For Immediate Release
|
|
For more information, contact:
|
|
Nathan R. Iles
|
|
Standard Motor Products, Inc.
|
|
(718) 392-0200
|
THREE MONTHS ENDED
JUNE 30,
|
SIX MONTHS ENDED
JUNE 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
NET SALES
|
$
|
342,076
|
$
|
247,939
|
$
|
618,629
|
$
|
502,241
|
||||||||
COST OF SALES
|
242,804
|
183,581
|
435,573
|
367,488
|
||||||||||||
GROSS PROFIT
|
99,272
|
64,358
|
183,056
|
134,753
|
||||||||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
62,347
|
48,328
|
116,807
|
104,201
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
9
|
-
|
214
|
||||||||||||
OTHER INCOME, NET
|
-
|
-
|
-
|
6
|
||||||||||||
OPERATING INCOME
|
36,925
|
16,021
|
66,249
|
30,344
|
||||||||||||
OTHER NON-OPERATING INCOME, NET
|
832
|
602
|
1,467
|
78
|
||||||||||||
INTEREST EXPENSE
|
495
|
772
|
704
|
1,645
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
37,262
|
15,851
|
67,012
|
28,777
|
||||||||||||
PROVISION FOR INCOME TAXES
|
9,248
|
4,009
|
16,834
|
7,314
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
28,014
|
11,842
|
50,178
|
21,463
|
||||||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(853
|
)
|
(875
|
)
|
(2,017
|
)
|
(1,869
|
)
|
||||||||
NET EARNINGS
|
27,161
|
10,967
|
48,161
|
19,594
|
||||||||||||
NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
19
|
-
|
19
|
-
|
||||||||||||
NET EARNINGS ATTRIBUTABLE TO SMP (a)
|
$
|
27,142
|
$
|
10,967
|
$
|
48,142
|
$
|
19,594
|
||||||||
NET EARNINGS ATTRIBUTABLE TO SMP
|
||||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
$
|
27,995
|
$
|
11,842
|
$
|
50,159
|
$
|
21,463
|
||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(853
|
)
|
(875
|
)
|
(2,017
|
)
|
(1,869
|
)
|
||||||||
TOTAL
|
$
|
27,142
|
$
|
10,967
|
$
|
48,142
|
$
|
19,594
|
||||||||
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
|
||||||||||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
1.26
|
$
|
0.53
|
$
|
2.25
|
$
|
0.96
|
||||||||
DISCONTINUED OPERATION
|
(0.04
|
)
|
(0.04
|
)
|
(0.09
|
)
|
(0.08
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
1.22
|
$
|
0.49
|
$
|
2.16
|
$
|
0.88
|
||||||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
1.23
|
$
|
0.52
|
$
|
2.21
|
$
|
0.94
|
||||||||
DISCONTINUED OPERATION
|
(0.03
|
)
|
(0.04
|
)
|
(0.09
|
)
|
(0.08
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - DILUTED
|
$
|
1.20
|
$
|
0.48
|
$
|
2.12
|
$
|
0.86
|
||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
22,198,545
|
22,330,476
|
22,257,922
|
22,384,281
|
||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
22,686,384
|
22,718,680
|
22,741,171
|
22,793,606
|
||||||||||||
(a) "SMP" refers to Standard Motor Products, Inc. and subsidiaries.
|
THREE MONTHS ENDED
JUNE 30,
|
SIX MONTHS ENDED
JUNE 30,
|
|||||||||||||||||||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||||||||
Ignition, Emission Control, Fuel & Safety
|
||||||||||||||||||||||||||||||||
Related System Products
|
$
|
192,486
|
$
|
142,787
|
$
|
366,152
|
$
|
307,313
|
||||||||||||||||||||||||
Wire and Cable
|
40,730
|
30,366
|
79,082
|
66,958
|
||||||||||||||||||||||||||||
Engine Management
|
233,216
|
173,153
|
445,234
|
374,271
|
||||||||||||||||||||||||||||
Compressors
|
69,577
|
44,878
|
102,951
|
70,226
|
||||||||||||||||||||||||||||
Other Climate Control Parts
|
36,894
|
27,514
|
65,993
|
53,608
|
||||||||||||||||||||||||||||
Temperature Control
|
106,471
|
72,392
|
168,944
|
123,834
|
||||||||||||||||||||||||||||
All Other
|
2,389
|
2,394
|
4,451
|
4,136
|
||||||||||||||||||||||||||||
Revenues
|
$
|
342,076
|
$
|
247,939
|
$
|
618,629
|
