For Immediate Release
|
For more information, contact:
|
Anthony (Tony) Cristello
|
Standard Motor Products, Inc.
|
(972) 316-8107
|
tony.cristello@smpcorp.com
|
(In thousands, except per share amounts)
|
||||||||||||||||
THREE MONTHS ENDED
|
NINE MONTHS ENDED
|
|||||||||||||||
SEPTEMBER 30,
|
SEPTEMBER 30,
|
|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
NET SALES
|
$
|
386,413
|
$
|
381,373
|
$
|
1,067,516
|
$
|
1,063,616
|
||||||||
COST OF SALES
|
271,653
|
274,589
|
760,220
|
770,641
|
||||||||||||
GROSS PROFIT
|
114,760
|
106,784
|
307,296
|
292,975
|
||||||||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
79,781
|
73,199
|
223,257
|
204,551
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
177
|
-
|
1,383
|
44
|
||||||||||||
OTHER INCOME, NET
|
4
|
30
|
74
|
43
|
||||||||||||
OPERATING INCOME
|
34,806
|
33,615
|
82,730
|
88,423
|
||||||||||||
OTHER NON-OPERATING INCOME, NET
|
1,732
|
1,513
|
2,759
|
4,889
|
||||||||||||
INTEREST EXPENSE
|
3,621
|
3,656
|
10,766
|
6,282
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
32,917
|
31,472
|
74,723
|
87,030
|
||||||||||||
PROVISION FOR INCOME TAXES
|
7,995
|
8,280
|
18,656
|
22,407
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
24,922
|
23,192
|
56,067
|
64,623
|
||||||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(18,200
|
)
|
(14,294
|
)
|
(28,201
|
)
|
(17,076
|
)
|
||||||||
NET EARNINGS
|
6,722
|
8,898
|
27,866
|
47,547
|
||||||||||||
NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
63
|
52
|
152
|
129
|
||||||||||||
NET EARNINGS ATTRIBUTABLE TO SMP (a)
|
$
|
6,659
|
$
|
8,846
|
$
|
27,714
|
$
|
47,418
|
||||||||
NET EARNINGS ATTRIBUTABLE TO SMP
|
||||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
$
|
24,859
|
$
|
23,140
|
$
|
55,915
|
$
|
64,494
|
||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(18,200
|
)
|
(14,294
|
)
|
(28,201
|
)
|
(17,076
|
)
|
||||||||
TOTAL
|
$
|
6,659
|
$
|
8,846
|
$
|
27,714
|
$
|
47,418
|
||||||||
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
|
||||||||||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
1.14
|
$
|
1.08
|
$
|
2.58
|
$
|
2.97
|
||||||||
DISCONTINUED OPERATION
|
(0.83
|
)
|
(0.67
|
)
|
(1.30
|
)
|
(0.79
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.31
|
$
|
0.41
|
$
|
1.28
|
$
|
2.18
|
||||||||
|
||||||||||||||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
1.12
|
$
|
1.06
|
$
|
2.52
|
$
|
2.91
|
||||||||
DISCONTINUED OPERATION
|
(0.82
|
)
|
(0.66
|
)
|
(1.27
|
)
|
(0.77
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - DILUTED
|
$
|
0.30
|
$
|
0.40
|
$
|
1.25
|
$
|
2.14
|
||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
21,727,119
|
21,427,393
|
21,675,699
|
21,719,281
|
||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
22,253,723
|
21,847,602
|
22,198,131
|
22,153,348
|
(a)
|
"SMP" refers to Standard Motor Products, Inc. and subsidiaries.
