Enhanced Investments - Financial Portal

Published: 2022-08-03 10:12:40 ET

EX-99.1 2 brhc10040339_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. Announces

Second Quarter 2022 Results and Quarterly Dividend

New York, NY, August 3, 2022......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, 2022.

Net sales for the second quarter of 2022 were $359.4 million, compared to consolidated net sales of $342.1 million during the comparable quarter in 2021. Earnings from continuing operations for the second quarter of 2022 were $20.8 million or $0.93 cents per diluted share, compared to $28.0 million or $1.23 cents per diluted share in the second 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 second quarter of 2022 were $20.8 million or $0.93 cents per diluted share, compared to $28.6 million or $1.26 per diluted share in the second quarter of 2021.

Consolidated net sales for the six months ended June 30, 2022, were $682.2 million, compared to consolidated net sales of $618.6 million during the comparable period in 2021. Earnings from continuing operations for the six months ended June 30, 2022, were $41.4 million or $1.85 per diluted share, compared to $50.2 million or $2.21 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 six months ended June 30, 2022 and 2021 were $41.4 million or $1.85 per diluted share and $50.7 million or $2.23 per diluted share, respectively.

Mr. Eric Sills, Standard Motor Products’ Chief Executive Officer and President stated, “Although we faced a challenging macroeconomic environment in the second quarter, we are pleased with our sales results, particularly against the record sales in the comparable period last year. Our sales improved 5.1% over last year’s strong second quarter, with particular strength in our Temperature Control division.

“By division, Engine Management sales increased 3.7% in the quarter, driven largely by acquisitions made in 2021 as well as price increases that were implemented during the quarter. Customer POS remained solid throughout the quarter against record levels from 2021, excluding Wire and Cable, which has returned to its secular decline.

“Turning to Temperature Control, an early start to the summer season provided a favorable tailwind against the challenging comparison from last year. Sales grew 7.5% year over year due to a combination of new business wins, price increases, and solid customer demand. Record heat has continued into the 3^rd quarter across the country, and while weather trends are hard to predict, we are hopeful for ongoing strong customer demand, although we face a difficult comparison relative to last year’s long, hot summer.

“We were also pleased with the performance of our specialized non-aftermarket channels. To remind you, this focuses on custom-engineered products for niche end markets such as medium and heavy-duty vehicles, construction and agricultural equipment, power sports, and others. Over the past few years we have doubled this business to a run rate of $300 million. We continue to make progress integrating our recent acquisitions, and are making inroads as we identify cross-selling opportunities.

“Consolidated operating margins were below expectations at 7.8% in the second quarter. Inflationary pressures across many cost inputs remain a headwind, and we continue to implement price increases in an effort to offset these higher costs. Additionally, the rapid rise in interest rates has resulted in increased costs related to customer supply chain finance programs. We are actively pursuing initiatives to help offset these elevated operating costs.

“Given this year’s inflationary and supply chain challenges, we expect our consolidated gross margin will be lower than originally anticipated at approximately 27% for the full year. We also note that with the projected interest rate hikes and the associated impact on our factoring program expenses, we expect our operating profit will be in the range of 7-8% of net sales.

“As previously announced, during the quarter we entered into a new five-year $500 million credit facility that includes a $100 million term loan and $400 million revolving credit facility. In addition, SMP entered into an interest rate swap agreement to fix the interest rate on $100 million of borrowings under the new facility. This new credit facility is expected to afford us the flexibility we need to support our growth and continue to execute on strategic priorities. The new facility should also allow for our continued focus on returning value to our shareholders with quarterly dividends and opportunistic share repurchases.

“To that point, the 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 September 1, 2022 to stockholders of record on August 15, 2022. Furthermore, we repurchased shares of our common stock in the amount of $19.6 million during the quarter. To date as of this release, we have exhausted the remaining balance of the prior $30 million share repurchase authorization. As a result, the Board of Directors has authorized a new $30 million common share repurchase plan.

“Lastly, as recently announced, we were deeply saddened by the passing of John Gethin, a Director for the company since 2016. Prior to that, John was a long-tenured leader at SMP, including many years as our Chief Operating Officer and President. He will be sorely missed. In connection with John’s passing, the Board of Directors decreased the size of the Board from ten to nine directors, effective as of July 28, 2022.

