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Published: 2022-10-28 00:00:00 ET

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Exhibit 99.1

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

Standard Motor Products, Inc. Announces

Third Quarter 2022 Results and Quarterly Dividend

New York, NY, October 28, 2022......Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three and nine months ended September 30, 2022.

Net sales for the third quarter of 2022 were $381.4 million, compared to consolidated net sales of $370.3 million during the comparable quarter in 2021. Earnings from continuing operations for the third quarter of 2022 were $23.1 million or $1.06 per diluted share, compared to $29.2 million or $1.29 per diluted share in the third quarter of 2021. 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 2022 were $22.9 million or $1.05 per diluted share, compared to $29.7 million or $1.32 per diluted share in the third quarter of 2021.

Consolidated net sales for the nine months ended September 30, 2022, were $1.06 billion, compared to consolidated net sales of $988.9 million during the comparable period in 2021. Earnings from continuing operations for the nine months ended September 30, 2022, were $64.5 million or $2.91 per diluted share, compared to $79.3 million or $3.50 per diluted share in the comparable period of 2021. 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, 2022 and 2021 were $64.3 million or $2.90 per diluted share and $80.4 million or $3.54 per diluted share, respectively.

Mr. Eric Sills, Standard Motor Products’ Chief Executive Officer and President stated, “Overall, we are pleased with our sales results which continue to reflect the steady demand for our products as seen in our 3% sales increase over last year, with gains in both segments.”

Engine Management sales increased approximately 2% in the quarter despite tough comparisons. Excluding the Wire and Cable business, which is in secular ongoing decline, our Engine Management sales were ahead approximately 3%, in line with our long-term projections of low single digit growth. Engine Management experienced consistently higher customer POS levels throughout the quarter against record levels from 2021.

Temperature Control benefited from a strong summer season with extreme temperatures across many regions even against record heat and the difficult comparison in 2021. Sales grew 3.3% in the quarter vs. last year, and up nearly 11% year-to-date due to a combination of favorable weather, successful pricing initiatives and overall strength in customer demand.

We were also pleased with the performance of our specialized non-aftermarket business, which focuses on custom-engineered products for niche end markets such as medium and heavy-duty vehicles, construction and agricultural equipment, power sports, and others. Our business strategy remains on track with a sales run rate of over $300 million. Cross-selling opportunities continue to surface and customers are beginning to look beyond their current product categories and inquiring as to other potential solutions and capabilities we can provide.

In October, we acquired Kade Trading GmbH, a supplier of temperature control products across Europe. While small at $6 million in annual sales, it provides synergies to our other recent acquisitions, and provides SMP with an entry point into the European market for our temperature control products with a strong focus on the continuing electrification of thermal systems.

Consolidated operating profit was 8.8%, and was helped by the strength of the Temperature Control segment. However, operating profit was below last year’s record levels as ongoing inflationary pressures and rising interest rates continue to create a headwind. We will be implementing additional price increases and continue to seek out cost savings opportunities to offset these higher expenses.

Our outlook for the full year has incorporated inflationary pressures and interest rate increases as noted above, and remains unchanged from our prior quarter. We expect our full year gross margin to be approximately 27% and expect our operating profit to be in the range of 7-8% of net sales.

Finally, we are pleased to announce that our Board of Directors has approved payment of a quarterly dividend of 27 cents per share on the common stock outstanding, which will be paid on December 1, 2022 to stockholders of record on November 15, 2022.

In closing, Mr. Sills commented, “The past three years have presented some unprecedented challenges to our industry and the marketplace in general. While there remain many unknowns related to inflation, interest rates and the increasing risk of potential recession, we are confident in our ability to navigate these challenges. We appreciate and thank all our employees for their hard work and support during this difficult period.”

Conference Call

Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Friday, October 28th, 2022. This call will be webcast and can be accessed on the Investor Relations page of our website at www.smpcorp.com and clicking on the SMP Q3'22 Earnings Call Earnings Webcast link. Investors may also listen to the call by dialing 800-791-4813 (domestic) or 785-424-1102 (international). Our playback will be made available for dial-in immediately following the call. For those choosing to listen to the replay by webcast, the link should be active on our website within 24 hours after the call. The playback number is 800-839-9562 (domestic) or 402-220-6090 (international). The participant passcode is 34579.

