THREE MONTHS ENDED
|
TWELVE MONTHS ENDED
|
|||||||||||||||
DECEMBER 31,
|
DECEMBER 31,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
NET SALES
|
$
|
309,877
|
$
|
282,738
|
$
|
1,298,816
|
$
|
1,128,588
|
||||||||
COST OF SALES
|
221,207
|
188,584
|
921,885
|
791,933
|
||||||||||||
GROSS PROFIT
|
88,670
|
94,154
|
376,931
|
336,655
|
||||||||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
64,231
|
60,972
|
247,547
|
224,670
|
||||||||||||
INTANGIBLE ASSET IMPAIRMENT
|
-
|
2,600
|
-
|
2,600
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
226
|
-
|
392
|
464
|
||||||||||||
OTHER INCOME (EXPENSE), NET
|
(1
|
)
|
5
|
7
|
(26
|
)
|
||||||||||
OPERATING INCOME
|
24,212
|
30,587
|
128,999
|
108,895
|
||||||||||||
OTHER NON-OPERATING INCOME, NET
|
1,247
|
220
|
3,494
|
812
|
||||||||||||
INTEREST EXPENSE
|
672
|
221
|
2,028
|
2,328
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
24,787
|
30,586
|
130,465
|
107,379
|
||||||||||||
PROVISION FOR INCOME TAXES
|
4,729
|
7,844
|
31,044
|
26,962
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
20,058
|
22,742
|
99,421
|
80,417
|
||||||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(1,328
|
)
|
(13,568
|
)
|
(8,467
|
)
|
(23,024
|
)
|
||||||||
NET EARNINGS
|
18,730
|
9,174
|
90,954
|
57,393
|
||||||||||||
NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
36
|
-
|
68
|
-
|
||||||||||||
NET EARNINGS ATTRIBUTABLE TO SMP (a)
|
$
|
18,694
|
$
|
9,174
|
$
|
90,886
|
$
|
57,393
|
||||||||
NET EARNINGS ATTRIBUTABLE TO SMP
|
||||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
$
|
20,022
|
$
|
22,742
|
$
|
99,353
|
$
|
80,417
|
||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(1,328
|
)
|
(13,568
|
)
|
(8,467
|
)
|
(23,024
|
)
|
||||||||
TOTAL
|
$
|
18,694
|
$
|
9,174
|
$
|
90,886
|
$
|
57,393
|
||||||||
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
|
||||||||||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.91
|
$
|
1.02
|
$
|
4.49
|
$
|
3.59
|
||||||||
DISCONTINUED OPERATION
|
(0.06
|
)
|
(0.61
|
)
|
(0.39
|
)
|
(1.02
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.85
|
$
|
0.41
|
$
|
4.10
|
$
|
2.57
|
||||||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.89
|
$
|
1.00
|
$
|
4.39
|
$
|
3.52
|
||||||||
DISCONTINUED OPERATION
|
(0.06
|
)
|
(0.60
|
)
|
(0.37
|
)
|
(1.01
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - DILUTED
|
$
|
0.83
|
$
|
0.40
|
$
|
4.02
|
$
|
2.51
|
||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
21,987,480
|
22,379,056
|
22,147,479
|
22,374,123
|
||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
22,485,032
|
22,855,523
|
22,616,456
|
22,825,885
|
(a) |
"SMP" refers to Standard Motor Products, Inc. and subsidiaries.
