For Immediate Release
|
|
For more information, contact:
|
|
Anthony (Tony) Cristello
|
|
Standard Motor Products, Inc.
|
|
(972) 316-8107
|
|
tony.cristello@smpcorp.com
|
THREE MONTHS ENDED
JUNE 30, |
SIX MONTHS ENDED
JUNE 30, |
|||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
NET SALES
|
$
|
359,412
|
$
|
342,076
|
$
|
682,243
|
$
|
618,629
|
||||||||
COST OF SALES
|
263,061
|
242,804
|
496,052
|
435,573
|
||||||||||||
GROSS PROFIT
|
96,351
|
99,272
|
186,191
|
183,056
|
||||||||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
68,468
|
62,347
|
131,352
|
116,807
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
3
|
-
|
44
|
-
|
||||||||||||
OTHER INCOME, NET
|
13
|
-
|
13
|
-
|
||||||||||||
OPERATING INCOME
|
27,893
|
36,925
|
54,808
|
66,249
|
||||||||||||
OTHER NON-OPERATING INCOME, NET
|
1,927
|
832
|
3,376
|
1,467
|
||||||||||||
INTEREST EXPENSE
|
1,821
|
495
|
2,626
|
704
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
27,999
|
37,262
|
55,558
|
67,012
|
||||||||||||
PROVISION FOR INCOME TAXES
|
7,122
|
9,248
|
14,127
|
16,834
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
20,877
|
28,014
|
41,431
|
50,178
|
||||||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(1,666
|
)
|
(853
|
)
|
(2,782
|
)
|
(2,017
|
)
|
||||||||
NET EARNINGS
|
19,211
|
27,161
|
38,649
|
48,161
|
||||||||||||
NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
85
|
19
|
77
|
19
|
||||||||||||
NET EARNINGS ATTRIBUTABLE TO SMP (a)
|
$
|
19,126
|
$
|
27,142
|
$
|
38,572
|
$
|
48,142
|
||||||||
NET EARNINGS ATTRIBUTABLE TO SMP
|
||||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
$
|
20,792
|
$
|
27,995
|
$
|
41,354
|
$
|
50,159
|
||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(1,666
|
)
|
(853
|
)
|
(2,782
|
)
|
(2,017
|
)
|
||||||||
TOTAL
|
$
|
19,126
|
$
|
27,142
|
$
|
38,572
|
$
|
48,142
|
||||||||
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
|
||||||||||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.96
|
$
|
1.26
|
$
|
1.89
|
$
|
2.25
|
||||||||
DISCONTINUED OPERATION
|
(0.08
|
)
|
(0.04
|
)
|
(0.13
|
)
|
(0.09
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
0.88
|
$
|
1.22
|
$
|
1.76
|
$
|
2.16
|
||||||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
0.93
|
$
|
1.23
|
$
|
1.85
|
$
|
2.21
|
||||||||
DISCONTINUED OPERATION
|
(0.07
|
)
|
(0.03
|
)
|
(0.13
|
)
|
(0.09
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - DILUTED
|
$
|
0.86
|
$
|
1.20
|
$
|
1.72
|
$
|
2.12
|
||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
21,757,998
|
22,198,545
|
21,867,644
|
22,257,922
|
||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
22,255,642
|
22,686,384
|
22,372,702
|
22,741,171
|
THREE MONTHS ENDED
JUNE 30, |
SIX MONTHS ENDED
JUNE 30, |
|||||||||||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||||
Ignition, Emission Control, Fuel & Safety
|
||||||||||||||||||||||||||||
Related System Products
|
$
|
202,823
|
$
|
192,486
|
$
|
403,177
|
$
|
366,152
|
||||||||||||||||||||
Wire and Cable
|
39,050
|
40,730
|
77,953
|
79,082
|
||||||||||||||||||||||||
Engine Management
