Standard Motor Products, Inc. Announces Third Quarter 2022 Results and Quarterly Dividend

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 Werbung Mehr Nachrichten zur Standard Motor Products Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 18.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Shanta Gold Ltd 18.04.24 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Accrol Group Holdings plc 18.04.24 - PR Newswire Norges Bank - Form 8.3 - International Paper Company Auf zur INVEST am 26.+ 27.04.2024    Foto: Landesmesse Stuttgart GmbH - Jetzt kostenloses Ticket sichern! weiterlesen» Anzeige wo-site-teaser-box-16688_site-teaser-box_2024-04-17_09%253A00%253A00_2024-04-22_09%253A00%253A59