|
(In thousands)
|
|||||||||||||||||||||||||||
THREE MONTHS ENDED
|
NINE MONTHS ENDED
|
||||||||||||||||||||||||||
SEPTEMBER 30,
|
SEPTEMBER 30,
|
||||||||||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
||||||||||||||||||||||||||
Revenues
|
|||||||||||||||||||||||||||
Engine Management (Ignition, Emissions and Fuel Delivery)
|
$
|
113,188
|
$
|
117,750
|
$
|
342,860
|
$
|
338,480
|
|||||||||||||||||||
Electrical and Safety
|
62,049
|
63,867
|
166,720
|
173,178
|
|||||||||||||||||||||||
Wire sets and other
|
15,700
|
16,082
|
49,723
|
49,076
|
|||||||||||||||||||||||
Vehicle Control
|
190,937
|
197,699
|
559,303
|
560,734
|
|||||||||||||||||||||||
AC System Components
|
96,794
|
90,341
|
216,995
|
219,323
|
|||||||||||||||||||||||
Other Thermal Components
|
26,849
|
27,080
|
76,128
|
76,793
|
|||||||||||||||||||||||
Temperature Control
|
123,643
|
117,421
|
293,123
|
296,116
|
|||||||||||||||||||||||
Commercial Vehicle
|
16,253
|
19,299
|
62,852
|
60,253
|
|||||||||||||||||||||||
Construction / Agriculture
|
13,643
|
10,971
|
34,541
|
33,177
|
|||||||||||||||||||||||
Light Vehicle
|
24,667
|
21,409
|
71,181
|
70,523
|
|||||||||||||||||||||||
All Other
|
17,270
|
14,574
|
46,516
|
42,813
|
|||||||||||||||||||||||
Engineered Solutions
|
71,833
|
66,253
|
215,090
|
206,766
|
|||||||||||||||||||||||
Revenues
|
$
|
386,413
|
$
|
381,373
|
$
|
1,067,516
|
$
|
1,063,616
|
|||||||||||||||||||
Gross Margin
|
|||||||||||||||||||||||||||
Vehicle Control
|
$
|
60,865
|
31.9%
|
$
|
60,350
|
30.5%
|
$
|
179,446
|
32.1%
|
$
|
169,502
|
30.2%
|
|||||||||||||||
Temperature Control
|
37,785
|
30.6%
|
35,105
|
29.9%
|
83,452
|
28.5%
|
83,908
|
28.3%
|
|||||||||||||||||||
Engineered Solutions
|
16,110
|
22.4%
|
11,329
|
17.1%
|
44,398
|
20.6%
|
39,565
|
19.1%
|
|||||||||||||||||||
All Other
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Gross Margin
|
$
|
114,760
|
29.7%
|
$
|
106,784
|
28.0%
|
$
|
307,296
|
28.8%
|
$
|
292,975
|
27.5%
|
|||||||||||||||
Selling, General & Administrative
|
|||||||||||||||||||||||||||
Vehicle Control
|
$
|
42,752
|
22.4%
|
$
|
39,229
|
19.8%
|
$
|
124,308
|
22.2%
|
$
|
111,947
|
20.0%
|
|||||||||||||||
Temperature Control
|
24,624
|
19.9%
|
21,716
|
18.5%
|
61,736
|
21.1%
|
55,834
|
18.9%
|
|||||||||||||||||||
Engineered Solutions
|
8,832
|
12.3%
|
8,027
|
12.1%
|
25,222
|
11.7%
|
24,866
|
12.0%
|
|||||||||||||||||||
All Other
|
3,573
|
4,227
|
11,991
|
11,904
|
|||||||||||||||||||||||
Selling, General & Administrative
|
$
|
79,781
|
20.6%
|
$
|
73,199
|
19.2%
|
$
|
223,257
|
20.9%
|
$
|
204,551
|
19.2%
|
|||||||||||||||
Operating Income
|
|||||||||||||||||||||||||||
Vehicle Control
|
$
|
18,113
|
9.5%
|
$
|
21,121
|
10.7%
|
$
|