|
241,873
|
233,216
|
481,130
|
445,234
|
||||||||||||||||||||||||
Compressors
|
72,063
|
69,577
|
115,340
|
102,951
|
||||||||||||||||||||||||
Other Climate Control Parts
|
42,369
|
36,894
|
80,413
|
65,993
|
||||||||||||||||||||||||
Temperature Control
|
114,432
|
106,471
|
195,753
|
168,944
|
||||||||||||||||||||||||
All Other
|
3,107
|
2,389
|
5,360
|
4,451
|
||||||||||||||||||||||||
Revenues
|
$
|
359,412
|
$
|
342,076
|
$
|
682,243
|
$
|
618,629
|
||||||||||||||||||||
Gross Margin
|
||||||||||||||||||||||||||||
Engine Management
|
$
|
62,294
|
25.8%
|
|
$
|
67,532
|
29.0%
|
|
$
|
127,829
|
26.6%
|
|
$
|
132,602
|
29.8%
|
|
||||||||||||
Temperature Control
|
30,564
|
26.7%
|
|
28,658
|
26.9%
|
|
50,550
|
25.8%
|
|
44,653
|
26.4%
|
|
||||||||||||||||
All Other
|
3,493
|
3,167
|
7,812
|
5,886
|
||||||||||||||||||||||||
Gross Margin
|
$
|
96,351
|
26.8%
|
|
$
|
99,357
|
29.0%
|
|
$
|
186,191
|
27.3%
|
|
$
|
183,141
|
29.6%
|
|
||||||||||||
One-Time Acquisition Costs
|
-
|
0.0%
|
|
(85
|
)
|
0.0%
|
|
-
|
0.0%
|
|
(85
|
)
|
0.0%
|
|
||||||||||||||
Gross Margin
|
$
|
96,351
|
26.8%
|
|
$
|
99,272
|
29.0%
|
|
$
|
186,191
|
27.3%
|
|
$
|
183,056
|
29.6%
|
|
||||||||||||
Selling, General & Administrative
|
||||||||||||||||||||||||||||
Engine Management
|
$
|
41,204
|
17.0%
|
|
$
|
37,063
|
15.9%
|
|
$
|
79,982
|
16.6%
|
|
$
|
71,019
|
16.0%
|
|
||||||||||||
Temperature Control
|
18,299
|
16.0%
|
|
15,429
|
14.5%
|
|
33,067
|
16.9%
|
|
27,832
|
16.5%
|
|
||||||||||||||||
All Other
|
8,965
|
9,185
|
18,303
|
17,286
|
||||||||||||||||||||||||
Selling, General & Administrative
|
$
|
68,468
|
19.1%
|
|
$
|
61,677
|
18.0%
|
|
$
|
131,352
|
19.3%
|
|
$
|
116,137
|
18.8%
|
|
||||||||||||
One-Time Acquisition Costs
|
-
|
0.0%
|
|
670
|
0.2%
|
|
-
|
0.0%
|
|
670
|
0.1%
|
|
||||||||||||||||
Selling, General & Administrative
|
$
|
68,468
|
19.1%
|
|
$
|
62,347
|
18.2%
|
|
$
|
131,352
|
19.3%
|
|
$
|
116,807
|
18.9%
|
|
||||||||||||
Operating Income
|
||||||||||||||||||||||||||||
Engine Management
|
$
|
21,090
|
8.7%
|
|
$
|
30,469
|
13.1%
|
|
$
|
47,847
|
9.9%
|
|
$
|
61,583
|
13.8%
|
|
||||||||||||
Temperature Control
|
12,265
|
10.7%
|
|
13,229
|
12.4%
|
|
17,483
|
8.9%
|
|
16,821
|
10.0%
|
|
||||||||||||||||
All Other
|
(5,472
|
)
|
(6,018
|
)
|
(10,491
|
)
|
(11,400
|
)
|
||||||||||||||||||||
Subtotal
|
$
|
27,883
|
7.8%
|
|
$
|
37,680
|
11.0%
|
|
$
|
54,839
|
8.0%
|
|
$
|
67,004
|
10.8%
|
|
||||||||||||
One-Time Acquisition Costs
|
-
|
0.0%
|
|
(755
|
)
|
-0.2%
|
|
-
|
0.0%
|
|
(755
|
)
|
-0.1%
|
|
||||||||||||||
Restructuring & Integration
|
(3
|
)
|
0.0%
|
|
-
|
0.0%
|
|
(44
|
)
|
0.0%
|
|
-
|
0.0%
|
|
||||||||||||||
Other Income, Net
|
13
|
0.0%
|
|
-
|
0.0%
|
|
13
|
0.0%
|
|
-
|
0.0%
|
|
||||||||||||||||
Operating Income
|
$
|
27,893
|
7.8%
|
|
$
|
36,925
|
10.8%
|
|
$
|
54,808
|
8.0%
|
|
$
|
66,249
|
10.7%
|
|
THREE MONTHS ENDED
JUNE 30, |
SIX MONTHS ENDED
JUNE 30, |
|||||||||||||||||||||||||||
2022
|
2021
|
2022
|
2021
|
|||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
||||||||||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
