QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Accelerated Filer ☐
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Non-Accelerated Filer ☐
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Smaller reporting company
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Emerging growth company
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Page No.
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||
Item 1.
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Consolidated Financial Statements:
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3
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4
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5
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6
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||
7
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||
8
|
||
Item 2. |
27
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Item 3.
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38
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Item 4.
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39
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PART II – OTHER INFORMATION
|
||
Item 1.
|
40
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Item 6.
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40
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Signatures |
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41
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ITEM 1. |
CONSOLIDATED FINANCIAL STATEMENTS
|
|
Three Months Ended
March 31,
|
|||||||
(In thousands, except share and per share data)
|
2023
|
2022
|
||||||
|
(Unaudited)
|
|||||||
Net sales
|
$
|
|
$
|
|
||||
Cost of sales
|
|
|
||||||
Gross profit
|
|
|
||||||
Selling, general and administrative expenses
|
|
|
||||||
Restructuring and integration expenses
|
|
|
||||||
Other income, net |
||||||||
Operating income
|
|
|
||||||
Other non-operating income, net
|
|
|
||||||
Interest expense
|
|
|
||||||
Earnings from continuing operations before income taxes
|
|
|
||||||
Provision for income taxes
|
|
|
||||||
Earnings from continuing operations
|
|
|
||||||
Loss from discontinued operations, net of income taxes
|
(
|
)
|
(
|
)
|
||||
Net earnings
|
|
|
||||||
Net earnings (loss) attributable to noncontrolling interest
|
( |
) | ||||||
Net earnings attributable to SMP (a)
|
$ | $ | ||||||
Net earnings attributable to SMP
|
||||||||
Earnings from continuing operations
|
$ | $ | ||||||
Discontinued operations
|
( |
) | ( |
) | ||||
Total
|
$ | $ | ||||||
Per share data attributable to SMP
|
||||||||
Net earnings per common share – Basic:
|
||||||||
Earnings from continuing operations
|
$
|
|
$
|
|
||||
Discontinued operations
|
(
|
)
|
(
|
)
|
||||
Net earnings per common share – Basic
|
$
|
|
$
|
|
||||
Net earnings per common share – Diluted:
|
||||||||
Earnings from continuing operations
|
$
|
|
$
|
|
||||
Discontinued operations
|
(
|
)
|
(
|
)
|
||||
Net earnings per common share – Diluted
|
$
|
|
$
|
|
||||
Dividend declared per share
|
$
|
|
$
|
|
||||
Average number of common shares
|
|
|
||||||
Average number of common shares and dilutive common shares
|
|
|
|
Three Months Ended
March 31,
|
|||||||
(In thousands)
|
2023
|
2022
|
||||||
|
(Unaudited)
|
|||||||
|
||||||||
Net earnings
|
$
|
|
$
|
|
||||
Other comprehensive income (loss), net of tax:
|
||||||||
Foreign currency translation adjustments
|
|
(
|
)
|
|||||
Derivative instruments
|
( |
) | ||||||
Pension and postretirement plans
|
(
|
)
|
(
|
)
|
||||
Total other comprehensive income (loss), net of tax
|
|
(
|
)
|
|||||
Total comprehensive income
|
|
|
||||||
Comprehensive income (loss) attributable to noncontrolling interest, net of tax:
|
||||||||
Net earnings (loss)
|
( |
) | ||||||
Foreign currency translation adjustments