55,138
|
9.9%
|
$
|
57,555
|
10.3%
|
|||||||||||||||
Temperature Control
|
13,161
|
10.6%
|
13,389
|
11.4%
|
21,716
|
7.4%
|
28,074
|
9.5%
|
|||||||||||||||||||
Engineered Solutions
|
7,278
|
10.1%
|
3,302
|
5.0%
|
19,176
|
8.9%
|
14,699
|
7.1%
|
|||||||||||||||||||
All Other
|
(3,573
|
)
|
(4,227
|
)
|
(11,991
|
)
|
(11,904
|
)
|
|||||||||||||||||||
Subtotal
|
$
|
34,979
|
9.1%
|
$
|
33,585
|
8.8%
|
$
|
84,039
|
7.9%
|
$
|
88,424
|
8.3%
|
|||||||||||||||
Restructuring & Integration
|
(177
|
)
|
0.0%
|
-
|
0.0%
|
(1,383
|
)
|
-0.1%
|
(44
|
)
|
0.0%
|
||||||||||||||||
Other Income, Net
|
4
|
0.0%
|
30
|
0.0%
|
74
|
0.0%
|
43
|
0.0%
|
|||||||||||||||||||
Operating Income
|
$
|
34,806
|
9.0%
|
$
|
33,615
|
8.8%
|
$
|
82,730
|
7.7%
|
$
|
88,423
|
8.3%
|
(In thousands, except per share amounts)
|
||||||||||||||||||||||||||||
THREE MONTHS ENDED
|
NINE MONTHS ENDED
|
|||||||||||||||||||||||||||
SEPTEMBER 30,
|
SEPTEMBER 30,
|
|||||||||||||||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||||||||||
EARNINGS FROM CONTINUING
OPERATIONS ATTRIBUTABLE
TO SMP
|
||||||||||||||||||||||||||||
GAAP EARNINGS FROM
CONTINUING OPERATIONS
|
$
|
24,859
|
$
|
23,140
|
$
|
55,915
|
$
|
64,494
|
||||||||||||||||||||
RESTRUCTURING AND
INTEGRATION EXPENSES
|
177
|
-
|
1,383
|
44
|
||||||||||||||||||||||||
CERTAIN TAX CREDITS AND
PRODUCTION DEDUCTIONS
FINALIZED IN PERIOD
|
(312
|
)
|
(249
|
)
|
(312
|
)
|
(249
|
)
|
||||||||||||||||||||
INCOME TAX EFFECT RELATED TO
RECONCILING ITEMS
|
(46
|
)
|
-
|
(360
|
)
|
(11
|
)
|
|||||||||||||||||||||
NON-GAAP EARNINGS FROM
CONTINUING OPERATIONS
|
$
|
24,678
|
$
|
22,891
|
$
|
56,626
|
$
|
64,278
|
||||||||||||||||||||
DILUTED EARNINGS PER SHARE
FROM CONTINUING OPERATIONS
ATTRIBUTABLE TO SMP
|
||||||||||||||||||||||||||||
GAAP DILUTED EARNINGS PER
SHARE FROM CONTINUING
OPERATIONS
|
$
|
1.12
|
$
|
1.06
|
$
|
2.52
|
$
|
2.91
|
||||||||||||||||||||
RESTRUCTURING AND
INTEGRATION EXPENSES
|
-
|
-
|
0.06
|
-
|
||||||||||||||||||||||||
CERTAIN TAX CREDITS AND
PRODUCTION DEDUCTIONS
FINALIZED IN PERIOD
|
(0.01
|
)
|
(0.01
|
)
|
(0.01
|
)
|
(0.01
|
)
|
||||||||||||||||||||
INCOME TAX EFFECT RELATED TO
RECONCILING ITEMS
|
-
|
-
|
(0.02
|
)
|
-
|
|||||||||||||||||||||||
NON-GAAP DILUTED EARNINGS
PER SHARE FROM CONTINUING
OPERATIONS
|
$
|
1.11
|
$
|
1.05
|
$
|
2.55
|
$
|
2.90
|
||||||||||||||||||||
OPERATING INCOME
|
||||||||||||||||||||||||||||
GAAP OPERATING INCOME
|
$
|
34,806
|
$
|
33,615
|
$
|
82,730
|
$
|
88,423
|
||||||||||||||||||||
RESTRUCTURING AND
INTEGRATION EXPENSES
|
177
|
-
|
1,383
|
44
|
||||||||||||||||||||||||
OTHER INCOME, NET
|
(4
|
)
|
(30
|
)
|
(74
|
)
|
(43
|
)
|
LAST TWELVE MONTHS ENDED
|
YEAR ENDED
|
||||||||||||||||||
SEPTEMBER 30,