|
THREE MONTHS ENDED
|
TWELVE MONTHS ENDED
|
|||||||||||||||||||||||||||
DECEMBER 31,
|
DECEMBER 31,
|
|||||||||||||||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||||
Ignition, Emission Control, Fuel & Safety
|
||||||||||||||||||||||||||||
Related System Products
|
$
|
211,919
|
$
|
193,518
|
$
|
786,514
|
$
|
691,722
|
||||||||||||||||||||
Wire and Cable
|
33,632
|
38,342
|
151,422
|
143,963
|
||||||||||||||||||||||||
Engine Management
|
245,551
|
231,860
|
937,936
|
835,685
|
||||||||||||||||||||||||
Compressors
|
$
|
28,666
|
$
|
22,060
|
$
|
206,697
|
$
|
163,071
|
||||||||||||||||||||
Other Climate Control Parts
|
31,738
|
25,667
|
141,726
|
118,883
|
||||||||||||||||||||||||
Temperature Control
|
60,404
|
47,727
|
348,423
|
281,954
|
||||||||||||||||||||||||
All Other
|
3,922
|
3,151
|
12,457
|
10,949
|
||||||||||||||||||||||||
Revenues
|
$
|
309,877
|
$
|
282,738
|
$
|
1,298,816
|
$
|
1,128,588
|
||||||||||||||||||||
Gross Margin
|
||||||||||||||||||||||||||||
Engine Management
|
$
|
67,776
|
27.6
|
%
|
$
|
76,451
|
33.0
|
%
|
$
|
267,285
|
28.5
|
%
|
$
|
251,747
|
30.1
|
%
|
||||||||||||
Temperature Control
|
16,670
|
27.6
|
%
|
14,333
|
30.0
|
%
|
95,138
|
27.3
|
%
|
75,161
|
26.7
|
%
|
||||||||||||||||
All Other
|
4,270
|
3,370
|
14,832
|
9,747
|
||||||||||||||||||||||||
Subtotal
|
$
|
88,716
|
28.6
|
%
|
$
|
94,154
|
33.3
|
%
|
$
|
377,255
|
29.0
|
%
|
$
|
336,655
|
29.8
|
%
|
||||||||||||
One-Time Acquisition Costs
|
(46
|
)
|
0.0
|
%
|
-
|
0.0
|
%
|
(324
|
)
|
0.0
|
%
|
-
|
0.0
|
%
|
||||||||||||||
Gross Margin
|
$
|
88,670
|
28.6
|
%
|
$
|
94,154
|
33.3
|
%
|
$
|
376,931
|
29.0
|
%
|
$
|
336,655
|
29.8
|
%
|
||||||||||||
Selling, General & Administrative
|
||||||||||||||||||||||||||||
Engine Management
|
$
|
39,485
|
16.1
|
%
|
$
|
37,203
|
16.0
|
%
|
$
|
149,206
|
15.9
|
%
|
$
|
137,440
|
16.4
|
%
|
||||||||||||
Temperature Control
|
13,192
|
21.8
|
%
|
13,297
|
27.9
|
%
|
58,144
|
16.7
|
%
|
53,865
|
19.1
|
%
|
||||||||||||||||
All Other
|
11,495
|
10,472
|
38,810
|
33,365
|
||||||||||||||||||||||||
Subtotal
|
$
|
64,172
|
20.7
|
%
|
$
|
60,972
|
21.6
|
%
|
$
|
246,160
|
19.0
|
%
|
$
|
224,670
|
19.9
|
%
|
||||||||||||
One-Time Acquisition Costs
|
59
|
0.0
|
%
|
-
|
0.0
|
%
|
1,387
|
0.1
|
%
|
-
|
0.0
|
%
|
||||||||||||||||
Selling, General & Administrative
|
$
|
64,231
|
20.7
|
%
|
$
|
60,972
|
21.6
|
%
|
$
|
247,547
|
19.1
|
%
|
$
|
224,670
|
19.9
|
%
|
||||||||||||
Operating Income
|
||||||||||||||||||||||||||||
Engine Management
|
$
|
28,291
|
11.5
|
%
|
$
|
39,248
|
16.9
|
%
|
$
|
118,079
|
12.6
|
%
|
$
|
114,307
|
13.7
|
%
|
||||||||||||
Temperature Control
|
3,478
|
5.8
|
%
|
1,036
|
2.2
|
%
|
36,994
|
10.6
|
%
|
21,296
|
7.6
|
%
|
||||||||||||||||
All Other
|
(7,225
|
)
|
(7,102
|
)
|
(23,978
|
)
|
(23,618
|
)
|
||||||||||||||||||||
Subtotal
|
24,544
|
7.9
|
%
|
33,182
|
11.7
|
%
|
131,095
|
10.1
|
%
|
111,985
|
9.9
|
%
|
||||||||||||||||
One-time Acquisition Costs
|
(105
|
)
|
0.0
|
%
|
-
|
0.0
|
%
|
(1,711
|
)
|
-0.1
|
%
|
-
|
0.0
|
%
|
||||||||||||||
Intangible Asset Impairment
|
-
|
0.0
|
%
|
(2,600
|
)
|
-0.9
|
%
|
-
|
0.0
|
%
|
(2,600
|
)
|
-0.2
|
%
|
||||||||||||||
Restructuring & Integration
|
(226
|
)
|
-0.1
|
%
|
-
|
0.0
|
%
|
(392
|
)
|
0.0
|
%
|
(464
|
)
|
0.0
|
%
|
|||||||||||||
Other Income (Expense), Net
|