|
( |
) | ||||||
Comprehensive income (loss) attributable to noncontrolling interest, net of tax
|
( |
) | ||||||
Comprehensive income attributable to SMP
|
$ | $ |
(In thousands, except share and per share data)
|
March 31,
2023
|
December 31,
2022
|
||||||
|
(Unaudited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
||||
Accounts receivable, less allowances for discounts and expected credit losses of $
|
|
|
||||||
Inventories
|
|
|
||||||
Unreturned customer inventories
|
|
|
||||||
Prepaid expenses and other current assets
|
|
|
||||||
Total current assets
|
|
|
||||||
|
||||||||
Property, plant and equipment, net of accumulated depreciation of $
|
|
|
||||||
Operating lease right-of-use assets
|
|
|
||||||
Goodwill
|
|
|
||||||
Other intangibles, net
|
|
|
||||||
Deferred income taxes
|
|
|
||||||
Investments in unconsolidated affiliates
|
|
|
||||||
Other assets
|
|
|
||||||
Total assets
|
$
|
|
$
|
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current portion of revolving credit facility
|
$
|
|
$
|
|
||||
Current portion of term loan and other debt
|
|
|
||||||
Accounts payable
|
|
|
||||||
Sundry payables and accrued expenses
|
|
|
||||||
Accrued customer returns
|
|
|
||||||
Accrued core liability
|
|
|
||||||
Accrued rebates
|
|
|
||||||
Payroll and commissions
|
|
|
||||||
Total current liabilities
|
|
|
||||||
Long-term debt
|
|
|
||||||
Noncurrent operating lease liabilities
|
|
|
||||||
Other accrued liabilities
|
|
|
||||||
Accrued asbestos liabilities
|
|
|
||||||
Total liabilities
|
|
|
||||||
Commitments and contingencies
|
||||||||
Stockholders’ equity:
|
||||||||
Common stock – par value $
|
||||||||
Authorized –
|
|
|
||||||
Capital in excess of par value
|
|
|
||||||
Retained earnings
|
|
|
||||||
Accumulated other comprehensive income
|
(
|
)
|
(
|
)
|
||||
Treasury stock – at cost (
|
(
|
)
|
(
|
)
|
||||
Total SMP stockholders’ equity
|
|
|
||||||
Noncontrolling interest
|
|
|
||||||
Total stockholders’ equity
|
|
|
||||||
Total liabilities and stockholders’ equity
|
$
|
|
$
|
|
(In thousands)
|
Three Months Ended
March 31,
|
|||||||
|
2023
|
2022
|
||||||
|
(Unaudited)
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net earnings
|
$
|
|
$
|
|
||||
Adjustments to reconcile net earnings to net cash used in operating activities:
|
||||||||
Depreciation and amortization
|
|
|
||||||
Amortization of deferred financing cost
|
|
|
||||||
Increase to allowance for expected credit losses
|
|
|
||||||
Increase to inventory reserves
|
|
|
||||||
Equity income from joint ventures
|
(
|
)
|
(
|
)
|
||||
Employee Stock Ownership Plan allocation
|
|
|
||||||
Stock-based compensation
|
|
|
||||||
Decrease in deferred income taxes
|
|
|
||||||
Loss on discontinued operations, net of tax
|
|
|
||||||
Change in assets and liabilities:
|
||||||||
Increase in accounts receivable
|
(
|
)
|
(
|
)
|
||||
(Increase) decrease in inventories
|
|
(
|
)
|
|||||
Decrease in prepaid expenses and other current assets
|
|
|
||||||
Increase in accounts payable
|
|
|
||||||
Decrease in sundry payables and accrued expenses
|
(
|
)
|
(
|
)
|
||||
Net changes in other assets and liabilities
|
(
|
)
|
(
|
)
|
||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Capital expenditures
|
(
|
)
|
(
|
)
|
||||
Other investing activities
|
|
|
||||||
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Repayments of term loan
|
( |
) | ||||||
Net borrowings under revolving credit facilities
|
|
|
||||||
Net borrowings (repayment) of other debt and lease obligations
|
(
|
)
|
|
|||||
Purchase of treasury stock
|
|
(
|
)
|
|||||
Increase in overdraft balances
|
|
|
||||||
Dividends paid
|
(
|
)
|
(
|
)
|
||||
Net cash provided by financing activities
|
|
|
||||||
Effect of exchange rate changes on cash
|
|
|
||||||
Net increase (decrease) in cash and cash equivalents