|
DECEMBER 31,
|
|||||||||||||||||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
34,979
|
$
|
33,585
|
$
|
84,039
|
$
|
88,424
|
2023
|
2022
|
2022
|
|||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING
OPERATIONS BEFORE TAXES
|
$
|
32,917
|
$
|
31,472
|
$
|
74,723
|
$
|
87,030
|
$
|
86,025
|
$
|
111,817
|
$
|
98,332
|
||||||||||||||
DEPRECIATION AND AMORTIZATION
|
7,332
|
7,002
|
21,461
|
20,895
|
28,864
|
27,978
|
28,298
|
|||||||||||||||||||||
INTEREST EXPENSE
|
3,621
|
3,656
|
10,766
|
6,282
|
15,101
|
6,954
|
10,617
|
|||||||||||||||||||||
EBITDA
|
43,870
|
42,130
|
106,950
|
114,207
|
129,990
|
146,749
|
137,247
|
|||||||||||||||||||||
RESTRUCTURING AND INTEGRATION
EXPENSES
|
177
|
-
|
1,383
|
44
|
3,230
|
270
|
1,891
|
|||||||||||||||||||||
CUSTOMER BANKRUPTCY
CHARGE
|
-
|
-
|
-
|
-
|
7,002
|
-
|
7,002
|
|||||||||||||||||||||
ONE-TIME ACQUISITION COSTS
|
-
|
-
|
-
|
-
|
-
|
105
|
-
|
|||||||||||||||||||||
SPECIAL ITEMS
|
177
|
-
|
1,383
|
44
|
10,232
|
375
|
8,893
|
|||||||||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
44,047
|
$
|
42,130
|
$
|
108,333
|
$
|
114,251
|
$
|
140,222
|
$
|
147,124
|
$
|
146,140
|
(In thousands)
|
THREE MONTHS ENDED SEPTEMBER 30, 2023
|
|||||||||||||||||||
Vehicle Control
|
Temperature Control
|
Engineered Solutions
|
All Other
|
Consolidated
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
OPERATING INCOME
|
||||||||||||||||||||
GAAP OPERATING INCOME
|
$
|
18,071
|
$
|
13,054
|
$
|
7,254
|
$
|
(3,573
|
)
|
$
|
34,806
|
|||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
45
|
107
|
25
|
-
|
177
|
|||||||||||||||
OTHER INCOME, NET
|
(3
|
)
|
-
|
(1
|
)
|
-
|
(4
|
)
|
||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
18,113
|
$
|
13,161
|
$
|
7,278
|
$
|
(3,573
|
)
|
$
|
34,979
|
|||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
BEFORE TAXES
|
$
|
15,702
|
$
|
12,780
|
$
|
8,078
|
$
|
(3,643
|
)
|
$
|
32,917
|
|||||||||
DEPRECIATION AND AMORTIZATION
|
3,482
|
908
|
2,450
|
492
|
7,332
|
|||||||||||||||
INTEREST EXPENSE
|
2,563
|
942
|
620
|
(504
|
)
|
3,621
|
||||||||||||||
EBITDA
|
21,747
|
14,630
|
11,148
|
(3,655
|
)
|
43,870
|
||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
45
|
107
|
25
|
-
|
177
|
|||||||||||||||
SPECIAL ITEMS
|
45
|
107
|
25
|
-
|
177
|
|||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
21,792
|
$
|
14,737
|
$
|
11,173
|
$
|
(3,655
|
)
|
$
|
44,047
|
|||||||||
% of Net Sales
|
11.4
|
%
|
11.9
|
%
|
15.6
|
%
|
11.4
|
%
|
(In thousands)
|
THREE MONTHS ENDED SEPTEMBER 30, 2022
|
|||||||||||||||||||
Vehicle Control
|
Temperature Control
|
Engineered Solutions
|
All Other
|
Consolidated
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