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,
	2022			2021			2022			2021
	(Unaudited)						(Unaudited)
NET SALES	$	381,373		$	370,310		$	1,063,616		$	988,939

COST OF SALES		274,589			265,105			770,641			700,678

GROSS PROFIT		106,784			105,205			292,975			288,261

SELLING, GENERAL & ADMINISTRATIVE EXPENSES		73,199			66,509			204,551			183,316
RESTRUCTURING AND INTEGRATION EXPENSES		-			166			44			166
OTHER INCOME, NET		30			8			43			8

OPERATING INCOME		33,615			38,538			88,423			104,787

OTHER NON-OPERATING INCOME, NET		1,513			780			4,889			2,247

INTEREST EXPENSE		3,656			652			6,282			1,356

EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES		31,472			38,666			87,030			105,678

PROVISION FOR INCOME TAXES		8,280			9,481			22,407			26,315

EARNINGS FROM CONTINUING OPERATIONS		23,192			29,185			64,623			79,363

LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(14,294	)		(5,122	)		(17,076	)		(7,139	)

NET EARNINGS		8,898			24,063			47,547			72,224

NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST		52			13			129			32

NET EARNINGS ATTRIBUTABLE TO SMP (a)	$	8,846		$	24,050		$	47,418		$	72,192


NET EARNINGS ATTRIBUTABLE TO SMP
EARNINGS FROM CONTINUING OPERATIONS	$	23,140		$	29,172		$	64,494		$	79,331
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(14,294	)		(5,122	)		(17,076	)		(7,139	)
TOTAL	$	8,846		$	24,050		$	47,418		$	72,192


NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
BASIC EARNINGS FROM CONTINUING OPERATIONS	$	1.08		$	1.32		$	2.97		$	3.57
DISCONTINUED OPERATION		(0.67	)		(0.23	)		(0.79	)		(0.32	)
NET EARNINGS PER COMMON SHARE - BASIC	$	0.41		$	1.09		$	2.18		$	3.25


DILUTED EARNINGS FROM CONTINUING OPERATIONS	$	1.06		$	1.29		$	2.91		$	3.50
DISCONTINUED OPERATION		(0.66	)		(0.22	)		(0.77	)		(0.32	)
NET EARNINGS PER COMMON SHARE - DILUTED	$	0.40		$	1.07		$	2.14		$	3.18


WEIGHTED AVERAGE NUMBER OF COMMON SHARES		21,427,393			22,090,195			21,719,281			22,201,398
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES		21,847,602			22,543,781			22,153,348			22,678,114

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

STANDARD MOTOR PRODUCTS, INC.

Segment Revenues and Operating Profit

(In thousands)

	THREE MONTHS ENDED										NINE MONTHS ENDED
	SEPTEMBER 30,										SEPTEMBER 30,
	2022					2021					2022					2021
	(unaudited)										(unaudited)
Revenues
Ignition, Emission Control, Fuel & Safety
Related System Products	$	215,021				$	208,443				$	618,198				$	574,595
Wire and Cable		36,720					38,708					114,673					117,790
Engine Management		251,741					247,151					732,871					692,385

Compressors		78,211					75,080					193,551					178,031
Other Climate Control Parts		44,780					43,995					125,193					109,988
Temperature Control		122,991					119,075					318,744					288,019

All Other		6,641					4,084					12,001					8,535
Revenues	$	381,373				$	370,310				$	1,063,616				$	988,939

Gross Margin
Engine Management	$	66,026		26.2	%	$	66,907		27.1	%	$	193,855		26.5	%	$	199,509		28.8	%
Temperature Control		35,415		28.8	%		33,815		28.4	%		85,965		27.0	%		78,468		27.2	%
All Other		5,343					4,676					13,155					10,562
Gross Margin	$	106,784		28.0	%	$	105,398		28.5	%	$	292,975		27.5	%	$	288,539		29.2	%
One-Time Acquisition Costs		-		0.0	%		(193	)	-0.1	%		-		0.0	%		(278	)	0.0	%
Gross Margin	$	106,784		28.0	%	$	105,205		28.4	%	$	292,975		27.5	%	$	288,261		29.1	%