|
|
(
|
)
|
|||||
CASH AND CASH EQUIVALENTS at beginning of period
|
|
|
||||||
CASH AND CASH EQUIVALENTS at end of period
|
$
|
|
$
|
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
|
$
|
|
||||
Income taxes
|
$
|
|
$
|
|
(In thousands)
|
Common Stock
|
Capital in Excess of Par Value
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
Treasury Stock
|
Total
SMP
|
Non-
Controlling Interest
|
Total
|
||||||||||||||||||||||||
Balance at December 31, 2022
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Net earnings (loss)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
(
|
)
|
|
|||||||||||||||||||||||
Cash dividends paid
|
|
|
(
|
)
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||
Stock-based compensation
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Employee Stock Ownership Plan | ||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ |
$ |
$ |
$ |
( |
) | $ |
( |
) | $ |
$ |
$ |
(In thousands)
|
Common Stock
|
Capital in Excess of Par Value
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
Treasury Stock
|
Total
SMP
|
Non-
Controlling Interest
|
Total
|
||||||||||||||||||||||||
Balance at December 31, 2021
|
$
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Net earnings (loss)
|
|
|
|
|
|
|
(
|
)
|
|
|||||||||||||||||||||||
Other comprehensive income (loss), net of tax
|
|
|
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||
Cash dividends paid
|
|
|
(
|
)
|
|
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||
Purchase of treasury stock
|
|
|
|
|
(
|
)
|
(
|
)
|
|
(
|
)
|
|||||||||||||||||||||
Stock-based compensation
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Employee Stock Ownership Plan | ||||||||||||||||||||||||||||||||
Balance at March 31, 2022
|
$ |
$ |
$ |
$ |
( |
) | $ |
( |
) | $ |
$ |
$ |
Purchase price
|
$
|
|
||||||
Assets acquired and liabilities assumed:
|
||||||||
Receivables
|
$
|
|
||||||
Inventory
|
|
|||||||
Other current assets (1)
|
|
|||||||
Property, plant and equipment, net
|
|
|||||||
Operating lease right-of-use assets
|
|
|||||||
Intangible assets
|
|
|||||||
Goodwill
|
|
|||||||
Current liabilities
|
(
|
)
|
||||||
Noncurrent operating lease liabilities
|
(
|
)
|
||||||
Deferred income taxes
|
(
|
)
|
||||||
Net assets acquired
|
$
|
|
(1) |
|
|
Workforce
Reduction
|
Other Exit
Costs
|
Total
|
|||||||||
Exit activity liability at December 31, 2022
|
$
|
|
$
|
|
$
|
|
||||||
Restructuring and integration costs: |
||||||||||||
Amounts provided for during 2023 (1)
|
||||||||||||
Cash payments
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||
Foreign currency exchange rate changes
|
( |
) | ( |
) | ||||||||
Exit activity liability at March 31, 2023
|
$
|
|
$
|
|
$
|
|
(1)
|
|
|
March 31,
2023
|
December 31,
2022
|
||||||
|
(In thousands)
|
|||||||
Finished goods
|
$
|
|
$
|
|
||||
Work in process
|
|
|
||||||
Raw materials
|
|
|
||||||
Subtotal
|
|
|
||||||
Unreturned customer inventories
|
|
|
||||||
Total inventories
|
$
|
|
$
|
|
|
March 31,
2023
|
December 31,
2022
|
||||||
|
(In thousands)
|
|||||||
Customer relationships
|
$
|
|
$
|
|
||||
Patents, developed technology and intellectual property
|
|
|
||||||
Trademarks and trade names
|
|
|
||||||
Non-compete agreements
|
|
|
||||||
Supply agreements
|
|
|
||||||
Leaseholds
|
|
|
||||||
Total acquired intangible assets
|
|
|
||||||
Less accumulated amortization (1)
|
(
|
)
|
(
|
)
|
||||
Net acquired intangible assets
|
$
|
|
$
|
|
(1) |
|
Balance Sheet Information
|
March 31,
2023
|
December 31,
2022
|
||||||
Assets
|
||||||||
Operating lease right-of-use assets
|
$
|
|
$
|
|
||||
Liabilities
|
||||||||
Sundry payables and accrued expenses
|
$
|
|
$
|
|
||||
Noncurrent operating lease liabilities
|
|
|
||||||
Total operating lease liabilities
|
$
|
|
$
|
|
||||
Weighted Average Remaining Lease Term
