NEW
YORK, Aug. 2, 2023 /PRNewswire/ -- Standard
Motor Products, Inc. (NYSE: SMP), a leading automotive parts
manufacturer and distributor, reported today its consolidated
financial results for the three and six months ended
June 30, 2023.
Net sales for the second quarter of 2023 were $353.1 million, compared to consolidated net
sales of $359.4 million during the
comparable quarter in 2022. Earnings from continuing operations for
the second quarter of 2023 were $18.4
million or $0.83 per diluted
share, compared to $20.8 million
or $0.93 per diluted share in the
second quarter of 2022. Excluding non-operational gains and losses
identified on the attached reconciliation of GAAP and non-GAAP
measures, earnings from continuing operations for the
second quarter of 2023 were $18.6
million or $0.84 per diluted
share, compared to $20.8 million
or $0.93 per diluted share in the
second quarter of 2022.
Consolidated net sales for the six months ended June 30, 2023, were $681.1
million, compared to consolidated net sales of $682.2 million during the comparable period in
2022. Earnings from continuing operations for the six months
ended June 30, 2023, were
$31.1 million or $1.40 per diluted share, compared to $41.4 million or $1.85 per diluted share in the comparable period
of 2022. Excluding non-operational gains and losses
identified on the attached reconciliation of GAAP and non-GAAP
measures, earnings from continuing operations for the six months
ended June 30, 2023 and 2022 were
$31.9 million or $1.44 per diluted share and $41.4 million or $1.85 per diluted share, respectively.
Mr. Eric Sills, Standard Motor
Products' Chief Executive Officer and President stated, "Overall,
sales decreased 1.8% versus last year's strong second quarter,
while year-to-date we were roughly flat to 2022. The cooler and
wetter conditions in the quarter had a negative impact on our
aftermarket business, particularly on our Temperature Control
segment. Additionally, we continue to experience the impact
of a recent bankruptcy of a large aftermarket customer, negatively
impacting our quarterly sales by 1.6%. While we believe in the long
run that volume will return, as the business has either been
acquired or will be absorbed by other accounts, in the near term it
will continue to be a headwind."
By segment, Vehicle Control sales were down 1.1% in the quarter,
though remain 1.5% favorable on a year-to-date basis. This
segment was the most impacted by the customer bankruptcy,
reflecting a 2.2% negative impact in the quarter, which again, we
believe will eventually be recovered. Meanwhile, we continue
to see favorable customer sell-through, suggesting general market
stability.
Temperature Control sales declined 8.1% versus the strong 6.4%
growth experienced during the same quarter last year, and down 5.2%
in the first half. As noted above, a cooler and wetter
spring negatively impacted demand for this seasonal product
category against an already difficult prior year comparison. That
said, after a slow start, the heat has picked up across the
country, with many areas hitting record temperatures, and that
should bode well for the third quarter.
Our Engineered Solutions segment sales increased 6.2% in the
quarter due to strong demand from our existing customers as well as
new business wins. We continue to be bullish on long-term sales
growth in this segment as we gain traction with our expanded
customer base, though revenue growth is not necessarily
linear.
Looking at profitability, consolidated non-GAAP operating
margins were 7.8% in the quarter, flat with the 7.8% in the second
quarter last year. We are pleased with our ability to largely
overcome the impact of inflation through a combination of pricing
actions and cost reduction initiatives. While Temperature Control
operating margins, down 390 basis points from last year, came under
pressure due to sales performance, the Vehicle Control and
Engineered Solutions segments improved operating margin by 190
basis points and 100 basis points, respectively. During
the quarter, our operating income was impacted by a $4.8 million increase in customer factoring
program expense over last year from elevated interest rates.
On the bottom line, Adjusted EBITDA and earnings per share were
down primarily due to the lower sales performance in Temp Control,
lower overhead absorption from inventory reduction efforts, and the
impact of interest rates both on our customer factoring programs
and our borrowings.
From a cash flow perspective, we continue to make progress with
respect to initiatives on reducing both our inventory and our
debt. At quarter-end, our inventory was $499.1 million, down from $528.7 million at year-end 2022 and $551.4 million at last year's second
quarter. Additionally, our total debt at quarter-end stood at
$223.2 million as we paid down
$50 million in the second
quarter.
