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Published: 2021-10-28 00:00:00 ET

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Exhibit 99.1

For Immediate Release
	For more information, contact:
	Nathan R. Iles
	Standard Motor Products, Inc.
	(718) 392-0200

Standard Motor Products, Inc. Announces

Third Quarter 2021 Results, New Stock Repurchase Program and a Quarterly Dividend

New York, NY, October 28, 2021......Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three months and nine months ended September 30, 2021.

Consolidated net sales for the third quarter of 2021 were $370.3 million, compared to consolidated net sales of $343.6 million during the comparable quarter in 2020. Earnings from continuing operations for the third quarter of 2021 were $29.2 million or $1.29 per diluted share, compared to $36.2 million or $1.59 per diluted share in the third quarter of 2020. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the third quarter of 2021 were $29.7 million or $1.32 per diluted share, compared to $36.2 million or $1.59 per diluted share in the third quarter of 2020.

Consolidated net sales for the nine months ended September 30, 2021, were $988.9 million, compared to consolidated net sales of $845.9 million during the comparable period in 2020. Earnings from continuing operations for the nine months ended September 30, 2021, were $79.3 million or $3.50 per diluted share, compared to $57.7 million or $2.53 per diluted share in the comparable period of 2020. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the nine months ended September 30, 2021 and 2020 were $80.4 million or $3.54 per diluted share and $57.8 million or $2.53 per diluted share, respectively.

Mr. Eric Sills, Standard Motor Products’ Chief Executive Officer and President stated, “We are extremely pleased with our third quarter results. We once again posted record sales, generating an increase of nearly 8% over a very strong third quarter of 2020 when business was surging as we emerged from pandemic-related lockdowns. Impressively, this quarter’s sales were up 20% from 2019.

“Year-to-date, our sales are up 17% over 2020, though the first half of last year was adversely impacted by the pandemic. However, the first nine months of 2021 are up 10.3% over 2019.

“By division, Engine Management sales were up 7.7% as compared to 2020, and up nearly 15% vs. 2019, with several contributing factors. We experienced a combination of strong demand, continued success from customer initiatives, new business wins, and the impact of recent acquisitions.

“Our Temperature Control sales were up 7.9% as compared to 2020, and up nearly 35% over 2019. This was one of the longest and hottest summers on record, and our business remained robust throughout the quarter.

“Third quarter earnings are down from the third quarter of 2020, but the 2020 results included many unique non-recurring benefits, related to the Covid-19 pandemic. However, third quarter 2021 earnings did compare favorably on a two-year stack, up almost 30% from a more normalized 2019. Most importantly, year-to-date earnings are at record levels, exceeding both 2020 and 2019 by 40%.”

“As anticipated and stated in our second quarter earnings announcement, we experienced some compression in our gross margin percentage in the third quarter, primarily in the Engine Management division. This was the result of two main factors. First, like many companies, we experienced a surge in various costs, including raw materials, labor and transportation. We will begin passing these costs on in the fourth quarter.

“The second component of our reduced gross margin percentage is related to our growth in non-aftermarket, specialized original equipment business, which we will discuss below. This business, which we believe has great potential for us, has a different margin profile than our aftermarket business – it has lower gross margins, but also lower SG&A expense, and thus generates comparable operating margins.

“Turning to acquisitions, on September 1^st we announced that we had acquired Stabil Operative Group GmbH (“Stabil”), a European manufacturer of original equipment sensors, electronics, and clamping devices for passenger car and commercial vehicle applications. This marked our third acquisition this year, all geared towards expansion into specialized OE channels, including medium and heavy duty vehicles, construction and agricultural equipment, power sports, and other sub-segments. When combined with our legacy business in this arena, our non-aftermarket sales are approaching a run rate of $300 million annually. In addition to expanding beyond our core aftermarket business, it is also providing geographic expansion as we now have meaningful footprints to grow sales in Europe and Asia.

“We are extremely pleased with our efforts in growing our business in this channel. As we combine these different entities, we are able to take advantage of shared customer lists, product portfolios, manufacturing and engineering capabilities, and geographic reach. It is also important to note that much of this business is not beholden to internal combustion engines. Many of the products are either powertrain-neutral, or are geared toward electric and alternative energy vehicles. While we are still in the early days of integrating these businesses, the potential synergies and sales growth opportunities are very exciting.

