FALSE000009338900000933892024-10-302024-10-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 30, 2024
STANDARD MOTOR PRODUCTS, INC.
(Exact Name of Registrant as Specified in its Charter)
New York
001-04743
11-1362020
(State or Other
Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employee
Identification Number)
37-18 Northern Boulevard, Long Island City, New York 11101
(Address of Principal Executive Offices, including Zip Code)
Registrant’s Telephone Number, including Area Code: 718-392-0200
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $2.00 per shareSMPNew York Stock Exchange LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02. Results of Operations and Financial Condition.

On October 30, 2024, Standard Motor Products, Inc. (the “Company”) issued a press release announcing its financial results for the three months and nine months ended September 30, 2024. A copy of such press release is furnished as Exhibit 99.1 hereto.

Such press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
99.1Press release dated October 30, 2024 announcing Standard Motor Products, Inc.’s financial results for the three months and nine months ended September 30, 2024.
104Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
STANDARD MOTOR PRODUCTS, INC.
By:/s/ Nathan R. Iles
Nathan R. Iles
Chief Financial Officer
Date: October 30, 2024
2

Exhibit Index
Exhibit No.Description
Press release dated October 30, 2024 announcing Standard Motor Products, Inc.’s financial results for the three months and nine months ended September 30, 2024.
104
Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.
3
Exhibit 99.1
logo021.jpg


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 2024 Results and Quarterly Dividend


•Net Sales of $399.3M, up 3.3%, with all three operating segments showing increases
•Adjusted diluted earnings per share of $1.28, up 15%
•Adjusted EBITDA up 80 basis points to 12.2%
•Nissens Automotive acquisition expected to close in near future
•Full year guidance remains unchanged

New York, NY, October 30, 2024......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, 2024.

Net sales for the third quarter of 2024 were $399.3 million, compared to consolidated net sales of $386.4 million during the comparable quarter in 2023. Earnings from continuing operations for the third quarter of 2024 were $26.6 million or $1.20 per diluted share, compared to $24.9 million or


$1.12 per diluted share in the third quarter of 2023. 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 2024 were $28.3 million or $1.28 per diluted share, compared to $24.7 million or $1.11 per diluted share in the third quarter of 2023.
Consolidated net sales for the nine months ended September 30, 2024, were $1.12 billion, compared to consolidated net sales of $1.07 billion during the comparable period in 2023. Earnings from continuing operations for the nine months ended September 30, 2024, were $54.4 million or $2.45 per diluted share, compared to $55.9 million or $2.52 per diluted share in the comparable period of 2023. 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, 2024 and 2023 were $59.9 million or $2.70 per diluted share and $56.6 million or $2.55 per diluted share, respectively.
Mr. Eric Sills, Standard Motor Products’ Chairman and Chief Executive Officer stated, “We are very pleased with our third quarter results, both in our top line growth as well as our earnings performance. Overall, sales increased 3.3% versus last year’s third quarter, while adjusted diluted earnings per share were up 15%. Year-to-date sales are up 5.0% compared to 2023, with adjusted diluted EPS up almost 6%. Sales for all three operating segments are ahead of last year both for the quarter and the year.”

By segment, Vehicle Control sales increased 5.2% in the quarter against an easy comparison in 2023. Sales in the segment are up 2.8% on a year-to-date basis as customer demand remains positive, indicating general market strength as our trading partners make ongoing investments to their assortments in our products.



Strong Temperature Control demand continued as sales grew 1.9% in the quarter against last year’s record results. The segment has performed well year-to-date with sales up nearly 10% over last year, as the selling season started early this year and remained strong throughout the summer.

Our Engineered Solutions segment continues to perform well, as sales increased nearly 1% in the quarter against a very difficult comparison to last year’s quarterly increase of over 8%, and are up 3.8% year-to-date. Modest softening in some end markets is being more than offset by the ramp up of recent wins, and while we expect ongoing market headwinds related to certain customers’ production schedules, we remain quite bullish as we see ongoing cross-selling opportunities and strengthening customer relationships.