We are excited to announce our plans to open a new distribution
center in Shawnee, KS, which
eventually will replace our existing smaller DC in nearby
Edwardsville, KS. This
575,000 sq.ft. facility, scheduled to have a phased opening
beginning early 2025, will provide capacity expansion for all
aftermarket product categories with improved logistics
capabilities, though in the near term we will incur additional
costs while we operate two facilities.
Regarding our full year expectations for 2023, we anticipate top
line sales growth to be in the low single digits. We are
updating our Adjusted EBITDA expectations to approximately 9.5% of
revenue for the full year 2023 from our prior estimate of
approximately 10%. This outlook considers higher expense
related to customer factoring programs that will fall between
$48-$50
million at current rates, the impact of startup costs and
duplicate overhead expense associated with the new distribution
center discussed above, an exchange rate headwind from the
weakening of the U.S. Dollar on our international operations, and
the impact from softer than expected sales in our second
quarter.
The Board of Directors has approved payment of a quarterly
dividend of 29 cents per share on the
common stock outstanding, which will be paid on September 1, 2023 to stockholders of record on
August 15, 2023.
The Company has been involved in a legal proceeding with a third
party since March 2019. This lawsuit
arose from a breach of contract claim associated with a
discontinued operation of SMP. SMP has vigorously defended itself
but, on May 11, 2023, we were found
liable for approximately $11 million
in damages. Although it is expected that the Court will not
finalize its judgment until the end of the third quarter of 2023,
we incurred a charge to SMP's discontinued operation in the second
quarter of 2023.
In closing, Mr. Sills commented "As we start to look into the
second half of the year, we are optimistic that the return of
hotter summer weather patterns should help normalize aftermarket
demand trends where fundamental industry dynamics remain
favorable. Our Engineered Solutions business, which can be
lumpy quarter to quarter, is on a very nice trajectory. And our
initiatives of reducing inventory levels and improving working
capital have us on track to return to healthy levels of operating
cash flow consistent with years past. We recognize that macro
pressures are lingering, but we will continue to invest in our
business and people to be well-positioned to take advantage of the
strength of the industries in which we operate once these near-term
headwinds subside. We want to thank all our employees for our
current success and helping us achieve our goals for the
future."
Conference Call
Standard Motor Products, Inc. will hold a conference call at
11:00 AM, Eastern Time, on
Wednesday, August 2, 2023. 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 2Q
2023 Earnings Webcast link. Investors may also listen to the
call by dialing 800-274-8461 (domestic) or 203-518-9814
(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 888-562-0905 (domestic) or 402-220-7347 (international). The
participant passcode is 94640.
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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THREE MONTHS
ENDED
|
|
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SIX MONTHS
ENDED
|
|
|
|
JUNE 30,
|
|
|
JUNE 30,
|
|
|
|
2023
|
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|
2022
|
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2023
|
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|
2022
|
|
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(Unaudited)
|
|
|
(Unaudited)
|
|
NET SALES
|
|
$
353,075
|
|
|
$
359,412
|
|
|
$
681,103
|
|
|
$
682,243
|
|
|
|
|
|
|
|
|
|
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|
COST OF
SALES
|
|
251,806
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|
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263,061
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488,567
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|
496,052
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|
|
|
|
|
|
|
|
|
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|
|
|
|
GROSS PROFIT
|
|
101,269
|
|
|
96,351
|
|
|
192,536
|
|
|
186,191
|
|
|
|
|
|
|
|
|
|
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SELLING, GENERAL &
ADMINISTRATIVE EXPENSES
|
|
73,843
|
|
|
68,468
|
|
|
143,476
|
|
|
131,352
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|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
294
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|
|
3
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|
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1,206