“In closing, there remains much uncertainty as we head into the second half of 2022 with respect to inflation, interest rates and the increasing risk of potential recession. Yet we remain confident in our business and the industry’s resilience based on performance during past turbulent markets. Underlying tailwinds including an aging fleet, limited new vehicle availability and favorable summer weather to date should help offset some of the potential near-term challenges that may persist. Furthermore, we believe our go-to-market strategy of being a full-line full-service supplier of professional grade products continues to resonate with our customers, and our favorable manufacturing footprint which relies less on the Far East than many of our peers provides us with structural advantages to better control our supply chain. We also remain bullish on our expansion into new markets, and see vast potential in growing this business. Finally, we thank all of our people for their effort in working with us through challenging times.”

Conference Call

Standard Motor Products, Inc. will hold a conference call at 10:30 AM, Eastern Time, on Wednesday, August 3rd, 2022. 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 SMPQ22022 Earnings Webcast link. Investors may also listen to the call by dialing 866-952-8559 (domestic) or 785-424-1877 (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 800-934-8221 (domestic) or 402-220-6990 (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

(In thousands, except per share amounts)

	THREE MONTHS ENDED JUNE 30,						SIX MONTHS ENDED JUNE 30,
	2022			2021			2022			2021
	(Unaudited)						(Unaudited)
NET SALES	$	359,412		$	342,076		$	682,243		$	618,629

COST OF SALES		263,061			242,804			496,052			435,573

GROSS PROFIT		96,351			99,272			186,191			183,056

SELLING, GENERAL & ADMINISTRATIVE EXPENSES		68,468			62,347			131,352			116,807
RESTRUCTURING AND INTEGRATION EXPENSES		3			-			44			-
OTHER INCOME, NET		13			-			13			-

OPERATING INCOME		27,893			36,925			54,808			66,249

OTHER NON-OPERATING INCOME, NET		1,927			832			3,376			1,467

INTEREST EXPENSE		1,821			495			2,626			704

EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES		27,999			37,262			55,558			67,012

PROVISION FOR INCOME TAXES		7,122			9,248			14,127			16,834

EARNINGS FROM CONTINUING OPERATIONS		20,877			28,014			41,431			50,178

LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(1,666	)		(853	)		(2,782	)		(2,017	)

NET EARNINGS		19,211			27,161			38,649			48,161

NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST		85			19			77			19

NET EARNINGS ATTRIBUTABLE TO SMP (a)	$	19,126		$	27,142		$	38,572		$	48,142


NET EARNINGS ATTRIBUTABLE TO SMP
EARNINGS FROM CONTINUING OPERATIONS	$	20,792		$	27,995		$	41,354		$	50,159
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(1,666	)		(853	)		(2,782	)		(2,017	)
TOTAL	$	19,126		$	27,142		$	38,572		$	48,142

NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
BASIC EARNINGS FROM CONTINUING OPERATIONS	$	0.96		$	1.26		$	1.89		$	2.25
DISCONTINUED OPERATION		(0.08	)		(0.04	)		(0.13	)		(0.09	)
NET EARNINGS PER COMMON SHARE - BASIC	$	0.88		$	1.22		$	1.76		$	2.16

DILUTED EARNINGS FROM CONTINUING OPERATIONS	$	0.93		$	1.23		$	1.85		$	2.21
DISCONTINUED OPERATION		(0.07	)		(0.03	)		(0.13	)		(0.09	)
NET EARNINGS PER COMMON SHARE - DILUTED	$	0.86		$	1.20		$	1.72		$	2.12

WEIGHTED AVERAGE NUMBER OF COMMON SHARES		21,757,998			22,198,545			21,867,644			22,257,922
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES		22,255,642			22,686,384			22,372,702			22,741,171

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

STANDARD MOTOR PRODUCTS, INC.

Segment Revenues and Operating Profit

(In thousands)

	THREE MONTHS ENDED JUNE 30,								SIX MONTHS ENDED JUNE 30,
	2022				2021				2022				2021
	(unaudited)								(unaudited)
Revenues
Ignition, Emission Control, Fuel & Safety
Related System Products	$	202,823			$	192,486			$	403,177			$	366,152
Wire and Cable		39,050				40,730				77,953				79,082
Engine Management		241,873				233,216				481,130				445,234

Compressors		72,063				69,577				115,340				102,951
Other Climate Control Parts		42,369				36,894				80,413				65,993
Temperature Control		114,432				106,471				195,753				168,944

All Other		3,107				2,389				5,360				4,451
Revenues	$	359,412			$	342,076			$	682,243			$	618,629