20,792
|
$
|
27,995
|
$
|
41,354
|
$
|
50,159
|
||||||||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
3
|
-
|
44
|
-
|
||||||||||||||||||||||||
ONE-TIME ACQUISITION COSTS
|
-
|
755
|
-
|
755
|
||||||||||||||||||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
-
|
(196
|
)
|
(11
|
)
|
(196
|
)
|
|||||||||||||||||||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
20,795
|
$
|
28,554
|
$
|
41,387
|
$
|
50,718
|
||||||||||||||||||||
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
||||||||||||||||||||||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$
|
0.93
|
$
|
1.23
|
$
|
1.85
|
$
|
2.21
|
||||||||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||||
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
|
$
|
0.93
|
$
|
1.26
|
$
|
1.85
|
$
|
2.23
|
||||||||||||||||||||
OPERATING INCOME
|
||||||||||||||||||||||||||||
GAAP OPERATING INCOME
|
$
|
27,893
|
$
|
36,925
|
$
|
54,808
|
$
|
66,249
|
||||||||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
3
|
-
|
44
|
-
|
||||||||||||||||||||||||
ONE-TIME ACQUISITION COSTS
|
-
|
755
|
-
|
755
|
||||||||||||||||||||||||
OTHER (INCOME) EXPENSE, NET
|
(13
|
)
|
-
|
(13
|
)
|
-
|
LAST TWELVE MONTHS ENDED
|
YEAR ENDED
|
||||||||||||||||||||
JUNE 30, |
DECEMBER 31,
|
|||||||||||||||||||||||||||
NON-GAAP OPERATING INCOME
|
$
|
27,883
|
$
|
37,680
|
$
|
54,839
|
$
|
67,004
|
2022
|
2021
|
2021
|
|||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
||||||||||||||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
$
|
27,999
|
$
|
37,262
|
$
|
55,558
|
$
|
67,012
|
$
|
119,011
|
$
|
145,614
|
$
|
130,465
|
||||||||||||||
DEPRECIATION AND AMORTIZATION
|
6,941
|
6,586
|
13,893
|
13,100
|
28,036
|
26,546
|
27,243
|
|||||||||||||||||||||
INTEREST EXPENSE
|
1,821
|
495
|
2,626
|
704
|
3,950
|
1,387
|
2,028
|
|||||||||||||||||||||
EBITDA
|
36,761
|
44,343
|
72,077
|
80,816
|
150,997
|
173,547
|
159,736
|
|||||||||||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
3
|
-
|
44
|
-
|
436
|
250
|
392
|
|||||||||||||||||||||
ONE-TIME ACQUISITION COSTS
|
-
|
755
|
-
|
755
|
956
|
755
|
1,711
|
|||||||||||||||||||||
INTANGIBLE ASSET IMPAIRMENT
|
-
|
-
|
-
|
-
|
-
|
2,600
|
-
|
|||||||||||||||||||||
SPECIAL ITEMS
|
3
|
755
|
44
|
755
|
1,392
|
3,605
|
2,103
|
|||||||||||||||||||||
EBITDA WITHOUT SPECIAL ITEMS
|
$
|
36,764
|
$
|
45,098
|
$
|
72,121
|
$
|
81,571
|
$
|
152,389
|
$
|
177,152
|
$
|
161,839
|
June 30,
2022 |
December 31,
2021 |
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CASH
|
$
|
14,186
|
$
|
21,755
|
||||
ACCOUNTS RECEIVABLE, GROSS
|
235,669
|
186,774
|
||||||
ALLOWANCE FOR EXPECTED CREDIT LOSSES
|
6,012
|
6,170
|
||||||
ACCOUNTS RECEIVABLE, NET
|
229,657
|
180,604
|
||||||
INVENTORIES
|
551,415
|
468,755
|
||||||
UNRETURNED CUSTOMER INVENTORY
|
21,405
|
22,268
|
||||||
OTHER CURRENT ASSETS
|
26,198
|
17,823
|
||||||
TOTAL CURRENT ASSETS
|
842,861
|
711,205
|
||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
104,931
|
102,786
|
||||||
OPERATING LEASE RIGHT-OF-USE ASSETS
|
39,827
|
40,469
|
||||||
GOODWILL
|
131,125
|
131,652
|