Selling, General & Administrative
Engine Management	$	42,763		17.0	%	$	38,702		15.7	%	$	122,745		16.7	%	$	109,721		15.8	%
Temperature Control		21,163		17.2	%		17,120		14.4	%		54,230		17.0	%		44,952		15.6	%
All Other		9,273					10,029					27,576					27,315
Selling, General & Administrative	$	73,199		19.2	%	$	65,851		17.8	%	$	204,551		19.2	%	$	181,988		18.4	%
One-Time Acquisition Costs		-		0.0	%		658		0.2	%		-		0.0	%		1,328		0.1	%
Selling, General & Administrative	$	73,199		19.2	%	$	66,509		18.0	%	$	204,551		19.2	%	$	183,316		18.5	%


Operating Income
Engine Management	$	23,263		9.2	%	$	28,205		11.4	%	$	71,110		9.7	%	$	89,788		13.0	%
Temperature Control		14,252		11.6	%		16,695		14.0	%		31,735		10.0	%		33,516		11.6	%
All Other		(3,930	)				(5,353	)				(14,421	)				(16,753	)
Subtotal	$	33,585		8.8	%	$	39,547		10.7	%	$	88,424		8.3	%	$	106,551		10.8	%
One-Time Acquisition Costs		-		0.0	%		(851	)	-0.2	%		-		0.0	%		(1,606	)	-0.2	%
Restructuring & Integration		-		0.0	%		(166	)	0.0	%		(44	)	0.0	%		(166	)	0.0	%
Other Income, Net		30		0.0	%		8		0.0	%		43		0.0	%		8		0.0	%
Operating Income	$	33,615		8.8	%	$	38,538		10.4	%	$	88,423		8.3	%	$	104,787		10.6	%

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,
	2022			2021			2022			2021
	(Unaudited)						(Unaudited)
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP

GAAP EARNINGS FROM CONTINUING OPERATIONS	$	23,140		$	29,172		$	64,494		$	79,331

RESTRUCTURING AND INTEGRATION EXPENSES		-			166			44			166
ONE-TIME ACQUISITION COSTS		-			851			-			1,606
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD		(249	)		(259	)		(249	)		(259	)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS		-			(265	)		(11	)		(461	)

NON-GAAP EARNINGS FROM CONTINUING OPERATIONS	$	22,891		$	29,665		$	64,278		$	80,383


DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP

GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS	$	1.06		$	1.29		$	2.91		$	3.50

RESTRUCTURING AND INTEGRATION EXPENSES		-			0.01			-			-
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	)

NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS	$	1.05		$	1.32		$	2.90		$	3.54


OPERATING INCOME

GAAP OPERATING INCOME	$	33,615		$	38,538		$	88,423		$	104,787

RESTRUCTURING AND INTEGRATION EXPENSES		-			166			44			166
ONE-TIME ACQUISITION COSTS		-			851			-			1,606
OTHER (INCOME) EXPENSE, NET		(30	)		(8	)		(43	)		(8	)	LAST TWELVE MONTHS ENDED				YEAR ENDED
													SEPTEMBER 30,				DECEMBER 31,
NON-GAAP OPERATING INCOME	$	33,585		$	39,547		$	88,424		$	106,551			2022		2021		2021
													(Unaudited)
EBITDA WITHOUT SPECIAL ITEMS

GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES	$	31,472		$	38,666		$	87,030		$	105,678		$	111,817	$	136,264	$	130,465

DEPRECIATION AND AMORTIZATION		7,002			7,060			20,895			20,160			27,978		27,170		27,243
INTEREST EXPENSE		3,656			652			6,282			1,356			6,954		1,577		2,028
EBITDA		42,130			46,378			114,207			127,194			146,749		165,011		159,736

RESTRUCTURING AND INTEGRATION EXPENSES		-			166			44			166			270		166		392
ONE-TIME ACQUISITION COSTS		-			851			-			1,606			105		1,606		1,711
INTANGIBLE ASSET IMPAIRMENT		-			-			-			-			-		2,600		-
SPECIAL ITEMS		-			1,017			44			1,772			375		4,372		2,103

EBITDA WITHOUT SPECIAL ITEMS	$	42,130		$	47,395		$	114,251		$	128,966		$	147,124	$	169,383	$	161,839

MANAGEMENT BELIEVES THAT NON-GAAP EARNINGS FROM CONTINUING OPERATIONS AND NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS WHICH ARE ATTRIBUTABLE TO SMP, AND NON-GAAP OPERATING INCOME AND EBITDA WITHOUT SPECIAL ITEMS, EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND ARE ADJUSTED FOR SPECIAL ITEMS, 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,		December 31,
	2022		2021
	(Unaudited)