OPERATING INCOME
|
||||||||||||||||||||
GAAP OPERATING INCOME
|
$
|
21,151
|
$
|
13,389
|
$
|
3,302
|
$
|
(4,227
|
)
|
$
|
33,615
|
|||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
OTHER INCOME, NET
|
(30
|
)
|
-
|
-
|
-
|
(30
|
)
|
|||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
21,121
|
$
|
13,389
|
$
|
3,302
|
$
|
(4,227
|
)
|
$
|
33,585
|
|||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
BEFORE TAXES
|
$
|
18,745
|
$
|
12,351
|
$
|
4,650
|
$
|
(4,274
|
)
|
$
|
31,472
|
|||||||||
DEPRECIATION AND AMORTIZATION
|
3,511
|
661
|
2,424
|
406
|
7,002
|
|||||||||||||||
INTEREST EXPENSE
|
2,748
|
788
|
202
|
(82
|
)
|
3,656
|
||||||||||||||
EBITDA
|
25,004
|
13,800
|
7,276
|
(3,950
|
)
|
42,130
|
||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
SPECIAL ITEMS
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
25,004
|
$
|
13,800
|
$
|
7,276
|
$
|
(3,950
|
)
|
$
|
42,130
|
|||||||||
% of Net Sales
|
12.6
|
%
|
11.8
|
%
|
11.0
|
%
|
11.0
|
%
|
(In thousands)
|
NINE MONTHS ENDED SEPTEMBER 30, 2023
|
|||||||||||||||||||
Vehicle Control
|
Temperature Control
|
Engineered Solutions
|
All Other
|
Consolidated
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
OPERATING INCOME
|
||||||||||||||||||||
GAAP OPERATING INCOME
|
$
|
54,719
|
$
|
20,938
|
$
|
19,064
|
$
|
(11,991
|
)
|
$
|
82,730
|
|||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
484
|
778
|
121
|
-
|
1,383
|
|||||||||||||||
OTHER INCOME, NET
|
(65
|
)
|
-
|
(9
|
)
|
-
|
(74
|
)
|
||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
55,138
|
$
|
21,716
|
$
|
19,176
|
$
|
(11,991
|
)
|
$
|
84,039
|
|||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
$
|
47,994
|
$
|
19,144
|
$
|
19,611
|
$
|
(12,026
|
)
|
$
|
74,723
|
|||||||||
DEPRECIATION AND AMORTIZATION
|
10,267
|
2,439
|
7,417
|
1,338
|
21,461
|
|||||||||||||||
INTEREST EXPENSE
|
7,608
|
2,677
|
1,616
|
(1,135
|
)
|
10,766
|
||||||||||||||
EBITDA
|
65,869
|
24,260
|
28,644
|
(11,823
|
)
|
106,950
|
||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
484
|
778
|
121
|
-
|
1,383
|
|||||||||||||||
SPECIAL ITEMS
|
484
|
778
|
121
|
-
|
1,383
|
|||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
66,353
|
$
|
25,038
|
$
|
28,765
|
$
|
(11,823
|
)
|
$
|
108,333
|
|||||||||
% of Net Sales
|
11.9
|
%
|
8.5
|
%
|
13.4
|
%
|
10.1
|
%
|
(In thousands)
|
NINE MONTHS ENDED SEPTEMBER 30, 2022
|
|||||||||||||||||||
Vehicle Control
|
Temperature Control
|
Engineered Solutions
|
All Other
|
Consolidated
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||||||
OPERATING INCOME
|
||||||||||||||||||||
GAAP OPERATING INCOME
|
$
|
57,554
|
$
|
28,074
|
$
|
14,699
|
$
|
(11,904
|
)
|
$
|
88,423
|
