Enhanced Investments - Financial Portal

Published: 2023-02-22 11:20:42 ET

EX-99.1 2 brhc10048528_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

For Immediate Release
	For more information, contact:
	Anthony (Tony) Cristello
	Standard Motor Products, Inc.
	(972) 316-8107
	tony.cristello@smpcorp.com

Standard Motor Products, Inc. Releases

Fourth Quarter and 2022 Year-End Results;

Announces Segment Reporting Changes

New York, NY, February 22, 2023......Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three and twelve months ended December 31, 2022.

Net sales for the fourth quarter of 2022 were $308.2 million, compared to consolidated net sales of $309.9 million during the same quarter in 2021. Earnings from continuing operations for the fourth quarter of 2022 were $8.5 million or $0.39 per diluted share, compared to $20.0 million or $0.89 per diluted share in the fourth 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 fourth quarter of 2022 were $15.1 million or $0.69 per diluted share, compared to $20.3 million or $0.90 per diluted share in the fourth quarter of 2021.

Consolidated net sales for the twelve months ended December 31, 2022, were $1.37 billion, compared to consolidated net sales of $1.30 billion during the comparable period in 2021. Earnings from continuing operations for the twelve months ended December 31, 2022, were $73.0 million or $3.30 per diluted share, compared to $99.4 million or $4.39 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 twelve months ended December 31, 2022 and 2021 were $79.4 million or $3.59 per diluted share and $100.7 million or $4.45 per diluted share, respectively. Our earnings for both the fourth quarter and the full-year 2022 were impacted by the recent announcement of a bankruptcy filing by an Aftermarket customer. We recorded a pre-tax charge of $7.0 million in the fourth quarter related to anticipated losses from this event, which has been treated as a non-operational loss on our GAAP to non-GAAP reconciliation.

Mr. Eric Sills, Standard Motor Products’ Chief Executive Officer and President stated, “We are pleased with our full year sales results, up 5.6% from 2021, with both Engine Management and Temperature Control segments performing well. Against a challenging comparison, sales for the fourth quarter dropped a half a percentage point from the same period last year, which was up nearly 10% from 2020.”

By segment, Engine Management sales increased 4% for the full year, on top of 12% growth in 2021. However, fourth quarter sales were down slightly, just over 1%, versus a very strong 2021, which was up 6% over the prior year. Our customers’ Engine Management POS sales remained robust in the quarter, reflecting continued market strength and demand for our products.

Temperature Control sales remained strong in the fourth quarter on the strength of winter related products and from another long, hot summer. Sales grew 5.2% in the quarter versus last year, and were up nearly 10% for the full year due to a combination of favorable weather, successful pricing initiatives and overall strength in customer demand.

Consolidated operating profit for the quarter, excluding non-operational gains and losses, was 7.9%, in line with the fourth quarter of 2021. Pricing actions taken earlier in 2022, along with various cost reduction initiatives, largely offset ongoing inflationary pressures.

Consolidated operating profit for the full year, excluding non-operational gains and losses, finished at 8.2%, vs. 10.1% in 2021. As we’ve noted many times, 2021 was an anomaly year with many non-recurring benefits associated with emerging from COVID lockdowns while still operating in a very low interest rate environment. Our operating profit of 8.2% was more in line with historical trends despite incurring an additional $20.6 million of customer factoring costs, which negatively affected operating profit by 150 basis points as compared to 2021.

Mr. Sills added, “Today we are announcing our new operating segment, ‘Engineered Solutions’, along with the intent to rename the Engine Management segment to ‘Vehicle Control’. These segment changes, beginning in 2023, will better align the Company’s operating businesses with its strategic focus as well as provide greater clarity into how the Company is positioned to capture growth opportunities of the future. Please see our separate press release on these changes, also distributed today, along with a supplementary presentation available on the Company’s Investor Relations website. We will discuss in more detail on today’s call.”

As we head into 2023, our outlook for the full year includes an expectation that sales will grow in the low single digits and Adjusted EBITDA will be approximately 10%.

In closing, Mr. Sills commented, “While there still remains uncertainty as it relates to the economy and various global dynamics, we believe our end markets’ resiliency and diversification should continue to afford opportunities for new wins and stable levels of growth throughout 2023 and into the future.”

Conference Call

Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Wednesday, February 22, 2023. This call will be web cast and can be accessed on the Investor Relations page of our website at www.smpcorp.com and clicking on the SMP Q4'22 Earnings Call Earnings Webcast link. Investors may also listen to the call by dialing 800-343-1703 (domestic) or 785-424-1226 (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 800-723-1517 (domestic) or 402-220-2659 (international). The participant passcode is 73005.