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|
44
|
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OTHER INCOME,
NET
|
|
46
|
|
|
13
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|
|
70
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
27,178
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|
|
27,893
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|
|
47,924
|
|
|
54,808
|
|
|
|
|
|
|
|
|
|
|
|
|
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OTHER NON-OPERATING
INCOME, NET
|
|
802
|
|
|
1,927
|
|
|
1,027
|
|
|
3,376
|
|
|
|
|
|
|
|
|
|
|
|
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INTEREST
EXPENSE
|
|
3,283
|
|
|
1,821
|
|
|
7,145
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|
|
2,626
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|
|
|
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|
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|
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EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
24,697
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|
|
27,999
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|
41,806
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55,558
|
|
|
|
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PROVISION FOR INCOME
TAXES
|
|
6,289
|
|
|
7,122
|
|
|
10,661
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|
|
14,127
|
|
|
|
|
|
|
|
|
|
|
|
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EARNINGS FROM
CONTINUING OPERATIONS
|
|
18,408
|
|
|
20,877
|
|
|
31,145
|
|
|
41,431
|
|
|
|
|
|
|
|
|
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LOSS FROM DISCONTINUED
OPERATION, NET OF INCOME TAXES
|
|
(9,221)
|
|
|
(1,666)
|
|
|
(10,001)
|
|
|
(2,782)
|
|
|
|
|
|
|
|
|
|
|
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|
NET EARNINGS
|
|
9,187
|
|
|
19,211
|
|
|
21,144
|
|
|
38,649
|
|
|
|
|
|
|
|
|
|
|
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NET EARNINGS
ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
|
50
|
|
|
85
|
|
|
89
|
|
|
77
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|
|
|
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NET EARNINGS
ATTRIBUTABLE TO SMP (a)
|
|
$
9,137
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|
|
$
19,126
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|
|
$
21,055
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|
|
$
38,572
|
|
|
|
|
|
|
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|
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|
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NET EARNINGS ATTRIBUTABLE TO SMP
|
|
|
|
|
|
|
|
|
|
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EARNINGS FROM
CONTINUING OPERATIONS
|
|
$
18,358
|
|
|
$
20,792
|
|
|
$
31,056
|
|
|
$
41,354
|
|
LOSS FROM DISCONTINUED
OPERATION, NET OF INCOME TAXES
|
|
(9,221)
|
|
|
(1,666)
|
|
|
(10,001)
|
|
|
(2,782)
|
|
TOTAL
|
|
$
9,137
|
|
|
$
19,126
|
|
|
$
21,055
|
|
|
$
38,572
|
|
|
|
|
|
|
|
|
|
|
|
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NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO
SMP
|
|
|
|
|
|
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BASIC
EARNINGS FROM CONTINUING OPERATIONS
|
|
$
0.85
|
|
|
$
0.96
|
|
|
$
1.43
|
|
|
$
1.89
|
|
DISCONTINUED OPERATION
|
|
(0.43)
|
|
|
(0.08)
|
|
|
(0.46)
|
|
|
(0.13)
|
|
NET
EARNINGS PER COMMON SHARE - BASIC
|
|
$
0.42
|
|
|
$
0.88
|
|
|
$
0.97
|
|
|
$
1.76
|
|
|
|
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DILUTED
EARNINGS FROM CONTINUING OPERATIONS
|
|
$
0.83
|
|
|
$
0.93
|
|
|
$
1.40
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|
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$
1.85
|
|
DISCONTINUED OPERATION
|
|
(0.42)
|
|
|
(0.07)
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|
|
(0.45)
|
|
|
(0.13)
|
|
NET
EARNINGS PER COMMON SHARE - DILUTED
|
|
$
0.41
|
|
|
$
0.86
|
|
|
$
0.95
|
|
|
$
1.72
|
|
|
|
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|
|
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|
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|
|
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|
|
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|
|
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|
|
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
|
|
21,689,067
|
|
|
21,757,998
|
|
|
21,649,562
|
|
|
21,867,644
|
|
WEIGHTED AVERAGE NUMBER
OF COMMON AND DILUTIVE SHARES
|
|
22,183,489
|
|
|
22,255,642
|
|
|
22,139,708
|
|
|
22,372,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) "SMP"
refers to Standard Motor Products, Inc. and
subsidiaries.
|
|
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STANDARD MOTOR PRODUCTS, INC.