$
|
502,241
|
||||||||||||||||||||||||
Gross Margin
|
||||||||||||||||||||||||||||||||
Engine Management
|
$
|
67,447
|
28.9
|
%
|
$
|
46,230
|
26.7
|
%
|
$
|
132,517
|
29.8
|
%
|
$
|
102,935
|
27.5
|
%
|
||||||||||||||||
Temperature Control
|
28,658
|
26.9
|
%
|
16,520
|
22.8
|
%
|
44,653
|
26.4
|
%
|
28,616
|
23.1
|
%
|
||||||||||||||||||||
All Other
|
3,167
|
1,608
|
5,886
|
3,202
|
||||||||||||||||||||||||||||
Gross Margin
|
$
|
99,272
|
29.0
|
%
|
$
|
64,358
|
26.0
|
%
|
$
|
183,056
|
29.6
|
%
|
$
|
134,753
|
26.8
|
%
|
||||||||||||||||
Selling, General & Administrative
|
||||||||||||||||||||||||||||||||
Engine Management
|
$
|
37,063
|
15.9
|
%
|
$
|
29,499
|
17.0
|
%
|
$
|
71,019
|
16.0
|
%
|
$
|
64,572
|
17.3
|
%
|
||||||||||||||||
Temperature Control
|
15,429
|
14.5
|
%
|
12,553
|
17.3
|
%
|
27,832
|
16.5
|
%
|
24,997
|
20.2
|
%
|
||||||||||||||||||||
All Other
|
9,100
|
6,276
|
17,201
|
14,632
|
||||||||||||||||||||||||||||
Subtotal
|
$
|
61,592
|
18.0
|
%
|
$
|
48,328
|
19.5
|
%
|
$
|
116,052
|
18.8
|
%
|
$
|
104,201
|
20.7
|
%
|
||||||||||||||||
One-Time Acquisition Costs
|
755
|
0.2
|
%
|
-
|
0.0
|
%
|
755
|
0.1
|
%
|
-
|
0.0
|
%
|
||||||||||||||||||||
Selling, General & Administrative
|
$
|
62,347
|
18.2
|
%
|
$
|
48,328
|
19.5
|
%
|
$
|
116,807
|
18.9
|
%
|
$
|
104,201
|
20.7
|
%
|
||||||||||||||||
Operating Income
|
||||||||||||||||||||||||||||||||
Engine Management
|
$
|
30,384
|
13.0
|
%
|
$
|
16,731
|
9.7
|
%
|
$
|
61,498
|
13.8
|
%
|
$
|
38,363
|
10.3
|
%
|
||||||||||||||||
Temperature Control
|
13,229
|
12.4
|
%
|
3,967
|
5.5
|
%
|
16,821
|
10.0
|
%
|
3,619
|
2.9
|
%
|
||||||||||||||||||||
All Other
|
(5,933
|
)
|
(4,668
|
)
|
(11,315
|
)
|
(11,430
|
)
|
||||||||||||||||||||||||
Subtotal
|
37,680
|
11.0
|
%
|
16,030
|
6.5
|
%
|
67,004
|
10.8
|
%
|
30,552
|
6.1
|
%
|
||||||||||||||||||||
One-time Acquisition Costs
|
(755
|
)
|
-0.2
|
%
|
-
|
0.0
|
%
|
(755
|
)
|
-0.1
|
%
|
-
|
0.0
|
%
|
||||||||||||||||||
Restructuring & Integration
|
-
|
0.0
|
%
|
(9
|
)
|
0.0
|
%
|
-
|
0.0
|
%
|
(214
|
)
|
0.0
|
%
|
||||||||||||||||||
Other Income (Expense), Net
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
-
|
0.0
|
%
|
6
|
0.0
|
%
|
||||||||||||||||||||
Operating Income
|
$
|
36,925
|
10.8
|
%
|
$
|
16,021
|
6.5
|
%
|
$
|
66,249
|
10.7
|
%
|
$
|
30,344
|
6.0
|
%
|
THREE MONTHS ENDED
JUNE 30,
|
SIX MONTHS ENDED
JUNE 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
27,995
|
$
|
11,842
|
$
|
50,159
|
$
|
21,463
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
9
|
-
|
214
|
||||||||||||
ONE-TIME ACQUISITION COSTS
|
755
|
-
|
755
|
-
|
||||||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
(196
|
)
|
(2
|
)
|
(196
|
)
|
(56
|
)
|
||||||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
28,554
|
$
|
11,849
|
$
|
50,718
|
$
|
21,621
|
||||||||
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
||||||||||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
1.23
|
$
|
0.52
|
$
|
2.21
|
$
|
0.94
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
-
|
-
|
0.01
|
||||||||||||
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
|
$
|
1.26
|
$
|
0.52
|
$
|
2.23
|
$
|
0.95
|
||||||||
OPERATING INCOME
|
||||||||||||||||
GAAP OPERATING INCOME
|
$
|
36,925
|
$
|
16,021
|
$
|
66,249
|
$
|
30,344
|
||||||||
ONE-TIME ACQUISITION COSTS
|
755
|
-
|
755
|
-
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
9
|
-
|
214
|
||||||||||||
OTHER (INCOME) EXPENSE, NET
|
-
|
-
|
-
|
(6
|
)
|
|||||||||||
NON-GAAP OPERATING INCOME
|
$
|
37,680
|
$
|
16,030
|
$
|
67,004
|
$
|
30,552
|
June 30,
2021
|
DECEMBER 31,