|
||||||||
Operating leases
|
|
|
||||||
Weighted Average Discount Rate
|
||||||||
Operating leases
|
|
%
|
|
%
|
||||
Three Months Ended
|
||||||||
Expense and Cash Flow Information
|
March 31,
|
|||||||
Lease Expense
|
2023
|
2022
|
||||||
Operating lease expense (a)
|
$
|
|
$
|
|
||||
Supplemental Cash Flow Information
|
||||||||
Cash paid for the amounts included in the measurement of lease liabilities:
|
||||||||
Operating cash flows from operating leases
|
$
|
|
$
|
|
||||
Right-of-use assets obtained in exchange for new lease obligations:
|
||||||||
Operating leases (b)
|
$
|
|
$
|
|
(a)
|
|
(b)
|
|
2023
|
$
|
|
||
2024
|
|
|||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
Thereafter
|
|
|||
Total lease payments
|
$
|
|
||
Less: Interest
|
(
|
)
|
||
Present value of lease liabilities
|
$
|
|
|
March 31,
2023
|
December 31,
2022
|
||||||
|
(In thousands)
|
|||||||
Credit facility – term loan due 2027 |
$ |
$ |
||||||
Credit facility – revolver due 2027 |
||||||||
Other
|
|
|
||||||
Total debt
|
$
|
|
$
|
|
||||
|
||||||||
Current maturities of debt
|
$
|
|
$
|
|
||||
Long-term debt
|
|
|
||||||
Total debt
|
$
|
|
$
|
|
Revolving
Credit Facility
|
Term Loan
Facility
|
Polish
Overdraft
Facility and
Other Debt
|
Total
|
|||||||||||||
Remainder of 2023
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
2024
|
|
|
|
|
||||||||||||
2025
|
|
|
|
|
||||||||||||
2026
|
|
|
|
|
||||||||||||
2027
|
|
|
|
|
||||||||||||
Total
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Less: current maturities
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Long-term debt
|
$
|
|
$
|
|
$
|
|
$
|
|
Three Months Ended March 31,
2023
|
|||||||||||||||||
Foreign
Currency
Translation
|
Unrecognized
Postretirement
Benefit Costs
(Credit)
|
Unrealized
derivative
gains
(losses)
|
Total
|
||||||||||||||
Balance at December 31, 2022
attributable to SMP
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
(
|
)
|
|||||||
Other comprehensive income before reclassifications
|
|
|
(
|
)
|
(1) |
|
|||||||||||
Amounts reclassified from accumulated other comprehensive income
|
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||||
Other comprehensive income, net
|
|
(
|
)
|
(
|
)
|
|
|||||||||||
Balance at March 31,
2023 attributable to SMP
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
(
|
)
|
(1)
|
Consists of the unrecognized loss relating to the change in fair value of the cash flow interest rate hedge of $
|
|
Three Months Ended
|
|||
Details About Accumulated Other Comprehensive Income Components
|
March 31, 2023
|
|||
Derivative cash flow hedge:
|
||||
Unrecognized gain (loss) (1)
|
$
|
(
|
)
|
|
Postretirement Benefit Plans:
|
||||
Unrecognized gain (loss) (2)
|
(
|
)
|
||
Total before income tax
|
(
|
)
|
||
Income tax expense (benefit)
|
(
|
)
|
||
Total reclassifications attributable to SMP
|
$
|
(
|
)
|
(1)
|
|
(2)
|
|
Shares
|
Weighted Average
Grant Date Fair
Value Per Share
|
|||||||
Balance at December 31, 2022
|
|
$
|
|
|||||
Granted
|
|
|
||||||
Vested
|
(
|
)
|
|
|||||
Forfeited
|
(
|
)
|
|
|||||
Balance at March 31, 2023
|
|
$
|
|
March 31, 2023
|
December 31, 2022
|
||||||||||||||||
Fair Value
Hierarchy
|
Fair Value | Carrying Amount | Fair Value | Carrying Amount | |||||||||||||
Cash and cash equivalents
|
LEVEL 1
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Deferred compensation
|
LEVEL 1
|
|
|
|
|
||||||||||||
Short term borrowings
|
LEVEL 1
|
|
|
|
|
||||||||||||
Long-term debt
|
LEVEL 1
|
|
|
|
|
||||||||||||
Cash flow interest rate swap
|
LEVEL 2
|
|
|
|
|
|
Three Months Ended
March 31,
|
|||||||
2023 |
2022 |
|||||||
Net Earnings Attributable to SMP -
|
|
|
||||||
Earnings from continuing operations
|
$
|
|
$
|
|
||||
Loss from discontinued operations
|
(
|
)
|
(
|
)
|
||||
Net earnings attributable to SMP
|
$
|
|
$