|
Segment Revenues and Operating
Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
SIX MONTHS
ENDED
|
|
|
|
JUNE 30,
|
|
|
JUNE 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Engine Management
(Ignition, Emissions and
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
Delivery)
|
|
$
113,589
|
|
|
$
111,581
|
|
|
$
229,672
|
|
|
$
220,730
|
|
Electrical and
Safety
|
|
52,867
|
|
|
57,054
|
|
|
104,671
|
|
|
109,311
|
|
Wire sets and
other
|
|
17,333
|
|
|
17,136
|
|
|
34,023
|
|
|
32,994
|
|
Vehicle
Control
|
|
183,789
|
|
|
185,771
|
|
|
368,366
|
|
|
363,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AC System
Components
|
|
74,449
|
|
|
81,608
|
|
|
120,201
|
|
|
128,982
|
|
Other Thermal
Components
|
|
22,625
|
|
|
24,029
|
|
|
49,279
|
|
|
49,713
|
|
Temperature Control
|
|
97,074
|
|
|
105,637
|
|
|
169,480
|
|
|
178,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Vehicle
|
|
26,742
|
|
|
19,503
|
|
|
46,599
|
|
|
40,954
|
|
Construction /
Agriculture
|
|
8,103
|
|
|
11,222
|
|
|
20,898
|
|
|
22,206
|
|
Light
Vehicle
|
|
23,548
|
|
|
23,039
|
|
|
46,514
|
|
|
49,114
|
|
All Other
|
|
13,819
|
|
|
14,240
|
|
|
29,246
|
|
|
28,239
|
|
Engineered
Solutions
|
|
72,212
|
|
|
68,004
|
|
|
143,257
|
|
|
140,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
353,075
|
|
|
$
359,412
|
|
|
$
681,103
|
|
|
$
682,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle
Control
|
|
$
60,109
|
32.7 %
|
|
$
53,728
|
28.9 %
|
|
$
118,581
|
32.2 %
|
|
$
109,152
|
30.1 %
|
Temperature
Control
|
|
26,512
|
27.3 %
|
|
29,315
|
27.8 %
|
|
45,667
|
26.9 %
|
|
48,803
|
27.3 %
|
Engineered
Solutions
|
|
14,648
|
20.3 %
|
|
13,308
|
19.6 %
|
|
28,288
|
19.7 %
|
|
28,236
|
20.1 %
|
All Other
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Gross
Margin
|
|
$
101,269
|
28.7 %
|
|
$
96,351
|
26.8 %
|
|
$
192,536
|
28.3 %
|
|
$
186,191
|
27.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General &
Administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle
Control
|
|
$
40,720
|
22.2 %
|
|
$
37,679
|
20.3 %
|
|
$
81,556
|
22.1 %
|
|
$
72,718
|
20.0 %
|
Temperature
Control
|
|
20,584
|
21.2 %
|
|
18,792
|
17.8 %
|
|
37,112
|
21.9 %
|
|
34,118
|
19.1 %
|
Engineered
Solutions
|
|
8,481
|
11.7 %
|
|
8,199
|
12.1 %
|
|
16,390
|
11.4 %
|
|
16,839
|
12.0 %
|
All Other
|
|
4,058
|
|
|
3,798
|
|
|
8,418
|
|
|
7,677
|
|
Selling,
General & Administrative
|
|
$
73,843
|
20.9 %
|
|
$
68,468
|
19.1 %
|
|
$
143,476
|
21.1 %
|
|
$
131,352
|
19.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle
Control
|
|
$
19,389
|
10.5 %
|
|
$
16,049
|
8.6 %
|
|
$
37,025
|
10.1 %
|
|
$
36,434
|
10.0 %
|
Temperature
Control
|
|
5,928
|
6.1 %
|
|
10,523
|
10.0 %
|
|
8,555
|
5.0 %
|
|
14,685
|
8.2 %
|
Engineered
Solutions
|
|
6,167
|
8.5 %
|
|
5,109
|
7.5 %
|
|
11,898
|
8.3 %
|
|
11,397
|
8.1 %
|
All Other
|
|
(4,058)
|
|
|
(3,798)
|
|
|
(8,418)
|
|
|
(7,677)
|
|
Subtotal
|
|
$
27,426
|
7.8 %
|
|
$
27,883
|
7.8 %
|
|
$
49,060
|
7.2 %
|
|
$
54,839
|
8.0 %
|
Restructuring & Integration
|
|
(294)
|
-0.1 %
|
|
(3)
|
0.0 %
|
|
(1,206)
|
-0.2 %
|
|
(44)
|
0.0 %
|
Other Income, Net
|
|
46
|
0.0 %
|
|
13
|
0.0 %
|
|
70
|
0.0 %
|
|
13
|
0.0 %
|
Operating
Income
|
|
$
27,178
|
7.7 %
|
|
$
27,893
|
7.8 %
|
|
$
47,924
|
7.0 %
|
|
$
54,808
|
8.0 %
|
STANDARD MOTOR PRODUCTS, INC.