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

(In thousands, except per share amounts)

	THREE MONTHS ENDED DECEMBER 31,						TWELVE MONTHS ENDED DECEMBER 31,
	2022			2021			2022			2021
	(Unaudited)						(Unaudited)
NET SALES	$	308,199		$	309,877		$	1,371,815		$	1,298,816

COST OF SALES		218,635			221,207			989,276			921,885

GROSS PROFIT		89,564			88,670			382,539			376,931

SELLING, GENERAL & ADMINISTRATIVE EXPENSES		72,075			64,231			276,626			247,547
RESTRUCTURING AND INTEGRATION EXPENSES		1,847			226			1,891			392
OTHER INCOME (EXPENSE), NET		70			(1	)		113			7

OPERATING INCOME		15,712			24,212			104,135			128,999

OTHER NON-OPERATING INCOME (EXPENSE), NET		(75	)		1,247			4,814			3,494

INTEREST EXPENSE		4,335			672			10,617			2,028

EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES		11,302			24,787			98,332			130,465

PROVISION FOR INCOME TAXES		2,799			4,729			25,206			31,044

EARNINGS FROM CONTINUING OPERATIONS		8,503			20,058			73,126			99,421

LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(615	)		(1,328	)		(17,691	)		(8,467	)

NET EARNINGS		7,888			18,730			55,435			90,954

NET EARNINGS (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST		(45	)		36			84			68

NET EARNINGS ATTRIBUTABLE TO SMP (a)	$	7,933		$	18,694		$	55,351		$	90,886


NET EARNINGS ATTRIBUTABLE TO SMP
EARNINGS FROM CONTINUING OPERATIONS	$	8,548		$	20,022		$	73,042		$	99,353
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(615	)		(1,328	)		(17,691	)		(8,467	)
TOTAL	$	7,933		$	18,694		$	55,351		$	90,886


NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
BASIC EARNINGS FROM CONTINUING OPERATIONS	$	0.40		$	0.91		$	3.37		$	4.49
DISCONTINUED OPERATION		(0.03	)		(0.06	)		(0.82	)		(0.39	)
NET EARNINGS PER COMMON SHARE - BASIC	$	0.37		$	0.85		$	2.55		$	4.10


DILUTED EARNINGS FROM CONTINUING OPERATIONS	$	0.39		$	0.89		$	3.30		$	4.39
DISCONTINUED OPERATION		(0.03	)		(0.06	)		(0.80	)		(0.37	)
NET EARNINGS PER COMMON SHARE - DILUTED	$	0.36		$	0.83		$	2.50		$	4.02


WEIGHTED AVERAGE NUMBER OF COMMON SHARES		21,578,194			21,987,480			21,683,719			22,147,479
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES		22,030,263			22,485,032			22,139,981			22,616,456

(a) "SMP" refers to Standard Motor Products, Inc. and subsidiaries.

STANDARD MOTOR PRODUCTS, INC.

Segment Revenues and Operating Profit

(In thousands)

	THREE MONTHS ENDED DECEMBER 31,										TWELVE MONTHS ENDED DECEMBER 31,
	2022					2021					2022					2021
	(unaudited)										(unaudited)
Revenues
Ignition, Emission Control, Fuel & Safety
Related System Products	$	206,479				$	211,919				$	824,677				$	786,514
Wire and Cable		35,893					33,632					150,566					151,422
Engine Management		242,372					245,551					975,243					937,936

Compressors		28,981					28,666					222,532					206,697
Other Climate Control Parts		34,560					31,738					159,753					141,726
Temperature Control		63,541					60,404					382,285					348,423

All Other		2,286					3,922					14,287					12,457
Revenues	$	308,199				$	309,877				$	1,371,815				$	1,298,816

Gross Margin
Engine Management	$	69,099		28.5	%	$	67,776		27.6	%	$	262,954		27.0	%	$	267,285		28.5	%
Temperature Control		16,675		26.2	%		16,670		27.6	%		102,640		26.8	%		95,138		27.3	%
All Other		3,790					4,270					16,945					14,832
Subtotal	$	89,564		29.1	%	$	88,716		28.6	%	$	382,539		27.9	%	$	377,255		29.0	%
One-Time Acquisition Costs		-		0.0	%		(46	)	0.0	%		-		0.0	%		(324	)	0.0	%
Gross Margin	$	89,564		29.1	%	$	88,670		28.6	%	$	382,539		27.9	%	$	376,931		29.0	%