|
|
||||
|
||||||||
Basic Net Earnings Per Common Share Attributable to SMP -
|
|
|
||||||
Earnings from continuing operations per common share
|
$
|
|
$
|
|
||||
Loss from discontinued operations per common share
|
(
|
)
|
(
|
)
|
||||
Net earnings per common share attributable to SMP
|
$
|
|
$
|
|
||||
Weighted average common shares outstanding | ||||||||
|
||||||||
Diluted Net Earnings Per Common Share Attributable to SMP -
|
||||||||
Earnings from continuing operations per common share
|
$
|
|
$
|
|
||||
Loss from discontinued operations per common share
|
(
|
)
|
(
|
)
|
||||
Net earnings per common share attributable to SMP
|
$
|
|
$
|
|
||||
|
||||||||
Weighted average common shares outstanding
|
|
|
||||||
Plus incremental shares from assumed conversions:
|
||||||||
Dilutive effect of restricted stock and performance-based stock
|
|
|
||||||
Weighted average common shares outstanding – Diluted
|
|
|
|
Three Months Ended
March 31,
|
|||||||
|
2023
|
2022
|
||||||
Restricted and performance-based shares
|
|
|
|
Three Months Ended
March 31,
|
|||||||
|
2023
|
2022
|
||||||
Net Sales (a)
|
||||||||
Vehicle Control
|
$ | $ |
||||||
Temperature Control
|
|
|
||||||
Engineered Solutions
|
||||||||
Other
|
|
|
||||||
Consolidated
|
$
|
|
$
|
|
||||
|
||||||||
Operating Income (Loss)
|
||||||||
Vehicle Control |
$ |
$ |
||||||
Temperature Control
|
|
|
||||||
Engineered Solutions
|
||||||||
Other
|
(
|
)
|
(
|
)
|
||||
Consolidated
|
$
|
|
$
|
|
(a) |
|
Three Months Ended
March 31,
|
||||||||
2023
|
2022
|
|||||||
Vehicle Control
|
||||||||
Engine Management (Ignition, Emissions and Fuel Delivery)
|
$
|
|
$
|
|
||||
Electrical and Safety
|
|
|
||||||
Wire Sets and Other
|
|
|
||||||
Total Vehicle Control
|
|
|
||||||
Temperature Control
|
||||||||
AC System Components
|
|
|
||||||
Other Thermal Components
|
|
|
||||||
Total Temperature Control
|
|
|
||||||
Engineered Solutions
|
||||||||
Commercial Vehicle
|
|
|
||||||
Construction/Agriculture
|
|
|
||||||
Light Vehicle
|
|
|
||||||
All Other
|
|
|
||||||
Total Engineered Solutions
|
|
|
||||||
Other |
||||||||
Total
|
$
|
|
$
|
|
Three
months ended March 31, 2023
|
Vehicle
Control
|
Temperature
Control
|
Engineered
Solutions
|
Other
|
Total
|
|||||||||||||||
Geographic Area:
|
||||||||||||||||||||
United States
|
$ |
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||
Canada
|
|
|
|
|
||||||||||||||||
Europe
|
|
|
|
|
||||||||||||||||
Mexico
|
|
|
|
|
||||||||||||||||
Asia
|
|
|
|
|
||||||||||||||||
Other foreign
|
|
|
|
|
||||||||||||||||
Total
|
$ |
$
|
|
$
|
|
$
|
|
$
|
|
Three
months ended March 31, 2022
|
Vehicle
Control
|
Temperature
Control
|
Engineered
Solutions
|
Other
|
Total
|
|||||||||||||||
Geographic Area:
|
||||||||||||||||||||
United States
|
$ |
$
|
|
$
|
|
$
|
|
$
|
|
|||||||||||
Canada
|
|
|
|
|
||||||||||||||||
Europe
|
|
|
|
|
||||||||||||||||
Mexico
|
|
|
|
|
||||||||||||||||
Asia |
||||||||||||||||||||
Other foreign
|
|
|
|
|
||||||||||||||||
Total
|
$ |
$
|
|
$
|
|
$
|
|
$
|
|
|
Three Months Ended
March 31,
|
|||||||
|
2023
|
2022
|
||||||
|
||||||||
Balance, beginning of period
|
$
|
|
$
|
|
||||
Liabilities accrued for current year sales
|
|
|
||||||
Settlements of warranty claims
|
(
|
)
|
(
|
)
|
||||
Balance, end of period
|
$
|
|
$
|
|
|
ITEM 2. |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Operating Segments as of 2022
|
Operating Segments in 2023
|
|||
Engine Management:
|
Vehicle Control (Aftermarket):
|
|||
Engine Management (Ignition,
|
||||
Ignition, Emissions, Fuel & Safety
|
Emissions & Fuel Delivery)
|
|||
Wire and Cable
|
Electrical & Safety
|
|||
Wire Sets & Other
|
||||
Temperature Control:
|
Temperature Control (Aftermarket):
|
|||
Compressors |
AC System Components
|
|||
Other Climate Control Parts
|
Other Thermal Components
|
|||
