
|
View original
content:https://www.prnewswire.com/news-releases/standard-motor-products-inc-announces-third-quarter-2022-results-and-quarterly-dividend-301661932.html
SOURCE Standard Motor Products, Inc.