THREE MONTHS ENDED
MARCH 31,
|
||||||||
2022
|
2021
|
|||||||
(Unaudited)
|
||||||||
NET SALES
|
$
|
322,831
|
$
|
276,553
|
||||
COST OF SALES
|
232,991
|
192,769
|
||||||
GROSS PROFIT
|
89,840
|
83,784
|
||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
62,884
|
54,460
|
||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
41
|
-
|
||||||
OPERATING INCOME
|
26,915
|
29,324
|
||||||
OTHER NON-OPERATING INCOME, NET
|
1,449
|
635
|
||||||
INTEREST EXPENSE
|
805
|
209
|
||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
27,559
|
29,750
|
||||||
PROVISION FOR INCOME TAXES
|
7,005
|
7,586
|
||||||
EARNINGS FROM CONTINUING OPERATIONS
|
20,554
|
22,164
|
||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(1,116
|
)
|
(1,164
|
)
|
||||
NET EARNINGS
|
19,438
|
21,000
|
||||||
NET EARNINGS (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
(8
|
)
|
-
|
|||||
NET EARNINGS ATTRIBUTABLE TO SMP (a)
|
$
|
19,446
|
$
|
21,000
|
||||
NET EARNINGS ATTRIBUTABLE TO SMP
|
||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
$
|
20,562
|
$
|
22,164
|
||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(1,116
|
)
|
(1,164
|
)
|
||||
TOTAL
|
$
|
19,446
|
$
|
21,000
|
||||
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
|
||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.94
|
$
|
0.99
|
||||
DISCONTINUED OPERATION
|
(0.06
|
)
|
(0.05
|
)
|
||||
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.88
|
$
|
0.94
|
||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.91
|
$
|
0.97
|
||||
DISCONTINUED OPERATION
|
(0.04
|
)
|
(0.05
|
)
|
||||
NET EARNINGS PER COMMON SHARE - DILUTED
|
$
|
0.87
|
$
|
0.92
|
||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
21,978,507
|
22,317,959
|
||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
22,477,819
|
22,765,508
|
THREE MONTHS ENDED
MARCH 31,
|
|||||||||||||
2022
|
2021
|
||||||||||||
(Unaudited)
|
|||||||||||||
Revenues
|
|||||||||||||
Ignition, Emission Control, Fuel & Safety Related System Products
|
$
|
200,354
|
$
|
173,666
|
|||||||||
Wire and Cable
|
38,903
|
38,352
|
|||||||||||
Engine Management
|
239,257
|
212,018
|
|||||||||||
Compressors
|
43,277
|
33,374
|
|||||||||||
Other Climate Control Parts
|
38,044
|
29,099
|
|||||||||||
Temperature Control
|
81,321
|
62,473
|
|||||||||||
All Other
|
2,253
|
2,062
|
|||||||||||
Revenues
|
$
|
322,831
|
$
|
276,553
|
|||||||||
Gross Margin
|
|||||||||||||
Engine Management
|
$
|
65,535
|
27.4%
|
$
|
65,070
|
30.7%
|
|||||||
Temperature Control
|
19,986
|
24.6%
|
15,995
|
25.6%
|
|||||||||
All Other
|
4,319
|
2,719
|
|||||||||||
Gross Margin
|
$
|
89,840
|
27.8%
|
$
|
83,784
|
30.3%
|
|||||||
Selling, General & Administrative
|
|||||||||||||
Engine Management
|
$
|
38,778
|
16.2%
|
$
|
33,956
|
16.0%
|
|||||||
Temperature Control
|
14,768
|
18.2%
|
12,403
|
19.9%
|
|||||||||
All Other
|
9,338
|
8,101
|
|||||||||||
Selling, General & Administrative
|
$
|
62,884
|
19.5%
|
$
|
54,460
|
19.7%
|
|||||||
Operating Income
|
|||||||||||||
Engine Management
|
$
|
26,757
|
11.2%
|
$
|
31,114
|
14.7%
|
|||||||
Temperature Control
|
5,218
|
6.4%
|
3,592
|
5.7%
|
|||||||||
All Other
|
(5,019
|
)
|
(5,382
|
)
|
|||||||||
Subtotal
|
26,956
|
8.3%
|
29,324
|
10.6%
|
|||||||||
Restructuring & Integration
|
(41
|
)
|
0.0%
|
-
|
0.0%
|
||||||||
Operating Income
|
$
|
26,915
|
8.3%
|
$
|
29,324
|
10.6%
|
THREE MONTHS ENDED
|
||||||||||||||||
MARCH 31,
|
||||||||||||||||
2022
|
2021
|
|||||||||||||||
(Unaudited)
|
||||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
20,562
|
$
|
22,164
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
41
|
-
|
||||||||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
(11
|
)
|
-
|
|||||||||||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
20,592
|
$
|
22,164
|
||||||||||||
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
||||||||||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.91
|
$
|
0.97
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
0.01
|
-
|
||||||||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
-
|
-
|
||||||||||||||
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.92
|
$
|
0.97
|
||||||||||||
OPERATING INCOME
|
||||||||||||||||
GAAP OPERATING INCOME
|
$
|
26,915
|
$
|
29,324
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
41
|
-
|
LAST TWELVE MONTHS ENDED
|
|||||||||||||
MARCH 31,
|