Selling, General & Administrative
Engine Management	$	42,644		17.6	%	$	39,485		16.1	%	$	165,389		17.0	%	$	149,206		15.9	%
Temperature Control		14,436		22.7	%		13,192		21.8	%		68,666		18.0	%		58,144		16.7	%
All Other		7,993					11,495					35,569					38,810
Subtotal	$	65,073		21.1	%	$	64,172		20.7	%	$	269,624		19.7	%	$	246,160		19.0	%
Customer Bankruptcy Charge		7,002		2.3	%		-		0.0	%		7,002		0.5	%		-		0.0	%
One-Time Acquisition Costs		-		0.0	%		59		0.0	%		-		0.0	%		1,387		0.1	%
Selling, General & Administrative	$	72,075		23.4	%	$	64,231		20.7	%	$	276,626		20.2	%	$	247,547		19.1	%


Operating Income
Engine Management	$	26,455		10.9	%	$	28,291		11.5	%	$	97,565		10.0	%	$	118,079		12.6	%
Temperature Control		2,239		3.5	%		3,478		5.8	%		33,974		8.9	%		36,994		10.6	%
All Other		(4,203	)				(7,225	)				(18,624	)				(23,978	)
Subtotal	$	24,491		7.9	%	$	24,544		7.9	%	$	112,915		8.2	%	$	131,095		10.1	%
Customer Bankruptcy Charge		(7,002	)	-2.3	%		-		0.0	%		(7,002	)	-0.5	%		-		0.0	%
One-Time Acquisition Costs		-		0.0	%		(105	)	0.0	%		-		0.0	%		(1,711	)	-0.1	%
Restructuring & Integration		(1,847	)	-0.6	%		(226	)	-0.1	%		(1,891	)	-0.1	%		(392	)	0.0	%
Other Income (Expense), Net		70		0.0	%		(1	)	0.0	%		113		0.0	%		7		0.0	%
Operating Income	$	15,712		5.1	%	$	24,212		7.8	%	$	104,135		7.6	%	$	128,999		9.9	%

STANDARD MOTOR PRODUCTS, INC.

Reconciliation of GAAP and Non-GAAP Measures

(In thousands, except per share amounts)

	THREE MONTHS ENDED DECEMBER 31,						TWELVE MONTHS ENDED DECEMBER 31,
	2022			2021			2022			2021
	(Unaudited)						(Unaudited)
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP

GAAP EARNINGS FROM CONTINUING OPERATIONS	$	8,548		$	20,022		$	73,042		$	99,353

RESTRUCTURING AND INTEGRATION EXPENSES		1,847			226			1,891			392
CUSTOMER BANKRUPTCY CHARGE		7,002			-			7,002			-
ONE-TIME ACQUISITION COSTS		-			105			-			1,711
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD		-			-			(249	)		(259	)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS		(2,301	)		(86	)		(2,312	)		(547	)

NON-GAAP EARNINGS FROM CONTINUING OPERATIONS	$	15,096		$	20,267		$	79,374		$	100,650


DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP

GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS	$	0.39		$	0.89		$	3.30		$	4.39

RESTRUCTURING AND INTEGRATION EXPENSES		0.08			0.01			0.08			0.02
CUSTOMER BANKRUPTCY CHARGE		0.32			-			0.32			-
ONE-TIME ACQUISITION COSTS		-			-			-			0.07
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD		-			-			(0.01	)		(0.01	)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS		(0.10	)		-			(0.10	)		(0.02	)

NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS	$	0.69		$	0.90		$	3.59		$	4.45


OPERATING INCOME

GAAP OPERATING INCOME	$	15,712		$	24,212		$	104,135		$	128,999

RESTRUCTURING AND INTEGRATION EXPENSES		1,847			226			1,891			392
CUSTOMER BANKRUPTCY CHARGE		7,002			-			7,002			-
ONE-TIME ACQUISITION COSTS		-			105			-			1,711
OTHER (INCOME) EXPENSE, NET		(70	)		1			(113	)		(7	)

NON-GAAP OPERATING INCOME	$	24,491		$	24,544		$	112,915		$	131,095

EBITDA WITHOUT SPECIAL ITEMS

GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES	$	11,302		$	24,787		$	98,332		$	130,465

DEPRECIATION AND AMORTIZATION		7,403			7,083			28,298			27,243
INTEREST EXPENSE		4,335			672			10,617			2,028
EBITDA		23,040			32,542			137,247			159,736

RESTRUCTURING AND INTEGRATION EXPENSES		1,847			226			1,891			392
CUSTOMER BANKRUPTCY CHARGE		7,002			-			7,002			-
ONE-TIME ACQUISITION COSTS		-			105			-			1,711
SPECIAL ITEMS		8,849			331			8,893			2,103