Gross Margin
Engine Management	$	62,294		25.8%	$	67,532		29.0%	$	127,829		26.6%	$	132,602		29.8%
Temperature Control		30,564		26.7%		28,658		26.9%		50,550		25.8%		44,653		26.4%
All Other		3,493				3,167				7,812				5,886
Gross Margin	$	96,351		26.8%	$	99,357		29.0%	$	186,191		27.3%	$	183,141		29.6%
One-Time Acquisition Costs		-		0.0%		(85	)	0.0%		-		0.0%		(85	)	0.0%
Gross Margin	$	96,351		26.8%	$	99,272		29.0%	$	186,191		27.3%	$	183,056		29.6%

Selling, General & Administrative
Engine Management	$	41,204		17.0%	$	37,063		15.9%	$	79,982		16.6%	$	71,019		16.0%
Temperature Control		18,299		16.0%		15,429		14.5%		33,067		16.9%		27,832		16.5%
All Other		8,965				9,185				18,303				17,286
Selling, General & Administrative	$	68,468		19.1%	$	61,677		18.0%	$	131,352		19.3%	$	116,137		18.8%
One-Time Acquisition Costs		-		0.0%		670		0.2%		-		0.0%		670		0.1%
Selling, General & Administrative	$	68,468		19.1%	$	62,347		18.2%	$	131,352		19.3%	$	116,807		18.9%

Operating Income
Engine Management	$	21,090		8.7%	$	30,469		13.1%	$	47,847		9.9%	$	61,583		13.8%
Temperature Control		12,265		10.7%		13,229		12.4%		17,483		8.9%		16,821		10.0%
All Other		(5,472	)			(6,018	)			(10,491	)			(11,400	)
Subtotal	$	27,883		7.8%	$	37,680		11.0%	$	54,839		8.0%	$	67,004		10.8%
One-Time Acquisition Costs		-		0.0%		(755	)	-0.2%		-		0.0%		(755	)	-0.1%
Restructuring & Integration		(3	)	0.0%		-		0.0%		(44	)	0.0%		-		0.0%
Other Income, Net		13		0.0%		-		0.0%		13		0.0%		-		0.0%
Operating Income	$	27,893		7.8%	$	36,925		10.8%	$	54,808		8.0%	$	66,249		10.7%

STANDARD MOTOR PRODUCTS, INC.

Reconciliation of GAAP and Non-GAAP Measures

(In thousands, except per share amounts)

	THREE MONTHS ENDED JUNE 30,						SIX MONTHS ENDED JUNE 30,
	2022			2021			2022			2021
	(Unaudited)						(Unaudited)
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP

GAAP EARNINGS FROM CONTINUING OPERATIONS	$	20,792		$	27,995		$	41,354		$	50,159

RESTRUCTURING AND INTEGRATION EXPENSES		3			-			44			-
ONE-TIME ACQUISITION COSTS		-			755			-			755
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS		-			(196	)		(11	)		(196	)

NON-GAAP EARNINGS FROM CONTINUING OPERATIONS	$	20,795		$	28,554		$	41,387		$	50,718

DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP

GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS	$	0.93		$	1.23		$	1.85		$	2.21

RESTRUCTURING AND INTEGRATION EXPENSES		-			-			-			-
ONE-TIME ACQUISITION COSTS		-			0.03			-			0.03
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS		-			-			-			(0.01	)

NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS	$	0.93		$	1.26		$	1.85		$	2.23

OPERATING INCOME

GAAP OPERATING INCOME	$	27,893		$	36,925		$	54,808		$	66,249

RESTRUCTURING AND INTEGRATION EXPENSES		3			-			44			-
ONE-TIME ACQUISITION COSTS		-			755			-			755
OTHER (INCOME) EXPENSE, NET		(13	)		-			(13	)		-		LAST TWELVE MONTHS ENDED				YEAR ENDED
													JUNE 30,				DECEMBER 31,
NON-GAAP OPERATING INCOME	$	27,883		$	37,680		$	54,839		$	67,004		2022		2021		2021
													(Unaudited)
EBITDA WITHOUT SPECIAL ITEMS

GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES	$	27,999		$	37,262		$	55,558		$	67,012		$	119,011	$	145,614	$	130,465

DEPRECIATION AND AMORTIZATION		6,941			6,586			13,893			13,100			28,036		26,546		27,243
INTEREST EXPENSE		1,821			495			2,626			704			3,950		1,387		2,028
EBITDA		36,761			44,343			72,077			80,816			150,997		173,547		159,736