|||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
44
|
-
|
-
|
-
|
44
|
|||||||||||||||
OTHER INCOME, NET
|
(43
|
)
|
-
|
-
|
-
|
(43
|
)
|
|||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
57,555
|
$
|
28,074
|
$
|
14,699
|
$
|
(11,904
|
)
|
$
|
88,424
|
|||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
$
|
54,039
|
$
|
28,895
|
$
|
16,178
|
$
|
(12,082
|
)
|
$
|
87,030
|
|||||||||
DEPRECIATION AND AMORTIZATION
|
10,419
|
2,083
|
7,177
|
1,216
|
20,895
|
|||||||||||||||
INTEREST EXPENSE
|
4,676
|
1,354
|
487
|
(235
|
)
|
6,282
|
||||||||||||||
EBITDA
|
69,134
|
32,332
|
23,842
|
(11,101
|
)
|
114,207
|
||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
44
|
-
|
-
|
-
|
44
|
|||||||||||||||
SPECIAL ITEMS
|
44
|
-
|
-
|
-
|
44
|
|||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
69,178
|
$
|
32,332
|
$
|
23,842
|
$
|
(11,101
|
)
|
$
|
114,251
|
|||||||||
% of Net Sales
|
12.3
|
%
|
10.9
|
%
|
11.5
|
%
|
10.7
|
%
|
(In thousands)
|
||||||||||||
SEPTEMBER
|
SEPTEMBER
|
DECEMBER
|
||||||||||
2023
|
2022
|
2022
|
||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||
ASSETS
|
||||||||||||
CASH AND CASH EQUIVALENTS
|
$
|
28,485
|
$
|
17,525
|
$
|
21,150
|
||||||
ACCOUNTS RECEIVABLE, GROSS
|
213,925
|
236,342
|
173,013
|
|||||||||
ALLOWANCE FOR EXPECTED CREDIT LOSSES
|
5,872
|
5,900
|
5,375
|
|||||||||
ACCOUNTS RECEIVABLE, NET
|
208,053
|
230,442
|
167,638
|
|||||||||
INVENTORIES
|
479,788
|
534,310
|
528,715
|
|||||||||
UNRETURNED CUSTOMER INVENTORY
|
21,847
|
21,485
|
19,695
|
|||||||||
OTHER CURRENT ASSETS
|
24,240
|
25,911
|
25,241
|
|||||||||
TOTAL CURRENT ASSETS
|
762,413
|
829,673
|
762,439
|
|||||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
113,012
|
104,199
|
107,148
|
|||||||||
OPERATING LEASE RIGHT-OF-USE ASSETS
|
99,067
|
47,168
|
49,838
|
|||||||||
GOODWILL
|
134,382
|
130,727
|
132,087
|
|||||||||
OTHER INTANGIBLES, NET
|
94,324
|
99,756
|
100,504
|
|||||||||
DEFERRED INCOME TAXES
|
36,455
|
34,484
|
33,658
|
|||||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES
|
22,909
|
42,648
|
41,745
|
|||||||||
OTHER ASSETS
|
37,368
|
30,071
|
27,510
|
|||||||||
TOTAL ASSETS
|
$
|
1,299,930
|
$
|
1,318,726
|
$
|
1,254,929
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||
CURRENT PORTION OF REVOLVING CREDIT FACILITY
|
$
|
47,400
|
$
|
52,100
|
$
|
50,000
|
||||||
CURRENT PORTION OF TERM LOAN AND OTHER DEBT
|
5,026
|
6,036
|
5,031
|
|||||||||
ACCOUNTS PAYABLE
|
103,237
|
103,894
|
89,247
|
|||||||||
ACCRUED CUSTOMER RETURNS
|
48,556
|
53,857
|
37,169
|
|||||||||
ACCRUED CORE LIABILITY
|
19,778
|
23,845
|
22,952
|
|||||||||
ACCRUED REBATES
|
46,329
|
42,378
|
37,381
|
|||||||||
PAYROLL AND COMMISSIONS
|
31,718
|
37,539
|
31,361
|