||||||
OTHER INTANGIBLES, NET
|
101,649
|
106,234
|
||||||
DEFERRED INCOME TAXES
|
34,086
|
36,126
|
||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES
|
44,885
|
44,087
|
||||||
OTHER ASSETS
|
27,188
|
25,402
|
||||||
TOTAL ASSETS
|
$
|
1,326,552
|
$
|
1,197,961
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT PORTION OF REVOLVING CREDIT FACILITY
|
$
|
56,000
|
$
|
125,298
|
||||
CURRENT PORTION OF TERM LOAN AND OTHER DEBT
|
7,954
|
3,117
|
||||||
ACCOUNTS PAYABLE
|
140,082
|
137,167
|
||||||
ACCRUED CUSTOMER RETURNS
|
55,725
|
42,412
|
||||||
ACCRUED CORE LIABILITY
|
23,117
|
23,663
|
||||||
ACCRUED REBATES
|
41,647
|
42,472
|
||||||
PAYROLL AND COMMISSIONS
|
35,985
|
45,058
|
||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
49,710
|
57,182
|
||||||
TOTAL CURRENT LIABILITIES
|
410,220
|
476,369
|
||||||
LONG-TERM DEBT
|
203,500
|
21
|
||||||
NONCURRENT OPERATING LEASE LIABILITY
|
30,039
|
31,206
|
||||||
ACCRUED ASBESTOS LIABILITIES
|
48,025
|
52,698
|
||||||
OTHER LIABILITIES
|
22,119
|
25,040
|
||||||
TOTAL LIABILITIES
|
713,903
|
585,334
|
||||||
TOTAL SMP STOCKHOLDERS’ EQUITY
|
601,586
|
601,580
|
||||||
NONCONTROLLING INTEREST
|
11,063
|
11,047
|
||||||
TOTAL STOCKHOLDERS’ EQUITY
|
612,649
|
612,627
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
1,326,552
|
$
|
1,197,961
|
SIX MONTHS ENDED
JUNE 30, |
||||||||
2022
|
2021
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
NET EARNINGS
|
$
|
38,649
|
$
|
48,161
|
||||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
|
||||||||
PROVIDED BY (USED IN) OPERATING ACTIVITIES:
|
||||||||
DEPRECIATION AND AMORTIZATION
|
13,893
|
13,100
|
||||||
OTHER
|
10,831
|
4,127
|
||||||
CHANGE IN ASSETS AND LIABILITIES:
|
||||||||
ACCOUNTS RECEIVABLE
|
(49,659
|
)
|
(4,715
|
)
|
||||
INVENTORY
|
(87,744
|
)
|
(46,682
|
)
|
||||
ACCOUNTS PAYABLE
|
1,591
|
16,097
|
||||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
(7,102
|
)
|
3,220
|
|||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
(5,020
|
)
|
(6,491
|
)
|
||||
OTHER
|
(10,772
|
)
|
(3,664
|
)
|
||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
(95,333
|
)
|
23,153
|
|||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
|
-
|
(109,267
|
)
|
|||||
CAPITAL EXPENDITURES
|
(13,203
|
)
|
(11,709
|
)
|
||||
OTHER INVESTING ACTIVITIES
|
-
|
2
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(13,203
|
)
|
(120,974
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
NET CHANGE IN DEBT
|
139,319
|
127,250
|
||||||
PURCHASE OF TREASURY STOCK
|
(25,605
|
)
|
(11,096
|
)
|
||||
DIVIDENDS PAID
|
(11,822
|
)
|
(11,134
|
)
|
||||
PAYMENTS OF DEBT ISSUANCE COSTS
|
(2,128
|
)
|
-
|
|||||
OTHER FINANCING ACTIVITIES
|
1,903
|
694
|
||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
101,667
|
105,714
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
(700
|
)
|
72
|
|||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(7,569
|
)
|
7,965
|
|||||
CASH AND CASH EQUIVALENTS at beginning of period
|
21,755
|
19,488
|
||||||
CASH AND CASH EQUIVALENTS at end of period
|
$
|
14,186
|
$
|
27,453
|