Looking at profitability, Adjusted EBITDA improved from the third quarter last year, up 80 basis points to 12.2%. Margin improvement resulted from leverage gained on the solid sales performance, as well as from various cost containment actions to offset inflationary pressures, including the benefit from our previously disclosed early retirement program. We remain focused on our cost savings initiatives and continue to look at ways to drive margin improvement going forward.

From a cash flow perspective, we were pleased with the impact of our initiatives on managing both our inventory and borrowing levels. At quarter-end, our inventory was $503.0 million, down from $507.1 million at year-end, while our total debt at quarter-end stood at $142.8 million down $13.4 million from year-end.



With respect to our previously announced acquisition of Nissens Automotive in Europe, we have received final regulatory approvals and would expect to close on the transaction in the very near future. We are very excited about this major step forward for SMP, and look forward to working closely with the talented Nissens team to create an aftermarket leader in North America and Europe across our key product categories.

Regarding our sales and profit expectations for the full year of 2024, we anticipate sales growth will be in the low- to mid-single digits, and Adjusted EBITDA will be in a range of 9.0-9.5%, consistent with what we noted previously, and excludes any potential impact from the acquisition of Nissens Automotive. This outlook considers expenses related to customer factoring programs that will be roughly $48-$50 million at current implied rates, as well as the impact of startup costs and duplicate overhead expense associated with the new distribution center in Shawnee, KS, discussed in prior quarters.

The Board of Directors has approved payment of a quarterly dividend of 29 cents per share on the common stock outstanding, which will be paid on December 2, 2024 to stockholders of record on November 15, 2024.

In closing, Mr. Sills commented, “Looking ahead, while there is always a degree of uncertainty across a variety of external factors, we are excited about where we are headed. North American aftermarket fundamentals remain strong, we are hitting our stride in our Engineered Solutions business, our new distribution center is coming on line, and we are soon to have Nissens on-


board with all the opportunities that it will bring. We want to thank all our employees for our current success and helping us achieve our goals for the future.”


Conference Call
Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Wednesday October 30, 2024.  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 3Q 2024 Earnings Webcast link. Investors may also listen to the call by dialing 800-343-4136 (domestic) or 203-518-9843 (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 800-374-0328 (domestic) or 402-220-0663 (international).


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 ENDEDNINE MONTHS ENDED
SEPTEMBER 30,SEPTEMBER 30,
2024202320242023
(Unaudited)(Unaudited)
NET SALES$399,265 $386,413 $1,120,497 $1,067,516 
COST OF SALES277,899 271,653 798,162 760,220 
GROSS PROFIT121,366 114,760 322,335 307,296 
SELLING, GENERAL & ADMINISTRATIVE EXPENSES81,204 79,781 239,822 223,257 
RESTRUCTURING AND INTEGRATION EXPENSES3,023 177 5,774 1,383 
OTHER INCOME, NET— 4 5 74 
OPERATING INCOME 37,139 34,806 76,744 82,730 
OTHER NON-OPERATING INCOME, NET2,129 1,732 5,147 2,759 
INTEREST EXPENSE3,145 3,621 7,964 10,766 
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES36,123 32,917 73,927 74,723 
PROVISION FOR INCOME TAXES9,267 7,995 18,718 18,656 
EARNINGS FROM CONTINUING OPERATIONS26,856 24,922 55,209 56,067 
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES(22,771)(18,200)(24,727)(28,201)
NET EARNINGS4,085 6,722 30,482 27,866 
 
NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST275 63 785 152 
NET EARNINGS ATTRIBUTABLE TO SMP (a)$3,810 $6,659 $29,697 $27,714 
NET EARNINGS ATTRIBUTABLE TO SMP
EARNINGS FROM CONTINUING OPERATIONS$26,581 $24,859 $54,424 $55,915 
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES(22,771)(18,200)(24,727)(28,201)
TOTAL$3,810 $6,659 $29,697 $27,714 
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
   BASIC EARNINGS FROM CONTINUING OPERATIONS$1.22 $1.14 $2.50 $2.58 