ASSETS

CASH	$	17,525	$	21,755

ACCOUNTS RECEIVABLE, GROSS		236,342		186,774
ALLOWANCE FOR EXPECTED CREDIT LOSSES		5,900		6,170
ACCOUNTS RECEIVABLE, NET		230,442		180,604

INVENTORIES		534,310		468,755
UNRETURNED CUSTOMER INVENTORY		21,485		22,268
OTHER CURRENT ASSETS		25,911		17,823

TOTAL CURRENT ASSETS		829,673		711,205

PROPERTY, PLANT AND EQUIPMENT, NET		104,199		102,786
OPERATING LEASE RIGHT-OF-USE ASSETS		47,168		40,469
GOODWILL		130,727		131,652
OTHER INTANGIBLES, NET		99,756		106,234
DEFERRED INCOME TAXES		34,484		36,126
INVESTMENT IN UNCONSOLIDATED AFFILIATES		42,648		44,087
OTHER ASSETS		30,071		25,402

TOTAL ASSETS	$	1,318,726	$	1,197,961


LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT PORTION OF REVOLVING CREDIT FACILITY	$	52,100	$	125,298
CURRENT PORTION OF TERM LOAN AND OTHER DEBT		6,036		3,117
ACCOUNTS PAYABLE		103,894		137,167
ACCRUED CUSTOMER RETURNS		53,857		42,412
ACCRUED CORE LIABILITY		23,845		23,663
ACCRUED REBATES		42,378		42,472
PAYROLL AND COMMISSIONS		37,539		45,058
SUNDRY PAYABLES AND ACCRUED EXPENSES		54,215		57,182

TOTAL CURRENT LIABILITIES		373,864		476,369

OTHER LONG-TERM DEBT		211,400		21
NONCURRENT OPERATING LEASE LIABILITY		38,618		31,206
ACCRUED ASBESTOS LIABILITIES		63,820		52,698
OTHER LIABILITIES		20,637		25,040

TOTAL LIABILITIES		708,339		585,334

TOTAL SMP STOCKHOLDERS' EQUITY		599,387		601,580
NONCONTROLLING INTEREST		11,000		11,047
TOTAL STOCKHOLDERS' EQUITY		610,387		612,627

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,318,726	$	1,197,961

STANDARD MOTOR PRODUCTS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)
	NINE MONTHS ENDED
	SEPTEMBER 30,
	2022			2021
	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES

NET EARNINGS	$	47,547		$	72,224
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION		20,895			20,160
OTHER		25,904			13,904
CHANGE IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE		(51,887	)		(15,343	)
INVENTORY		(75,300	)		(52,742	)
ACCOUNTS PAYABLE		(31,844	)		24,228
PREPAID EXPENSES AND OTHER CURRENT ASSETS		(6,270	)		2,324
SUNDRY PAYABLES AND ACCRUED EXPENSES		3,807			18,905
OTHER		(8,327	)		(4,522	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		(75,475	)		79,138


CASH FLOWS FROM INVESTING ACTIVITIES

ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES		-			(124,663	)
CAPITAL EXPENDITURES		(19,499	)		(19,406	)
OTHER INVESTING ACTIVITIES		12			29
NET CASH USED IN INVESTING ACTIVITIES		(19,487	)		(144,040	)


CASH FLOWS FROM FINANCING ACTIVITIES

NET CHANGE IN DEBT		141,457			121,854
PURCHASE OF TREASURY STOCK		(29,656	)		(26,518	)
DIVIDENDS PAID		(17,602	)		(16,678	)
PAYMENTS OF DEBT ISSUANCE COSTS		(2,128	)		-
OTHER FINANCING ACTIVITIES		(54	)		455
NET CASH PROVIDED BY FINANCING ACTIVITIES		92,017			79,113


EFFECT OF EXCHANGE RATE CHANGES ON CASH		(1,285	)		(555	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(4,230	)		13,656

CASH AND CASH EQUIVALENTS at beginning of period		21,755			19,488
CASH AND CASH EQUIVALENTS at end of period	$	17,525		$	33,144

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.