“As we have continued to grow our business and post record results, we have also looked to return value to our shareholders. To this end, we repurchased shares of our common stock in the amount of $15.4 million during the quarter, bringing total repurchases to $26.5 million for the year so far. Further, our Board of Directors recently authorized an additional $30 million common stock repurchase plan. Finally, our Board also approved payment of a quarterly dividend of 25 cents per share on the common stock outstanding. The dividend will be paid on December 1, 2021 to stockholders of record on November 15, 2021.

“In closing, we are very pleased with our year thus far. We have posted record sales and earnings, have consummated three complementary acquisitions, and have garnered substantial new business wins with existing accounts. Our core market is doing very well and our relationships with our customers are strong. We have made major strides in expanding into new complementary markets with significant upside potential. As such, we are very excited about the future.”

Conference Call

Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Thursday, October 28, 2021. The dial-in number is 888-632-3389 (domestic) or 785-424-1674 (interna tional). The playback number is 800-934-8524 (domestic) or 402-220-6999 (international). The participant passcode is 30385.

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						NINE MONTHS ENDED
	SEPTEMBER 30,						SEPTEMBER 30,
	2021			2020			2021			2020
	(Unaudited)						(Unaudited)
NET SALES	$	370,310		$	343,609		$	988,939		$	845,850

COST OF SALES		265,105			235,861			700,678			603,349

GROSS PROFIT		105,205			107,748			288,261			242,501

SELLING, GENERAL & ADMINISTRATIVE EXPENSES		66,509			59,497			183,316			163,698
RESTRUCTURING AND INTEGRATION EXPENSES		166			250			166			464
OTHER INCOME (EXPENSE), NET		8			(37	)		8			(31	)

OPERATING INCOME		38,538			47,964			104,787			78,308

OTHER NON-OPERATING INCOME, NET		780			514			2,247			592

INTEREST EXPENSE		652			462			1,356			2,107

EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES		38,666			48,016			105,678			76,793

PROVISION FOR INCOME TAXES		9,481			11,804			26,315			19,118

EARNINGS FROM CONTINUING OPERATIONS		29,185			36,212			79,363			57,675

LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(5,122	)		(7,587	)		(7,139	)		(9,456	)

NET EARNINGS		24,063			28,625			72,224			48,219

NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST		13			-			32			-

NET EARNINGS ATTRIBUTABLE TO SMP (a)	$	24,050		$	28,625		$	72,192		$	48,219


NET EARNINGS ATTRIBUTABLE TO SMP
EARNINGS FROM CONTINUING OPERATIONS	$	29,172		$	36,212		$	79,331		$	57,675
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(5,122	)		(7,587	)		(7,139	)		(9,456	)
TOTAL	$	24,050		$	28,625		$	72,192		$	48,219



NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
BASIC EARNINGS FROM CONTINUING OPERATIONS	$	1.32		$	1.62		$	3.57		$	2.58
DISCONTINUED OPERATION		(0.23	)		(0.34	)		(0.32	)		(0.42	)
NET EARNINGS PER COMMON SHARE - BASIC	$	1.09		$	1.28		$	3.25		$	2.16


DILUTED EARNINGS FROM CONTINUING OPERATIONS	$	1.29		$	1.59		$	3.50		$	2.53
DISCONTINUED OPERATION		(0.22	)		(0.33	)		(0.32	)		(0.41	)
NET EARNINGS PER COMMON SHARE - DILUTED	$	1.07		$	1.26		$	3.18		$	2.12


WEIGHTED AVERAGE NUMBER OF COMMON SHARES		22,090,195			22,349,093			22,201,398			22,372,466
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES		22,543,781			22,758,458			22,678,114			22,795,426

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

STANDARD MOTOR PRODUCTS, INC.

Segment Revenues and Operating Income

(In thousands)

	THREE MONTHS ENDED											NINE MONTHS ENDED
	SEPTEMBER 30,										SEPTEMBER 30,
	2021					2020						2021					2020
	(Unaudited)										(Unaudited)
Revenues
Ignition, Emission Control, Fuel & Safety Related System Products	$	208,443				$	190,891				$	574,595				$	498,204
Wire and Cable		38,708					38,663					117,790					105,621
Engine Management		247,151					229,554					692,385					603,825

Compressors	$	75,080				$	70,785				$	178,031				$	141,011
Other Climate Control Parts		43,995					39,608					109,988					93,216
Temperature Control		119,075					110,393					288,019					234,227