|
Reconciliation of GAAP and Non-GAAP
Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED
|
|
SIX MONTHS ENDED
|
|
|
|
|
|
|
|
|
JUNE 30,
|
|
JUNE 30,
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO
SMP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS
|
|
$
18,358
|
|
$
20,792
|
|
$
31,056
|
|
$
41,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
294
|
|
3
|
|
1,206
|
|
44
|
|
|
|
|
|
|
INCOME TAX EFFECT
RELATED TO RECONCILING ITEMS
|
|
(77)
|
|
-
|
|
(314)
|
|
(11)
|
|
|
|
|
|
|
NON-GAAP EARNINGS FROM
CONTINUING OPERATIONS
|
|
$
18,575
|
|
$
20,795
|
|
$
31,948
|
|
$
41,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
ATTRIBUTABLE TO SMP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP DILUTED EARNINGS
PER SHARE FROM CONTINUING OPERATIONS
|
|
$
0.83
|
|
$
0.93
|
|
$
1.40
|
|
$
1.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
0.01
|
|
-
|
|
0.05
|
|
-
|
|
|
|
|
|
|
INCOME TAX EFFECT
RELATED TO RECONCILING ITEMS
|
|
-
|
|
-
|
|
(0.01)
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP DILUTED
EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
|
$
0.84
|
|
$
0.93
|
|
$
1.44
|
|
$
1.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
27,178
|
|
$
27,893
|
|
$
47,924
|
|
$
54,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
294
|
|
3
|
|
1,206
|
|
44
|
|
|
|
|
|
|
OTHER INCOME,
NET
|
|
(46)
|
|
(13)
|
|
(70)
|
|
(13)
|
|
LAST TWELVE MONTHS ENDED
|
|
YEAR ENDED
|
|
|
|
|
|
|
|
|
|
|
JUNE 30,
|
|
DECEMBER 31,
|
NON-GAAP OPERATING
INCOME
|
|
$
27,426
|
|
$
27,883
|
|
$
49,060
|
|
$
54,839
|
|
2023
|
|
2022
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
EBITDA WITHOUT SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
24,697
|
|
$
27,999
|
|
$
41,806
|
|
$
55,558
|
|
$
84,580
|
|
$
119,011
|
|
$
98,332
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
7,047
|
|
6,941
|
|
14,129
|
|
13,893
|
|
28,534
|
|
28,036
|
|
28,298
|
INTEREST
EXPENSE
|
|
3,283
|
|
1,821
|
|
7,145
|
|
2,626
|
|
15,136
|
|
3,950
|
|
10,617
|
EBITDA
|
|
35,027
|
|
36,761
|
|
63,080
|
|
72,077
|
|
128,250
|
|
150,997
|
|
137,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
294
|
|
3
|
|
1,206
|
|
44
|
|
3,053
|
|
436
|
|
1,891
|
CUSTOMER BANKRUPTCY
CHARGE
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7,002
|
|
-
|
|
7,002
|
ONE-TIME ACQUISITION
COSTS
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
956
|
|
-
|
SPECIAL ITEMS
|
|
294
|
|
3
|
|
1,206
|
|
44
|
|
10,055
|
|
1,392
|
|
8,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
35,321
|
|
$
36,764
|
|
$
64,286
|
|
$
72,121
|
|
$
138,305
|
|
$
152,389
|
|
$
146,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
Reconciliation of GAAP and Non-GAAP Measures by
Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
THREE MONTHS ENDED JUNE 30,
2023
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
19,273
|
|
$
5,800
|
|
$
6,163
|
|
$
(4,058)
|
|
$
27,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
154
|
|
128
|
|
12
|
|
-
|
|
294
|
|
OTHER INCOME,
NET
|
|
(38)
|
|
-
|
|
(8)
|
|
-
|
|
(46)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