(1
|
)
|
0.0
|
%
|
5
|
0.0
|
%
|
7
|
0.0
|
%
|
(26
|
)
|
0.0
|
%
|
||||||||||||||
Operating Income
|
$
|
24,212
|
7.8
|
%
|
$
|
30,587
|
10.8
|
%
|
$
|
128,999
|
9.9
|
%
|
$
|
108,895
|
9.6
|
%
|
THREE MONTHS ENDED
|
TWELVE MONTHS ENDED
|
|||||||||||||||
(In thousands, except per share amounts)
|
DECEMBER 31,
|
DECEMBER 31,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
20,022
|
$
|
22,742
|
$
|
99,353
|
$
|
80,417
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
226
|
-
|
392
|
464
|
||||||||||||
ONE-TIME ACQUISITION COSTS
|
105
|
-
|
1,711
|
-
|
||||||||||||
INTANGIBLE ASSET IMPAIRMENT
|
-
|
2,600
|
-
|
2,600
|
||||||||||||
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
-
|
-
|
(259
|
)
|
(235
|
)
|
||||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
(86
|
)
|
(676
|
)
|
(547
|
)
|
(797
|
)
|
||||||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
20,267
|
$
|
24,666
|
$
|
100,650
|
$
|
82,449
|
||||||||
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
||||||||||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.89
|
$
|
1.00
|
$
|
4.39
|
$
|
3.52
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
0.01
|
-
|
0.02
|
0.02
|
||||||||||||
ONE-TIME ACQUISITION COSTS
|
-
|
-
|
0.07
|
-
|
||||||||||||
INTANGIBLE ASSET IMPAIRMENT
|
-
|
0.11
|
-
|
0.11
|
||||||||||||
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
-
|
-
|
(0.01
|
)
|
(0.01
|
)
|
||||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
-
|
(0.03
|
)
|
(0.02
|
)
|
(0.03
|
)
|
|||||||||
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.90
|
$
|
1.08
|
$
|
4.45
|
$
|
3.61
|
||||||||
OPERATING INCOME
|
||||||||||||||||
GAAP OPERATING INCOME
|
$
|
24,212
|
$
|
30,587
|
$
|
128,999
|
$
|
108,895
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
226
|
-
|
392
|
464
|
||||||||||||
ONE-TIME ACQUISITION COSTS
|
105
|
-
|
1,711
|
-
|
||||||||||||
INTANGIBLE ASSET IMPAIRMENT
|
-
|
2,600
|
-
|
2,600
|
||||||||||||
OTHER (INCOME) EXPENSE, NET
|
1
|
(5
|
)
|
(7
|
)
|
26
|
||||||||||
NON-GAAP OPERATING INCOME
|
$
|
24,544
|
$
|
33,182
|
$
|
131,095
|
$
|
111,985
|
||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
$
|
24,787
|
$
|
30,586
|
$
|
130,465
|
$
|
107,379
|
||||||||
DEPRECIATION AND AMORTIZATION
|
7,083
|
7,010
|
27,243
|
26,323
|
||||||||||||
INTEREST EXPENSE
|
672
|
221
|
2,028
|
2,328
|
||||||||||||
EBITDA
|
32,542
|
37,817
|
159,736
|
136,030
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
226
|
-
|
392
|
464
|
||||||||||||
ONE-TIME ACQUISITION COSTS
|
105
|
-
|
1,711
|
-
|
||||||||||||
INTANGIBLE ASSET IMPAIRMENT
|
-
|
2,600
|
-
|
2,600
|
||||||||||||
SPECIAL ITEMS
|
331
|
2,600
|
2,103
|
3,064
|
||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
32,873
|
$
|
40,417
|
$
|
161,839
|
$
|
139,094
|
DECEMBER 31,
|
DECEMBER 31,
|
|||||||
2021
|
2020
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CASH
|
$
|
21,755
|
$
|
19,488
|
||||
ACCOUNTS RECEIVABLE, GROSS
|
186,774
|
203,861
|
||||||
ALLOWANCE FOR EXPECTED CREDIT LOSSES
|
6,170
|
5,822
|
||||||
ACCOUNTS RECEIVABLE, NET
|
180,604
|
198,039
|
||||||
INVENTORIES
|
468,755
|
345,502
|
||||||
UNRETURNED CUSTOMER INVENTORY
|
22,268
|
19,632
|
||||||
OTHER CURRENT ASSETS
|
17,823
|
15,875
|
||||||
TOTAL CURRENT ASSETS
|
711,205
|
598,536
|
||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