   DISCONTINUED OPERATION(1.04)(0.84)(1.14)(1.30)
   NET EARNINGS PER COMMON SHARE - BASIC$0.18 $0.31 $1.36 $1.28 
   DILUTED EARNINGS FROM CONTINUING OPERATIONS$1.20 $1.12 $2.45 $2.52 
   DISCONTINUED OPERATION(1.03)(0.82)(1.11)(1.27)
   NET EARNINGS PER COMMON SHARE - DILUTED$0.17 $0.30 $1.34 $1.25 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES21,716,083 21,727,119 21,802,164 21,675,699 
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES22,154,222 22,253,723 22,225,444 22,198,131 
   (a) "SMP" refers to Standard Motor Products, Inc. and subsidiaries.


STANDARD MOTOR PRODUCTS, INC.
Segment Revenues and Operating Profit
(In thousands)
THREE MONTHS ENDEDNINE MONTHS ENDED
SEPTEMBER 30,SEPTEMBER 30,
2024202320242023
(Unaudited)(Unaudited)
Revenues
Engine Management (Ignition, Emissions
and Fuel Delivery)$121,432 $113,188 $353,046 $342,860 
Electrical and Safety63,237 62,049 172,772 166,720 
Wire sets and other16,208 15,700 49,324 49,723 
        Vehicle Control200,877 190,937 575,142 559,303 
AC System Components95,698 94,385 245,628 217,913 
Other Thermal Components30,287 29,258 76,446 75,210 
        Temperature Control125,985 123,643 322,074 293,123 
Commercial Vehicle22,625 18,701 69,016 59,158 
Construction / Agriculture8,082 9,974 27,631 32,804 
Light Vehicle24,287 24,123 70,776 71,123 
All Other17,409 19,035 55,858 52,005 
        Engineered Solutions72,403 71,833 223,281 215,090 
        Revenues$399,265 $386,413 $1,120,497 $1,067,516 
Gross Margin
Vehicle Control$65,65232.7 %$60,86531.9 %$184,52032.1 %$179,44632.1 %
Temperature Control42,323 33.6 %37,785 30.6 %98,621 30.6 %83,452 28.5 %
Engineered Solutions13,391 18.5 %16,110 22.4 %39,194 17.6 %44,398 20.6 %
All Other— — — — 
        Gross Margin$121,366 30.4 %$114,760 29.7 %$322,335 28.8 %$307,296 28.8 %
Selling, General & Administrative
Vehicle Control$43,02121.4 %$42,75222.4 %$130,12322.6 %$124,30822.2 %


Temperature Control25,876 20.5 %24,624 19.9 %66,641 20.7 %61,736 21.1 %
Engineered Solutions8,124 11.2 %8,832 12.3 %25,491 11.4 %25,222 11.7 %
All Other5,190 3,573 16,163 11,991 
        Subtotal$82,211 20.6 %$79,781 20.6 %$238,418 21.3 %$223,257 20.9 %
Acquisition Expenses(1,007)-0.3 %— — %1,404 0.1 %— — %
        Selling, General & Administrative$81,204 20.3 %$79,781 20.6 %$239,822 21.4 %$223,257 20.9 %
Operating Income
Vehicle Control$22,63111.3 %$18,1139.5 %$54,3979.5 %$55,1389.9 %
Temperature Control16,447 13.1 %13,161 10.6 %31,980 9.9 %21,716 7.4 %
Engineered Solutions5,267 7.3 %7,278 10.1 %13,703 6.1 %19,176 8.9 %
All Other(5,190)(3,573)(16,163)(11,991)
        Subtotal$39,155 9.8 %$34,979 9.1 %$83,917 7.5 %$84,039 7.9 %
Restructuring & Integration(3,023)-0.8 %(177)— %(5,774)-0.5 %(1,383)-0.1 %
Acquisition Expenses1,007 0.3 %— — %(1,404)-0.1 %— — %
Other Income, Net— — %4 — %5 — %74 — %
        Operating Income$37,139 9.3 %$34,806 9.0 %$76,744 6.8 %$82,730 7.7 %