19,389
|
|
$
5,928
|
|
$
6,167
|
|
$
(4,058)
|
|
$
27,426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
17,235
|
|
$
5,259
|
|
$
6,247
|
|
$
(4,044)
|
|
$
24,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
3,373
|
|
768
|
|
2,486
|
|
420
|
|
7,047
|
|
INTEREST
EXPENSE
|
|
2,304
|
|
842
|
|
637
|
|
(500)
|
|
3,283
|
|
EBITDA
|
|
22,912
|
|
6,869
|
|
9,370
|
|
(4,124)
|
|
35,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
154
|
|
128
|
|
12
|
|
-
|
|
294
|
|
SPECIAL ITEMS
|
|
154
|
|
128
|
|
12
|
|
-
|
|
294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
23,066
|
|
$
6,997
|
|
$
9,382
|
|
$
(4,124)
|
|
$
35,321
|
|
% of Net Sales
|
|
12.6 %
|
|
7.2 %
|
|
13.0 %
|
|
|
|
10.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
THREE MONTHS ENDED JUNE 30,
2022
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
16,059
|
|
$
10,523
|
|
$
5,109
|
|
$
(3,798)
|
|
$
27,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
3
|
|
-
|
|
-
|
|
-
|
|
3
|
|
OTHER INCOME,
NET
|
|
(13)
|
|
-
|
|
-
|
|
-
|
|
(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
16,049
|
|
$
10,523
|
|
$
5,109
|
|
$
(3,798)
|
|
$
27,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
14,928
|
|
$
12,064
|
|
$
4,950
|
|
$
(3,943)
|
|
$
27,999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
3,491
|
|
742
|
|
2,295
|
|
413
|
|
6,941
|
|
INTEREST
EXPENSE
|
|
1,353
|
|
406
|
|
139
|
|
(77)
|
|
1,821
|
|
EBITDA
|
|
19,772
|
|
13,212
|
|
7,384
|
|
(3,607)
|
|
36,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
3
|
|
-
|
|
-
|
|
-
|
|
3
|
|
SPECIAL ITEMS
|
|
3
|
|
-
|
|
-
|
|
-
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
19,775
|
|
$
13,212
|
|
$
7,384
|
|
$
(3,607)
|
|
$
36,764
|
|
% of Net Sales
|
|
10.6 %
|
|
12.5 %
|
|
10.9 %
|
|
|
|
10.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT BELIEVES
THAT 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.
|
Reconciliation of GAAP and Non-GAAP Measures by
Segments
|
|
|
|
|
|
|
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|
|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
(In thousands)
|
|
SIX MONTHS ENDED JUNE 30, 2023
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
36,648
|
|
$
7,884
|
|
$
11,810
|
|
$
(8,418)
|
|
$
47,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
439
|
|
671
|
|
96
|
|
-
|
|
1,206
|
|
OTHER INCOME,
NET
|
|
(62)
|
|
-
|
|
(8)
|
|
-
|
|
(70)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
37,025
|
|
$
8,555
|
|
$
11,898
|
|
$
(8,418)
|
|
$
49,060
|
|
|
|
|
|
|
|
|
|
|
|
|
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EBITDA WITHOUT SPECIAL ITEMS
|
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|
|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
32,292
|
|
$
6,364
|
|
$
11,533
|
|
$
(8,383)
|
|
$
41,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
6,785
|
|
1,531
|
|
4,967
|
|
846
|
|
14,129
|
|
INTEREST
EXPENSE
|
|
5,045
|
|
1,735
|
|
996
|
|
(631)
|
|
7,145
|
|
EBITDA
|
|
44,122
|
|
9,630
|
|
17,496
|
|
(8,168)
|
|
63,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
439
|
|
671
|