||||||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
26,956
|
$
|
29,324
|
2022
|
2021
|
||||||||||
(Unaudited)
|
||||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
$
|
27,559
|
$
|
29,750
|
$
|
128,274
|
$
|
124,203
|
||||||||
DEPRECIATION AND AMORTIZATION
|
6,952
|
6,514
|
27,681
|
26,298
|
||||||||||||
INTEREST EXPENSE
|
805
|
209
|
2,624
|
1,664
|
||||||||||||
EBITDA
|
35,316
|
36,473
|
158,579
|
152,165
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
41
|
-
|
433
|
259
|
||||||||||||
ONE-TIME ACQUISITION COSTS
|
-
|
-
|
1,711
|
-
|
||||||||||||
INTANGIBLE ASSET IMPAIRMENT
|
-
|
-
|
-
|
2,600
|
||||||||||||
SPECIAL ITEMS
|
41
|
-
|
2,144
|
2,859
|
||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
35,357
|
$
|
36,473
|
$
|
160,723
|
$
|
155,024
|
March 31,
2022
|
December 31,
2021
|
|||||||
(Unaudited)
|
||||||||
ASSETS |
||||||||
CASH
|
$
|
19,999
|
$
|
21,755
|
||||
ACCOUNTS RECEIVABLE, GROSS
|
231,963
|
186,774
|
||||||
ALLOWANCE FOR EXPECTED CREDIT LOSSES
|
6,660
|
6,170
|
||||||
ACCOUNTS RECEIVABLE, NET
|
225,303
|
180,604
|
||||||
INVENTORIES
|
534,421
|
468,755
|
||||||
UNRETURNED CUSTOMER INVENTORY
|
22,221
|
22,268
|
||||||
OTHER CURRENT ASSETS
|
17,471
|
17,823
|
||||||
TOTAL CURRENT ASSETS
|
819,415
|
711,205
|
||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
102,984
|
102,786
|
||||||
OPERATING LEASE RIGHT-OF-USE ASSETS
|
42,116
|
40,469
|
||||||
GOODWILL
|
131,538
|
131,652
|
||||||
OTHER INTANGIBLES, NET
|
104,344
|
106,234
|
||||||
DEFERRED INCOME TAXES
|
35,964
|
36,126
|
||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES
|
45,518
|
44,087
|
||||||
OTHER ASSETS
|
28,530
|
25,402
|
||||||
TOTAL ASSETS
|
$
|
1,310,409
|
$
|
1,197,961
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
NOTES PAYABLE
|
$
|
245,450
|
$
|
125,298
|
||||
CURRENT PORTION OF OTHER DEBT
|
3,235
|
3,117
|
||||||
ACCOUNTS PAYABLE
|
139,392
|
137,167
|
||||||
ACCRUED CUSTOMER RETURNS
|
46,085
|
42,412
|
||||||
ACCRUED CORE LIABILITY
|
23,513
|
23,663
|
||||||
ACCRUED REBATES
|
42,606
|
42,472
|
||||||
PAYROLL AND COMMISSIONS
|
31,972
|
45,058
|
||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
45,875
|
57,182
|
||||||
TOTAL CURRENT LIABILITIES
|
578,128
|
476,369
|
||||||
OTHER LONG-TERM DEBT
|
-
|
21
|
||||||
NONCURRENT OPERATING LEASE LIABILITY
|
32,281
|
31,206
|
||||||
ACCRUED ASBESTOS LIABILITIES
|
51,909
|
52,698
|
||||||
OTHER LIABILITIES
|
25,178
|
25,040
|
||||||
TOTAL LIABILITIES
|
687,496
|
585,334
|
||||||
TOTAL SMP STOCKHOLDERS' EQUITY
|
611,871
|
601,580
|
||||||
NONCONTROLLING INTEREST
|
11,042
|
11,047
|
||||||
TOTAL STOCKHOLDERS' EQUITY
|
622,913
|
612,627
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
1,310,409
|
$
|
1,197,961
|
THREE MONTHS ENDED
MARCH 31,
|
||||||||
2022
|
2021
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
NET EARNINGS
|
$
|
19,438
|
$
|
21,000
|
||||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
|
||||||||
USED IN OPERATING ACTIVITIES:
|
||||||||
DEPRECIATION AND AMORTIZATION
|
6,952
|
6,514
|
||||||
OTHER
|
4,374
|
4,475
|
||||||
CHANGE IN ASSETS AND LIABILITIES:
|
||||||||
ACCOUNTS RECEIVABLE
|
(44,706
|
)
|
23,533
|
|||||
INVENTORY
|
(67,662
|
)
|
(46,255
|
)
|
||||
ACCOUNTS PAYABLE
|
1,942
|
8,419
|
||||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
2,171
|
3,753
|
||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
(21,226
|
)
|
(29,549
|
)
|
||||
OTHER
|
(5,245
|
)
|
(3,288
|
)
|
||||
NET CASH USED IN OPERATING ACTIVITIES
|
(103,962
|
)
|
(11,398
|
)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
|
-
|
(2,081
|
)
|
|||||
CAPITAL EXPENDITURES
|
(6,449
|
)
|
(4,966
|
)
|
||||
OTHER INVESTING ACTIVITIES
|
-
|
2
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(6,449
|
)
|
(7,045
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
NET CHANGE IN DEBT
|
120,340
|
32,408
|
||||||
PURCHASE OF TREASURY STOCK
|
(6,517
|
)
|
(11,096
|
)
|
||||
DIVIDENDS PAID
|
(5,935
|
)
|
(5,588
|
)
|
||||
OTHER FINANCING ACTIVITIES
|
444
|
373
|
||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
108,332
|
16,097
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
323
|
(42
|
)
|
|||||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(1,756
|
)
|
(2,388
|
)
|
||||
CASH AND CASH EQUIVALENTS at beginning of period
|
21,755
|
19,488
|
||||||
CASH AND CASH EQUIVALENTS at end of period
|
$
|
19,999
|
$
|
17,100
|