STANDARD MOTOR PRODUCTS, INC.
Reconciliation of GAAP and Non-GAAP Measures
(In thousands, except per share amounts)
THREE MONTHS ENDEDNINE MONTHS ENDED
SEPTEMBER 30,SEPTEMBER 30,
2024202320242023
(Unaudited)(Unaudited)
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
GAAP EARNINGS FROM CONTINUING OPERATIONS$26,581 $24,859 $54,424 $55,915 
RESTRUCTURING AND INTEGRATION EXPENSES3,023 177 5,774 1,383 
ACQUISITION EXPENSES(207)— 2,204 — 
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD(380)(312)(380)(312)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS(732)(46)(2,074)(360)
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS$28,285 $24,678 $59,948 $56,626 
 
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS$1.20 $1.12 $2.45 $2.52  
RESTRUCTURING AND INTEGRATION EXPENSES0.14 — 0.26 0.06 
ACQUISITION EXPENSES(0.01)— 0.10 — 
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD(0.02)(0.01)(0.02)(0.01)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS(0.03)— (0.09)(0.02)


NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS$1.28 $1.11 $2.70 $2.55 
OPERATING INCOME
GAAP OPERATING INCOME$37,139 $34,806 $76,744 $82,730 
RESTRUCTURING AND INTEGRATION EXPENSES3,023 177 5,774 1,383 
ACQUISITION EXPENSES(1,007)— 1,404 — 
OTHER (INCOME) EXPENSE, NET— (4)(5)(74)LAST TWELVE MONTHS ENDEDYEAR ENDED
SEPTEMBER 30,DECEMBER 31,
NON-GAAP OPERATING INCOME$39,155 $34,979 $83,917 $84,039 202420232023
(Unaudited)
EBITDA WITHOUT SPECIAL ITEMS
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES$36,123 $32,917 $73,927 $74,723 $80,920 $86,025 $81,716 
DEPRECIATION AND AMORTIZATION7,389 7,332 22,008 21,461 29,569 28,864 29,022 
INTEREST EXPENSE3,145 3,621 7,964 10,766 10,485 15,101 13,287 
     EBITDA46,657 43,870 103,899 106,950 120,974 129,990 124,025 
RESTRUCTURING AND INTEGRATION EXPENSES3,023 177 5,774 1,383 7,033 3,230 2,642 
ACQUISITION EXPENSES(1,007)— 1,404 — 1,404 — — 
CUSTOMER BANKRUPTCY CHARGE— — — — — 7,002 — 
    SPECIAL ITEMS2,016 177 7,178 1,383 8,437 10,232 2,642 
EBITDA WITHOUT SPECIAL ITEMS$48,673 $44,047 $111,077 $108,333 $129,411 $140,222 $126,667 
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.
Reconciliation of GAAP and Non-GAAP Measures by Segments
(In thousands)THREE MONTHS ENDED SEPTEMBER 30, 2024
Vehicle ControlTemperature ControlEngineered SolutionsAll Other Consolidated
(Unaudited)
OPERATING INCOME
GAAP OPERATING INCOME$21,029 $16,074 $5,010 $(4,974)$37,139 
RESTRUCTURING AND INTEGRATION EXPENSES1,602 373 257 791 3,023 
ACQUISITION EXPENSES— — — (1,007)(1,007)
OTHER EXPENSE, NET— — — — — 
NON-GAAP OPERATING INCOME$22,631 $16,447 $5,267 $(5,190)$39,155 
EBITDA WITHOUT SPECIAL ITEMS
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES$18,844 $16,530 $5,607 $(4,858)$36,123 
DEPRECIATION AND AMORTIZATION3,850 802 2,308 429 7,389 
INTEREST EXPENSE2,166 791 434 (246)3,145 
     EBITDA24,860 18,123 8,349 (4,675)46,657 
RESTRUCTURING AND INTEGRATION EXPENSES1,602 373 257 791 3,023 
ACQUISITION EXPENSES— — — (1,007)(1,007)
    SPECIAL ITEMS1,602 373 257 (216)2,016 
EBITDA WITHOUT SPECIAL ITEMS$26,462 $18,496 $8,606 $(4,891)$48,673 
% of Net Sales13.2 %14.7 %11.9 %12.2 %
(In thousands)THREE MONTHS ENDED SEPTEMBER 30, 2023
Vehicle ControlTemperature ControlEngineered SolutionsAll Other Consolidated
(Unaudited)
OPERATING INCOME
GAAP OPERATING INCOME$18,071 $13,054 $7,254 $(3,573)$34,806 