Engineered Solutions (non-Aftermarket):
|
||||
Commercial Vehicle
|
||||
Light Vehicle
|
||||
Construction & Agriculture
|
||||
All Other
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
(In thousands, except per share data)
|
2023
|
2022
|
||||||
Net sales
|
$
|
328,028
|
$
|
322,831
|
||||
Gross profit
|
91,267
|
89,840
|
||||||
Gross profit %
|
27.8
|
%
|
27.8
|
%
|
||||
Operating income
|
20,746
|
26,915
|
||||||
Operating income %
|
6.3
|
%
|
8.3
|
%
|
||||
Earnings from continuing operations before income taxes
|
17,109
|
27,559
|
||||||
Provision for income taxes
|
4,372
|
7,005
|
||||||
Earnings from continuing operations
|
12,737
|
20,554
|
||||||
Loss from discontinued operations, net of income taxes
|
(780
|
)
|
(1,116
|
)
|
||||
Net earnings
|
11,957
|
19,438
|
||||||
Net earnings (loss) attributable to noncontrolling interest
|
39
|
(8
|
)
|
|||||
Net earnings attributable to SMP
|
11,918
|
19,446
|
||||||
Per share data attributable to SMP – Diluted:
|
||||||||
Earnings from continuing operations
|
$
|
0.57
|
$
|
0.91
|
||||
Discontinued operations
|
(0.03
|
)
|
(0.04
|
)
|
||||
Net earnings per common share
|
$
|
0.54
|
$
|
0.87
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2023
|
2022
|
|||||||
Vehicle Control
|
||||||||
Engine Management (Ignition, Emissions and Fuel Delivery)
|
$
|
116,083
|
$
|
109,149
|
||||
Electrical and Safety
|
51,804
|
52,257
|
||||||
Wire Sets and Other
|
16,690
|
15,858
|
||||||
Total Vehicle Control
|
184,577
|
177,264
|
||||||
Temperature Control
|
||||||||
AC System Components
|
45,752
|
47,374
|
||||||
Other Thermal Components
|
26,654
|
25,684
|
||||||
Total Temperature Control
|
72,406
|
73,058
|
||||||
Engineered Solutions
|
||||||||
Commercial Vehicle
|
19,857
|
21,451
|
||||||
Construction/Agriculture
|
12,795
|
10,984
|
||||||
Light Vehicle
|
22,966
|
26,075
|
||||||
All Other
|
15,427
|
13,999
|
||||||
Total Engineered Solutions
|
71,045
|
72,509
|
||||||
Other
|
—
|
—
|
||||||
Total
|
$
|
328,028
|
$
|
322,831
|
Three Months Ended
March 31,
|
Vehicle
Control
|
Temperature
Control
|
Engineered
Solutions
|
Other
|
Total
|
|||||||||||||||
2023
|
||||||||||||||||||||
Net sales
|
$
|
184,577
|
$
|
72,406
|
$
|
71,045
|
$
|
—
|
$
|
328,028
|
||||||||||
Gross margins
|
58,472
|
19,155
|
13,640
|
—
|
91,267
|
|||||||||||||||
Gross margin percentage
|
31.7
|
%
|
26.5
|
%
|
19.2
|
%
|
—
|
27.8
|
%
|
|||||||||||
2022
|
||||||||||||||||||||
Net sales
|
$
|
177,264
|
$
|
73,058
|
$
|
72,509
|
$
|
—
|
$
|
322,831
|
||||||||||
Gross margins
|
55,424
|
19,488
|
14,928
|
—
|
89,840
|
|||||||||||||||
Gross margin percentage
|
31.3
|
%
|
26.7
|
%
|
20.6
|
%
|
—
|
27.8
|
%
|
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4. |
CONTROLS AND PROCEDURES
|
(a) |
Evaluation of Disclosure Controls and Procedures.
|
(b) |
Changes in Internal Control Over Financial Reporting.
|
ITEM 1. |
LEGAL PROCEEDINGS
|
ITEM 6. |
EXHIBITS
|
Exhibit
|
|
Number
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of Chief Executive Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Certification of Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS**
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
|
|
101.SCH**
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
101.CAL**
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.LAB**
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.PRE**
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
101.DEF**
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
|
**
|
In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to the Original Filing shall be deemed to be “furnished” and not “filed.”
|
STANDARD MOTOR PRODUCTS, INC.
|
||
(Registrant)
|
||
Date: May 3, 2023
|
/s/ Nathan R. Iles
|
|
Nathan R. Iles
|
||
Chief Financial Officer
|
||
(Principal Financial and
|
||
Accounting Officer)
|