|
96
|
|
-
|
|
1,206
|
|
SPECIAL ITEMS
|
|
439
|
|
671
|
|
96
|
|
-
|
|
1,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
44,561
|
|
$
10,301
|
|
$
17,592
|
|
$
(8,168)
|
|
$
64,286
|
|
% of Net Sales
|
|
12.1 %
|
|
6.1 %
|
|
12.3 %
|
|
|
|
9.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
SIX MONTHS ENDED JUNE 30, 2022
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
36,403
|
|
$
14,685
|
|
$
11,397
|
|
$
(7,677)
|
|
$
54,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
44
|
|
-
|
|
-
|
|
-
|
|
44
|
|
OTHER INCOME,
NET
|
|
(13)
|
|
-
|
|
-
|
|
-
|
|
(13)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
36,434
|
|
$
14,685
|
|
$
11,397
|
|
$
(7,677)
|
|
$
54,839
|
|
|
|
|
|
|
|
|
|
|
|
|
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EBITDA WITHOUT SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
35,294
|
|
$
16,544
|
|
$
11,528
|
|
$
(7,808)
|
|
$
55,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
6,908
|
|
1,422
|
|
4,753
|
|
810
|
|
13,893
|
|
INTEREST
EXPENSE
|
|
1,928
|
|
566
|
|
285
|
|
(153)
|
|
2,626
|
|
EBITDA
|
|
44,130
|
|
18,532
|
|
16,566
|
|
(7,151)
|
|
72,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
44
|
|
-
|
|
-
|
|
-
|
|
44
|
|
SPECIAL ITEMS
|
|
44
|
|
-
|
|
-
|
|
-
|
|
44
|
|
|
|
|
|
|
|
|
|
|
|
|
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EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
44,174
|
|
$
18,532
|
|
$
16,566
|
|
$
(7,151)
|
|
$
72,121
|
|
% of Net Sales
|
|
12.2 %
|
|
10.4 %
|
|
11.8 %
|
|
|
|
10.6 %
|
|
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|
|
|
|
|
|
|
|
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|
|
MANAGEMENT BELIEVES
THAT 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JUNE
|
|
JUNE
|
|
DECEMBER
|
|
|
2023
|
|
2022
|
|
2022
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
CASH
|
|
$
23,019
|
|
$
14,186
|
|
$
21,150
|
|
|
|
|
|
|
|
ACCOUNTS RECEIVABLE,
GROSS
|
|
223,862
|
|
235,669
|
|
173,013
|
ALLOWANCE FOR EXPECTED
CREDIT LOSSES
|
|
5,757
|
|
6,012
|
|
5,375
|
ACCOUNTS RECEIVABLE,
NET
|
|
218,105
|
|
229,657
|
|
167,638
|
|
|
|
|
|
|
|
INVENTORIES
|
|
499,134
|
|
551,415
|
|
528,715
|
UNRETURNED CUSTOMER
INVENTORY
|
|
19,722
|
|
21,405
|
|
19,695
|
OTHER CURRENT
ASSETS
|
|
27,903
|
|
26,198
|
|
25,241
|
|
|
|
|
|
|
|
TOTAL CURRENT
ASSETS
|
|
787,883
|
|
842,861
|
|
762,439
|
|
|
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT, NET
|
|
107,590
|
|
104,931
|
|
107,148
|
OPERATING LEASE
RIGHT-OF-USE ASSETS
|
|
73,093
|
|
39,827
|
|
49,838
|
GOODWILL
|
|
132,391
|
|
131,125
|
|
132,087
|
OTHER INTANGIBLES,
NET
|
|
96,291
|
|
101,649
|
|
100,504
|
DEFERRED INCOME
TAXES
|
|
33,905
|
|
34,086
|
|
33,658
|
INVESTMENT IN
UNCONSOLIDATED AFFILIATES
|
|
41,557
|
|
44,885
|
|
41,745
|
OTHER ASSETS
|
|
29,435
|
|
27,188
|
|
27,510
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$ 1,302,145
|
|
$ 1,326,552
|
|
$ 1,254,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT PORTION OF
REVOLVING CREDIT FACILITY
|
|
$
53,700
|
|
$
56,000
|
|
$
50,000
|
CURRENT PORTION OF TERM
LOAN AND OTHER DEBT
|
|