RESTRUCTURING AND INTEGRATION EXPENSES45 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 AMORTIZATION3,482 908 2,450 492 7,332 
INTEREST EXPENSE2,563 942 620 (504)3,621 
     EBITDA21,747 14,630 11,148 (3,655)43,870 
RESTRUCTURING AND INTEGRATION EXPENSES45 107 25 — 177 
    SPECIAL ITEMS45 107 25 — 177 
EBITDA WITHOUT SPECIAL ITEMS$21,792 $14,737 $11,173 $(3,655)$44,047 
% of Net Sales11.4 %11.9 %15.6 %11.4 %
MANAGEMENT BELIEVES THAT 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.
Reconciliation of GAAP and Non-GAAP Measures by Segments
(In thousands)NINE MONTHS ENDED SEPTEMBER 30, 2024
Vehicle ControlTemperature ControlEngineered SolutionsAll Other Consolidated
(Unaudited)
OPERATING INCOME
GAAP OPERATING INCOME$51,685 $31,302 $13,054 $(19,297)$76,744 
RESTRUCTURING AND INTEGRATION EXPENSES2,712 678 654 1,730 5,774 
ACQUISITION EXPENSES— — — 1,404 1,404 
OTHER INCOME, NET— — (5)— (5)
NON-GAAP OPERATING INCOME$54,397 $31,980 $13,703 $(16,163)$83,917 
EBITDA WITHOUT SPECIAL ITEMS
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES$46,226 $32,396 $14,482 $(19,177)$73,927 
DEPRECIATION AND AMORTIZATION10,981 2,480 7,240 1,307 22,008 
INTEREST EXPENSE5,492 2,048 1,804 (1,380)7,964 
     EBITDA62,699 36,924 23,526 (19,250)103,899 
RESTRUCTURING AND INTEGRATION EXPENSES2,712 678 654 1,730 5,774 
ACQUISITION EXPENSES— — — 1,404 1,404 
    SPECIAL ITEMS2,712 678 654 3,134 7,178 
EBITDA WITHOUT SPECIAL ITEMS$65,411 $37,602 $24,180 $(16,116)$111,077 
% of Net Sales11.4 %11.7 %10.8 %9.9 %
(In thousands)NINE MONTHS ENDED SEPTEMBER 30, 2023
Vehicle ControlTemperature ControlEngineered SolutionsAll Other Consolidated
(Unaudited)
OPERATING INCOME
GAAP OPERATING INCOME$54,719 $20,938 $19,064 $(11,991)$82,730 


RESTRUCTURING AND INTEGRATION EXPENSES484 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 AMORTIZATION10,267 2,439 7,417 1,338 21,461 
INTEREST EXPENSE7,608 2,677 1,616 (1,135)10,766 
     EBITDA65,869 24,260 28,644 (11,823)106,950 
RESTRUCTURING AND INTEGRATION EXPENSES484 778 121 — 1,383 
    SPECIAL ITEMS484 778 121 — 1,383 
EBITDA WITHOUT SPECIAL ITEMS$66,353 $25,038 $28,765 $(11,823)$108,333 
% of Net Sales11.9 %8.5 %13.4 %10.1 %
MANAGEMENT BELIEVES THAT 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)
SEPTEMBERDECEMBER
20242023
(Unaudited)
ASSETS
CASH AND CASH EQUIVALENTS$26,348 $32,526 
ACCOUNTS RECEIVABLE, GROSS225,827 168,327 
ALLOWANCE FOR EXPECTED CREDIT LOSSES8,697 8,045 
ACCOUNTS RECEIVABLE, NET217,130 160,282 
INVENTORIES503,015 507,075 
UNRETURNED CUSTOMER INVENTORY17,843 18,240 
OTHER CURRENT ASSETS28,873 26,100 
TOTAL CURRENT ASSETS793,209 744,223 
 