2020
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CASH
|
$
|
27,453
|
$
|
19,488
|
||||
ACCOUNTS RECEIVABLE, GROSS
|
217,996
|
203,861
|
||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS
|
6,218
|
5,822
|
||||||
ACCOUNTS RECEIVABLE, NET
|
211,778
|
198,039
|
||||||
INVENTORIES
|
404,876
|
345,502
|
||||||
UNRETURNED CUSTOMER INVENTORY
|
22,070
|
19,632
|
||||||
OTHER CURRENT ASSETS
|
14,492
|
15,875
|
||||||
TOTAL CURRENT ASSETS
|
680,669
|
598,536
|
||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
96,762
|
89,105
|
||||||
OPERATING LEASE RIGHT-OF-USE ASSETS
|
39,095
|
29,958
|
||||||
GOODWILL
|
126,893
|
77,837
|
||||||
OTHER INTANGIBLES, NET
|
105,462
|
54,004
|
||||||
DEFERRED INCOME TAXES
|
38,915
|
44,770
|
||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES
|
42,070
|
40,507
|
||||||
OTHER ASSETS
|
25,409
|
21,823
|
||||||
TOTAL ASSETS
|
$
|
1,155,275
|
$
|
956,540
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
NOTES PAYABLE
|
$
|
135,000
|
$
|
10,000
|
||||
CURRENT PORTION OF OTHER DEBT
|
2,397
|
135
|
||||||
ACCOUNTS PAYABLE
|
119,632
|
100,018
|
||||||
ACCRUED CUSTOMER RETURNS
|
53,062
|
40,982
|
||||||
ACCRUED CORE LIABILITY
|
23,318
|
22,014
|
||||||
ACCRUED REBATES
|
41,885
|
46,437
|
||||||
PAYROLL AND COMMISSIONS
|
29,363
|
35,938
|
||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
42,410
|
47,078
|
||||||
TOTAL CURRENT LIABILITIES
|
447,067
|
302,602
|
||||||
OTHER LONG-TERM DEBT
|
80
|
97
|
||||||
NONCURRENT OPERATING LEASE LIABILITIES
|
30,495
|
22,450
|
||||||
ACCRUED ASBESTOS LIABILITIES
|
54,035
|
55,226
|
||||||
OTHER LIABILITIES
|
28,481
|
25,929
|
||||||
TOTAL LIABILITIES
|
560,158
|
406,304
|
||||||
TOTAL SMP STOCKHOLDERS' EQUITY
|
583,616
|
550,236
|
||||||
NONCONTROLLING INTEREST
|
11,501
|
-
|
||||||
TOTAL STOCKHOLDERS' EQUITY
|
595,117
|
550,236
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
1,155,275
|
$
|
956,540
|
SIX MONTHS ENDED
JUNE 30,
|
||||||||
2021
|
2020
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
NET EARNINGS
|
$
|
48,161
|
$
|
19,594
|
||||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
|
||||||||
PROVIDED BY (USED IN) OPERATING ACTIVITIES:
|
||||||||
DEPRECIATION AND AMORTIZATION
|
13,100
|
12,877
|
||||||
OTHER
|
4,127
|
9,666
|
||||||
CHANGE IN ASSETS AND LIABILITIES:
|
||||||||
ACCOUNTS RECEIVABLE
|
(4,715
|
)
|
(38,623
|
)
|
||||
INVENTORIES
|
(46,682
|
)
|
12,725
|
|||||
ACCOUNTS PAYABLE
|
16,097
|
(21,804
|
)
|
|||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
3,220
|
5,664
|
||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
(6,491
|
)
|
2,085
|
|||||
OTHER
|
(3,664
|
)
|
(3,069
|
)
|
||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
23,153
|
(885
|
)
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
|
(109,267
|
)
|
-
|
|||||
CAPITAL EXPENDITURES
|
(11,709
|
)
|
(9,026
|
)
|
||||
OTHER INVESTING ACTIVITIES
|
2
|
6
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(120,974
|
)
|
(9,020
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
NET CHANGE IN DEBT
|
127,250
|
34,349
|
||||||
PURCHASE OF TREASURY STOCK
|
(11,096
|
)
|
(8,726
|
)
|
||||
DIVIDENDS PAID
|
(11,134
|
)
|
(5,615
|
)
|
||||
OTHER FINANCING ACTIVITIES
|
694
|
1,818
|
||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
105,714
|
21,826
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
72
|
217
|
||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
7,965
|
12,138
|
||||||
CASH AND CASH EQUIVALENTS at beginning of Period
|
19,488
|
10,372
|
||||||
CASH AND CASH EQUIVALENTS at end of Period
|
$
|
27,453
|
$
|
22,510
|