RESTRUCTURING AND INTEGRATION EXPENSES		3			-			44			-			436		250		392
ONE-TIME ACQUISITION COSTS		-			755			-			755			956		755		1,711
INTANGIBLE ASSET IMPAIRMENT		-			-			-			-			-		2,600		-
SPECIAL ITEMS		3			755			44			755			1,392		3,605		2,103

EBITDA WITHOUT SPECIAL ITEMS	$	36,764		$	45,098		$	72,121		$	81,571		$	152,389	$	177,152	$	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)

	June 30, 2022		December 31, 2021
	(Unaudited)

ASSETS

CASH	$	14,186	$	21,755

ACCOUNTS RECEIVABLE, GROSS		235,669		186,774
ALLOWANCE FOR EXPECTED CREDIT LOSSES		6,012		6,170
ACCOUNTS RECEIVABLE, NET		229,657		180,604

INVENTORIES		551,415		468,755
UNRETURNED CUSTOMER INVENTORY		21,405		22,268
OTHER CURRENT ASSETS		26,198		17,823

TOTAL CURRENT ASSETS		842,861		711,205

PROPERTY, PLANT AND EQUIPMENT, NET		104,931		102,786
OPERATING LEASE RIGHT-OF-USE ASSETS		39,827		40,469
GOODWILL		131,125		131,652
OTHER INTANGIBLES, NET		101,649		106,234
DEFERRED INCOME TAXES		34,086		36,126
INVESTMENT IN UNCONSOLIDATED AFFILIATES		44,885		44,087
OTHER ASSETS		27,188		25,402

TOTAL ASSETS	$	1,326,552	$	1,197,961

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT PORTION OF REVOLVING CREDIT FACILITY	$	56,000	$	125,298
CURRENT PORTION OF TERM LOAN AND OTHER DEBT		7,954		3,117
ACCOUNTS PAYABLE		140,082		137,167
ACCRUED CUSTOMER RETURNS		55,725		42,412
ACCRUED CORE LIABILITY		23,117		23,663
ACCRUED REBATES		41,647		42,472
PAYROLL AND COMMISSIONS		35,985		45,058
SUNDRY PAYABLES AND ACCRUED EXPENSES		49,710		57,182

TOTAL CURRENT LIABILITIES		410,220		476,369

LONG-TERM DEBT		203,500		21
NONCURRENT OPERATING LEASE LIABILITY		30,039		31,206
ACCRUED ASBESTOS LIABILITIES		48,025		52,698
OTHER LIABILITIES		22,119		25,040

TOTAL LIABILITIES		713,903		585,334

TOTAL SMP STOCKHOLDERS’ EQUITY		601,586		601,580
NONCONTROLLING INTEREST		11,063		11,047
TOTAL STOCKHOLDERS’ EQUITY		612,649		612,627

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,326,552	$	1,197,961

STANDARD MOTOR PRODUCTS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

	SIX MONTHS ENDED JUNE 30,
	2022			2021
	(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

NET EARNINGS	$	38,649		$	48,161
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION		13,893			13,100
OTHER		10,831			4,127
CHANGE IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE		(49,659	)		(4,715	)
INVENTORY		(87,744	)		(46,682	)
ACCOUNTS PAYABLE		1,591			16,097
PREPAID EXPENSES AND OTHER CURRENT ASSETS		(7,102	)		3,220
SUNDRY PAYABLES AND ACCRUED EXPENSES		(5,020	)		(6,491	)
OTHER		(10,772	)		(3,664	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(95,333	)		23,153


CASH FLOWS FROM INVESTING ACTIVITIES

ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES		-			(109,267	)
CAPITAL EXPENDITURES		(13,203	)		(11,709	)
OTHER INVESTING ACTIVITIES		-			2
NET CASH USED IN INVESTING ACTIVITIES		(13,203	)		(120,974	)

CASH FLOWS FROM FINANCING ACTIVITIES

NET CHANGE IN DEBT		139,319			127,250
PURCHASE OF TREASURY STOCK		(25,605	)		(11,096	)
DIVIDENDS PAID		(11,822	)		(11,134	)
PAYMENTS OF DEBT ISSUANCE COSTS		(2,128	)		-
OTHER FINANCING ACTIVITIES		1,903			694
NET CASH PROVIDED BY FINANCING ACTIVITIES		101,667			105,714

EFFECT OF EXCHANGE RATE CHANGES ON CASH		(700	)		72
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(7,569	)		7,965
CASH AND CASH EQUIVALENTS at beginning of period		21,755			19,488
CASH AND CASH EQUIVALENTS at end of period	$	14,186		$	27,453

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.
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.

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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.