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