EBITDA WITHOUT SPECIAL ITEMS	$	31,889		$	32,873		$	146,140		$	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)

	December 31, 2022		December 31, 2021
	(Unaudited)

ASSETS

CASH	$	21,150	$	21,755

ACCOUNTS RECEIVABLE, GROSS		173,013		186,774
ALLOWANCE FOR EXPECTED CREDIT LOSSES		5,375		6,170
ACCOUNTS RECEIVABLE, NET		167,638		180,604

INVENTORIES		528,715		468,755
UNRETURNED CUSTOMER INVENTORY		19,695		22,268
OTHER CURRENT ASSETS		25,241		17,823

TOTAL CURRENT ASSETS		762,439		711,205

PROPERTY, PLANT AND EQUIPMENT, NET		107,148		102,786
OPERATING LEASE RIGHT-OF-USE ASSETS		49,838		40,469
GOODWILL		132,087		131,652
OTHER INTANGIBLES, NET		100,504		106,234
DEFERRED INCOME TAXES		33,658		36,126
INVESTMENT IN UNCONSOLIDATED AFFILIATES		41,745		44,087
OTHER ASSETS		27,510		25,402

TOTAL ASSETS	$	1,254,929	$	1,197,961


LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT PORTION OF REVOLVING CREDIT FACILITY	$	50,000	$	125,298
CURRENT PORTION OF TERM LOAN AND OTHER DEBT		5,031		3,117
ACCOUNTS PAYABLE		89,247		137,167
ACCRUED CUSTOMER RETURNS		37,169		42,412
ACCRUED CORE LIABILITY		22,952		23,663
ACCRUED REBATES		37,381		42,472
PAYROLL AND COMMISSIONS		31,361		45,058
SUNDRY PAYABLES AND ACCRUED EXPENSES		49,990		57,182

TOTAL CURRENT LIABILITIES		323,131		476,369

OTHER LONG-TERM DEBT		184,589		21
NONCURRENT OPERATING LEASE LIABILITY		40,709		31,206
ACCRUED ASBESTOS LIABILITIES		63,305		52,698
OTHER LIABILITIES		22,157		25,040

TOTAL LIABILITIES		633,891		585,334

TOTAL SMP STOCKHOLDERS' EQUITY		610,020		601,580
NONCONTROLLING INTEREST		11,018		11,047
TOTAL STOCKHOLDERS' EQUITY		621,038		612,627

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,254,929	$	1,197,961

STANDARD MOTOR PRODUCTS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

	TWELVE MONTHS ENDED DECEMBER 31,
	2022			2021
	(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

NET EARNINGS	$	55,435		$	90,954
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION		28,298			27,243
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES		17,691			8,467
CUSTOMER BANKRUPTCY CHARGE		7,002			-
OTHER		13,064			7,456
CHANGE IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE		6,916			28,464
INVENTORY		(67,495	)		(107,609	)
ACCOUNTS PAYABLE		(48,604	)		33,046
PREPAID EXPENSES AND OTHER CURRENT ASSETS		(5,509	)		(843	)
SUNDRY PAYABLES AND ACCRUED EXPENSES		(29,089	)		13,430
OTHER		(5,242	)		(15,044	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(27,533	)		85,564


CASH FLOWS FROM INVESTING ACTIVITIES

ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES		(1,934	)		(125,419	)
CAPITAL EXPENDITURES		(25,956	)		(25,875	)
OTHER INVESTING ACTIVITIES		73			45
NET CASH USED IN INVESTING ACTIVITIES		(27,817	)		(151,249	)


CASH FLOWS FROM FINANCING ACTIVITIES

NET CHANGE IN DEBT		111,307			118,346
PURCHASE OF TREASURY STOCK		(29,656	)		(26,862	)
DIVIDENDS PAID		(23,428	)		(22,179	)
DIVIDENDS PAID TO NONCONTROLLING INTEREST		-			(540	)
PAYMENTS OF DEBT ISSUANCE COSTS		(2,128	)		-
OTHER FINANCING ACTIVITIES		(595	)		247
NET CASH PROVIDED BY FINANCING ACTIVITIES		55,500			69,012

EFFECT OF EXCHANGE RATE CHANGES ON CASH		(755	)		(1,060	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(605	)		2,267
CASH AND CASH EQUIVALENTS at beginning of period		21,755			19,488
CASH AND CASH EQUIVALENTS at end of period	$	21,150		$	21,755

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
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Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.