All Other		4,084					3,662					8,535					7,798
Revenues	$	370,310				$	343,609				$	988,939				$	845,850

Gross Margin
Engine Management	$	66,907		27.1	%	$	72,361		31.5	%	$	199,509		28.8	%	$	175,296		29.0	%
Temperature Control		33,815		28.4	%		32,212		29.2	%		78,468		27.2	%		60,828		26.0	%
All Other		4,676					3,175					10,562					6,377
Subtotal	$	105,398		28.5	%	$	107,748		31.4	%	$	288,539		29.2	%	$	242,501		28.7	%
One-Time Acquisition Costs		(193	)	-0.1	%		-		0.0	%		(278	)	0.0	%		-		0.0	%
Gross Margin	$	105,205		28.4	%	$	107,748		31.4	%	$	288,261		29.1	%	$	242,501		28.7	%


Selling, General & Administrative
Engine Management	$	38,702		15.7	%	$	35,665		15.5	%	$	109,721		15.8	%	$	100,237		16.6	%
Temperature Control		17,120		14.4	%		15,571		14.1	%		44,952		15.6	%		40,568		17.3	%
All Other		10,029					8,261					27,315					22,893
Subtotal	$	65,851		17.8	%	$	59,497		17.3	%	$	181,988		18.4	%	$	163,698		19.4	%
One-Time Acquisition Costs		658		0.2	%		-		0.0	%		1,328		0.1	%		-		0.0	%
Selling, General & Administrative	$	66,509		18.0	%	$	59,497		17.3	%	$	183,316		18.5	%	$	163,698		19.4	%


Operating Income
Engine Management	$	28,012		11.3	%	$	36,696		16.0	%	$	89,510		12.9	%	$	75,059		12.4	%
Temperature Control		16,695		14.0	%		16,641		15.1	%		33,516		11.6	%		20,260		8.6	%
All Other		(5,160	)				(5,086	)				(16,475	)				(16,516	)
Subtotal	$	39,547		10.7	%	$	48,251		14.0	%	$	106,551		10.8	%	$	78,803		9.3	%
One-time Acquisition Costs		(851	)	-0.2	%		-		0.0	%		(1,606	)	-0.2	%		-		0.0	%
Restructuring & Integration		(166	)	0.0	%		(250	)	-0.1	%		(166	)	0.0	%		(464	)	-0.1	%
Other Income (Expense), Net		8		0.0	%		(37	)	0.0	%		8		0.0	%		(31	)	0.0	%
Operating Income	$	38,538		10.4	%	$	47,964		14.0	%	$	104,787		10.6	%	$	78,308		9.3	%

STANDARD MOTOR PRODUCTS, INC.

Reconciliation of GAAP and Non-GAAP Measures

(In thousands, except per share amounts)

	THREE MONTHS ENDED							NINE MONTHS ENDED
	SEPTEMBER 30,						SEPTEMBER 30,
	2021			2020				2021			2020
	(Unaudited)						(Unaudited)
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP

GAAP EARNINGS FROM CONTINUING OPERATIONS	$	29,172		$	36,212		$	79,331		$	57,675

RESTRUCTURING AND INTEGRATION EXPENSES		166			250			166			464
ONE-TIME ACQUISITION COSTS		851			-			1,606			-
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD		(259	)		(235	)		(259	)		(235	)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS		(265	)		(65	)		(461	)		(121	)

NON-GAAP EARNINGS FROM CONTINUING OPERATIONS	$	29,665		$	36,162		$	80,383		$	57,783


DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP

GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS	$	1.29		$	1.59		$	3.50		$	2.53

RESTRUCTURING AND INTEGRATION EXPENSES		0.01			0.01			-			0.02
ONE-TIME ACQUISITION COSTS		0.04			-			0.07			-
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD		(0.01	)		(0.01	)		(0.01	)		(0.01	)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS		(0.01	)		-			(0.02	)		(0.01	)

NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS	$	1.32		$	1.59		$	3.54		$	2.53


OPERATING INCOME

GAAP OPERATING INCOME	$	38,538		$	47,964		$	104,787		$	78,308

ONE-TIME ACQUISITION COSTS		851			-			1,606			-
RESTRUCTURING AND INTEGRATION EXPENSES		166			250			166			464
OTHER (INCOME) EXPENSE, NET		(8	)		37			(8	)		31