|||||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
71,298
|
54,215
|
49,990
|
|||||||||
TOTAL CURRENT LIABILITIES
|
373,342
|
373,864
|
323,131
|
|||||||||
LONG-TERM DEBT
|
95,170
|
211,400
|
184,589
|
|||||||||
NONCURRENT OPERATING LEASE LIABILITY
|
88,186
|
38,618
|
40,709
|
|||||||||
ACCRUED ASBESTOS LIABILITIES
|
73,962
|
63,820
|
63,305
|
|||||||||
OTHER LIABILITIES
|
23,797
|
20,637
|
22,157
|
|||||||||
TOTAL LIABILITIES
|
654,457
|
708,339
|
633,891
|
|||||||||
TOTAL SMP STOCKHOLDERS' EQUITY
|
629,348
|
599,387
|
610,020
|
|||||||||
NONCONTROLLING INTEREST
|
16,125
|
11,000
|
11,018
|
|||||||||
TOTAL STOCKHOLDERS' EQUITY
|
645,473
|
610,387
|
621,038
|
|||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
1,299,930
|
$
|
1,318,726
|
$
|
1,254,929
|
(In thousands)
|
||||||||
NINE MONTHS ENDED
|
||||||||
SEPTEMBER 30,
|
||||||||
2023
|
2022
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
NET EARNINGS
|
$
|
27,866
|
$
|
47,547
|
||||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
|
||||||||
PROVIDED BY (USED IN) OPERATING ACTIVITIES:
|
||||||||
DEPRECIATION AND AMORTIZATION
|
21,461
|
20,895
|
||||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES
|
28,201
|
17,076
|
||||||
OTHER
|
4,701
|
8,828
|
||||||
CHANGE IN ASSETS AND LIABILITIES:
|
||||||||
ACCOUNTS RECEIVABLE
|
(38,850
|
)
|
(51,887
|
)
|
||||
INVENTORY
|
54,286
|
(75,300
|
)
|
|||||
ACCOUNTS PAYABLE
|
15,852
|
(31,844
|
)
|
|||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
2,916
|
(6,270
|
)
|
|||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
12,345
|
3,807
|
||||||
OTHER
|
4,115
|
(8,327
|
)
|
|||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
132,893
|
(75,475
|
)
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
|
(3,954
|
)
|
-
|
|||||
CASH ACQUIRED IN STEP ACQUISITION
|
6,779
|
-
|
||||||
CAPITAL EXPENDITURES
|
(17,977
|
)
|
(19,499
|
)
|
||||
OTHER INVESTING ACTIVITIES
|
95
|
12
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(15,057
|
)
|
(19,487
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
NET CHANGE IN DEBT
|
(92,149
|
)
|
141,457
|
|||||
PURCHASE OF TREASURY STOCK
|
-
|
(29,656
|
)
|
|||||
DIVIDENDS PAID
|
(18,846
|
)
|
(17,602
|
)
|
||||
PAYMENTS OF DEBT ISSUANCE COSTS
|
-
|
(2,128
|
)
|
|||||
OTHER FINANCING ACTIVITIES
|
(2
|
)
|
(54
|
)
|
||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
(110,997
|
)
|
92,017
|
|||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
496
|
(1,285
|
)
|
|||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
7,335
|
(4,230
|
)
|
|||||
CASH AND CASH EQUIVALENTS at beginning of period
|
21,150
|
21,755
|
||||||
CASH AND CASH EQUIVALENTS at end of period
|
$
|
28,485
|
$
|
17,525
|