5,028
|
|
7,954
|
|
5,031
|
ACCOUNTS
PAYABLE
|
|
94,657
|
|
140,082
|
|
89,247
|
ACCRUED CUSTOMER
RETURNS
|
|
43,664
|
|
55,725
|
|
37,169
|
ACCRUED CORE
LIABILITY
|
|
20,187
|
|
23,117
|
|
22,952
|
ACCRUED
REBATES
|
|
43,781
|
|
41,647
|
|
37,381
|
PAYROLL AND
COMMISSIONS
|
|
28,346
|
|
35,985
|
|
31,361
|
SUNDRY PAYABLES AND
ACCRUED EXPENSES
|
|
59,126
|
|
49,710
|
|
49,990
|
|
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES
|
|
348,489
|
|
410,220
|
|
323,131
|
|
|
|
|
|
|
|
LONG-TERM
DEBT
|
|
164,488
|
|
203,500
|
|
184,589
|
NONCURRENT OPERATING
LEASE LIABILITY
|
|
64,271
|
|
30,039
|
|
40,709
|
ACCRUED ASBESTOS
LIABILITIES
|
|
59,565
|
|
48,025
|
|
63,305
|
OTHER
LIABILITIES
|
|
24,917
|
|
22,119
|
|
22,157
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
661,730
|
|
713,903
|
|
633,891
|
|
|
|
|
|
|
|
TOTAL SMP STOCKHOLDERS'
EQUITY
|
|
629,673
|
|
601,586
|
|
610,020
|
NONCONTROLLING
INTEREST
|
|
10,742
|
|
11,063
|
|
11,018
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
640,415
|
|
612,649
|
|
621,038
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$ 1,302,145
|
|
$ 1,326,552
|
|
$ 1,254,929
|
STANDARD MOTOR PRODUCTS, INC.
|
Condensed Consolidated Statements of Cash
Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SIX MONTHS
ENDED
|
|
|
JUNE 30,
|
|
|
2023
|
|
|
2022
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS
|
$
21,144
|
|
|
$
38,649
|
|
ADJUSTMENTS TO
RECONCILE NET EARNINGS TO NET CASH
|
|
|
|
|
|
PROVIDED BY (USED IN)
OPERATING ACTIVITIES:
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
14,129
|
|
|
13,893
|
|
LOSS FROM DISCONTINUED
OPERATIONS, NET OF TAXES
|
10,001
|
|
|
2,782
|
|
OTHER
|
5,835
|
|
|
8,049
|
|
CHANGE IN ASSETS AND
LIABILITIES:
|
|
|
|
|
|
ACCOUNTS
RECEIVABLE
|
(48,271)
|
|
|
(49,659)
|
|
INVENTORY
|
30,924
|
|
|
(87,744)
|
|
ACCOUNTS
PAYABLE
|
4,323
|
|
|
1,591
|
|
PREPAID EXPENSES AND
OTHER CURRENT ASSETS
|
(468)
|
|
|
(7,102)
|
|
SUNDRY PAYABLES AND
ACCRUED EXPENSES
|
2,776
|
|
|
(5,020)
|
|
OTHER
|
(1,023)
|
|
|
(10,772)
|
|
NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
|
39,370
|
|
|
(95,333)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
EXPENDITURES
|
(9,507)
|
|
|
(13,203)
|
|
OTHER INVESTING
ACTIVITIES
|
66
|
|
|
-
|
|
NET CASH USED IN
INVESTING ACTIVITIES
|
(9,441)
|
|
|
(13,203)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN
DEBT
|
(16,547)
|
|
|
139,319
|
|
PURCHASE OF TREASURY
STOCK
|
-
|
|
|
(25,605)
|
|
DIVIDENDS
PAID
|
(12,544)
|
|
|
(11,822)
|
|
PAYMENTS OF DEBT
ISSUANCE COSTS
|
-
|
|
|
(2,128)
|
|
OTHER FINANCING
ACTIVITIES
|
3
|
|
|
1,903
|
|
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES
|
(29,088)
|
|
|
101,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE
CHANGES ON CASH
|
1,028
|
|
|
(700)
|
|
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS
|
1,869
|
|
|
(7,569)
|
|
CASH AND CASH
EQUIVALENTS at beginning of period
|
21,150
|
|
|
21,755
|
|
CASH AND CASH
EQUIVALENTS at end of period
|
$
23,019
|
|
|
$
14,186
|
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SOURCE Standard Motor Products, Inc.