NON-GAAP OPERATING INCOME	$	39,547		$	48,251		$	106,551		$	78,803

MANAGEMENT BELIEVES THAT EARNINGS FROM CONTINUING OPERATIONS AND DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS WHICH ARE ATTRIBUTABLE TO SMP, AND OPERATING INCOME, AS ADJUSTED FOR SPECIAL ITEMS, ARE NON-GAAP MEASUREMENTS AND 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)

	SEPTEMBER 30, 2021		DECEMBER 31, 2020
	(Unaudited)

ASSETS

CASH	$	33,144	$	19,488

ACCOUNTS RECEIVABLE, GROSS		231,066		203,861
ALLOWANCE FOR DOUBTFUL ACCOUNTS		6,645		5,822
ACCOUNTS RECEIVABLE, NET		224,421		198,039

INVENTORIES		414,657		345,502
UNRETURNED CUSTOMER INVENTORY		23,367		19,632
OTHER CURRENT ASSETS		15,268		15,875

TOTAL CURRENT ASSETS		710,857		598,536

PROPERTY, PLANT AND EQUIPMENT, NET		100,787		89,105
OPERATING LEASE RIGHT-OF-USE ASSETS		42,458		29,958
GOODWILL		131,549		77,837
OTHER INTANGIBLES, NET		108,312		54,004
DEFERRED INCOME TAXES		34,790		44,770
INVESTMENT IN UNCONSOLIDATED AFFILIATES		42,123		40,507
OTHER ASSETS		24,857		21,823

TOTAL ASSETS	$	1,195,733	$	956,540


LIABILITIES AND STOCKHOLDERS’ EQUITY


NOTES PAYABLE	$	128,938	$	10,000
CURRENT PORTION OF OTHER DEBT		2,941		135
ACCOUNTS PAYABLE		128,808		100,018
ACCRUED CUSTOMER RETURNS		59,972		40,982
ACCRUED CORE LIABILITY		23,650		22,014
ACCRUED REBATES		43,110		46,437
PAYROLL AND COMMISSIONS		40,725		35,938
SUNDRY PAYABLES AND ACCRUED EXPENSES		50,227		47,078

TOTAL CURRENT LIABILITIES		478,371		302,602

OTHER LONG-TERM DEBT		68		97
NONCURRENT OPERATING LEASE LIABILITIES		33,246		22,450
ACCRUED ASBESTOS LIABILITIES		57,532		55,226
OTHER LIABILITIES		27,964		25,929

TOTAL LIABILITIES		597,181		406,304

TOTAL SMP STOCKHOLDERS’ EQUITY		587,018		550,236
NONCONTROLLING INTEREST		11,534		-
TOTAL STOCKHOLDERS’ EQUITY		598,552		550,236

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,195,733	$	956,540

STANDARD MOTOR PRODUCTS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

	NINE MONTHS ENDED SEPTEMBER 30,
	2021			2020
	(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

NET EARNINGS	$	72,224		$	48,219
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION		20,160			19,313
OTHER		13,904			19,098
CHANGE IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE		(15,343	)		(83,878	)
INVENTORIES		(52,742	)		53,330
ACCOUNTS PAYABLE		24,228			(13,117	)
PREPAID EXPENSES AND OTHER CURRENT ASSETS		2,324			5,634
SUNDRY PAYABLES AND ACCRUED EXPENSES		18,905			31,725
OTHER		(4,522	)		(1,719	)
NET CASH PROVIDED BY OPERATING ACTIVITIES		79,138			78,605


CASH FLOWS FROM INVESTING ACTIVITIES

ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES		(124,663	)		-
CAPITAL EXPENDITURES		(19,406	)		(13,170	)
OTHER INVESTING ACTIVITIES		29			14
NET CASH USED IN INVESTING ACTIVITIES		(144,040	)		(13,156	)


CASH FLOWS FROM FINANCING ACTIVITIES

NET CHANGE IN DEBT		121,854			(44,852	)
PURCHASE OF TREASURY STOCK		(26,518	)		(8,726	)
DIVIDENDS PAID		(16,678	)		(5,615	)
OTHER FINANCING ACTIVITIES		455			86
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		79,113			(59,107	)


EFFECT OF EXCHANGE RATE CHANGES ON CASH		(555	)		67
NET INCREASE IN CASH AND CASH EQUIVALENTS		13,656			6,409
CASH AND CASH EQUIVALENTS at beginning of Period		19,488			10,372
CASH AND CASH EQUIVALENTS at end of Period	$	33,144		$	16,781

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.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
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.