102,786
|
89,105
|
||||||
OPERATING LEASE RIGHT-OF-USE ASSETS
|
40,469
|
29,958
|
||||||
GOODWILL
|
131,652
|
77,837
|
||||||
OTHER INTANGIBLES, NET
|
106,234
|
54,004
|
||||||
DEFERRED INCOME TAXES
|
36,126
|
44,770
|
||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES
|
44,087
|
40,507
|
||||||
OTHER ASSETS
|
25,402
|
21,823
|
||||||
TOTAL ASSETS
|
$
|
1,197,961
|
$
|
956,540
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
NOTES PAYABLE
|
$
|
125,298
|
$
|
10,000
|
||||
CURRENT PORTION OF OTHER DEBT
|
3,117
|
135
|
||||||
ACCOUNTS PAYABLE
|
137,167
|
100,018
|
||||||
ACCRUED CUSTOMER RETURNS
|
42,412
|
40,982
|
||||||
ACCRUED CORE LIABILITY
|
23,663
|
22,014
|
||||||
ACCRUED REBATES
|
42,472
|
46,437
|
||||||
PAYROLL AND COMMISSIONS
|
45,058
|
35,938
|
||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
57,182
|
47,078
|
||||||
TOTAL CURRENT LIABILITIES
|
476,369
|
302,602
|
||||||
OTHER LONG-TERM DEBT
|
21
|
97
|
||||||
NONCURRENT OPERATING LEASE LIABILITIES
|
31,206
|
22,450
|
||||||
ACCRUED ASBESTOS LIABILITIES
|
52,698
|
55,226
|
||||||
OTHER LIABILITIES
|
25,040
|
25,929
|
||||||
TOTAL LIABILITIES
|
585,334
|
406,304
|
||||||
TOTAL SMP STOCKHOLDERS' EQUITY
|
601,580
|
550,236
|
||||||
NONCONTROLLING INTEREST
|
11,047
|
-
|
||||||
TOTAL STOCKHOLDERS' EQUITY
|
612,627
|
550,236
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
1,197,961
|
$
|
956,540
|
TWELVE MONTHS ENDED
|
||||||||
DECEMBER 31,
|
||||||||
2021
|
2020
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
NET EARNINGS
|
$
|
90,954
|
$
|
57,393
|
||||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
|
||||||||
PROVIDED BY OPERATING ACTIVITIES:
|
||||||||
DEPRECIATION AND AMORTIZATION
|
27,243
|
26,323
|
||||||
DEFERRED INCOME TAXES
|
(1,335
|
)
|
(7,470
|
)
|
||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES
|
8,467
|
23,024
|
||||||
OTHER
|
8,791
|
18,768
|
||||||
CHANGE IN ASSETS AND LIABILITIES:
|
||||||||
ACCOUNTS RECEIVABLE
|
28,464
|
(71,933
|
)
|
|||||
INVENTORIES
|
(107,609
|
)
|
17,984
|
|||||
ACCOUNTS PAYABLE
|
33,046
|
7,428
|
||||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
(843
|
)
|
(370
|
)
|
||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
13,430
|
40,651
|
||||||
OTHER
|
(15,044
|
)
|
(13,902
|
)
|
||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
85,564
|
97,896
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
|
(125,419
|
)
|
-
|
|||||
CAPITAL EXPENDITURES
|
(25,875
|
)
|
(17,820
|
)
|
||||
OTHER INVESTING ACTIVITIES
|
45
|
21
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(151,249
|
)
|
(17,799
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
NET CHANGE IN DEBT
|
118,346
|
(46,708
|
)
|
|||||
PURCHASE OF TREASURY STOCK
|
(26,862
|
)
|
(13,482
|
)
|
||||
DIVIDENDS PAID
|
(22,179
|
)
|
(11,218
|
)
|
||||
DIVIDENDS PAID TO NONCONTROLLING INTEREST
|
(540
|
)
|
-
|
|||||
OTHER FINANCING ACTIVITIES
|
247
|
(108
|
)
|
|||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
69,012
|
(71,516
|
)
|
|||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
(1,060
|
)
|
535
|
|||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
2,267
|
9,116
|
||||||
CASH AND CASH EQUIVALENTS at beginning of year
|
19,488
|
10,372
|
||||||
CASH AND CASH EQUIVALENTS at end of year
|
$
|
21,755
|
$
|
19,488
|