PROPERTY, PLANT AND EQUIPMENT, NET138,490 121,872 
OPERATING LEASE RIGHT-OF-USE ASSETS96,039 100,065 
GOODWILL134,725 134,729 
OTHER INTANGIBLES, NET85,837 92,308 
DEFERRED INCOME TAXES45,315 40,533 
INVESTMENT IN UNCONSOLIDATED AFFILIATES23,914 24,050 
OTHER ASSETS33,012 35,267 
TOTAL ASSETS$1,350,541 $1,293,047 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT PORTION OF REVOLVING CREDIT FACILITY$—$—
CURRENT PORTION OF TERM LOAN AND OTHER DEBT2,685 5,029 
ACCOUNTS PAYABLE112,404 107,455 
ACCRUED CUSTOMER RETURNS62,326 38,238 
ACCRUED CORE LIABILITY15,226 18,399 
ACCRUED REBATES53,163 42,278 
PAYROLL AND COMMISSIONS37,050 29,561 
SUNDRY PAYABLES AND ACCRUED EXPENSES69,666 63,303 
TOTAL CURRENT LIABILITIES352,520 304,263 
LONG-TERM DEBT140,163 151,182 
NONCURRENT OPERATING LEASE LIABILITY86,259 88,974 


ACCRUED ASBESTOS LIABILITIES89,544 72,013 
OTHER LIABILITIES28,611 25,742 
TOTAL LIABILITIES697,097 642,174 
TOTAL SMP STOCKHOLDERS' EQUITY638,833 635,064 
NONCONTROLLING INTEREST14,611 15,809 
TOTAL STOCKHOLDERS' EQUITY653,444 650,873 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$1,350,541 $1,293,047 


STANDARD MOTOR PRODUCTS, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
NINE MONTHS ENDED
SEPTEMBER 30,
20242023
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
NET EARNINGS $30,482 $27,866 
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION22,008 21,461 
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES24,727 28,201 
OTHER4,473 4,701 
CHANGE IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE(59,040)(38,850)
INVENTORY 2,895 54,286 
ACCOUNTS PAYABLE4,487 15,852 
PREPAID EXPENSES AND OTHER CURRENT ASSETS(2,739)2,916 
SUNDRY PAYABLES AND ACCRUED EXPENSES 45,470 12,345 
OTHER5,437 4,115 
NET CASH PROVIDED BY OPERATING ACTIVITIES78,200 132,893 
CASH FLOWS FROM INVESTING ACTIVITIES
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES— (3,954)
CASH ACQUIRED IN STEP ACQUISITION— 6,779 
CAPITAL EXPENDITURES(34,136)(17,977)
OTHER INVESTING ACTIVITIES18 95 
NET CASH USED IN INVESTING ACTIVITIES (34,118)(15,057)
CASH FLOWS FROM FINANCING ACTIVITIES
NET CHANGE IN DEBT(13,422)(92,149)
PURCHASE OF TREASURY STOCK(10,409)— 
DIVIDENDS PAID(19,004)(18,846)
PAYMENTS OF DEBT ISSUANCE COSTS(4,183)— 
OTHER FINANCING ACTIVITIES(651)(2)
NET CASH USED IN FINANCING ACTIVITIES(47,669)(110,997)
EFFECT OF EXCHANGE RATE CHANGES ON CASH(2,591)496 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(6,178)7,335 


CASH AND CASH EQUIVALENTS at beginning of period32,526 21,150 
CASH AND CASH EQUIVALENTS at end of period$26,348 $28,485 

v3.24.3
Cover
Oct. 30, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 30, 2024
Registrant Name STANDARD MOTOR PRODUCTS, INC.
Entity Incorporation, State or Country Code NY
Entity File Number 001-04743
Entity Tax Identification Number 11-1362020
Entity Address, Address Line One 37-18 Northern Boulevard
Entity Address, City or Town Long Island City
Entity Address, State or Province NY
Entity Address, Postal Zip Code 11101
City Area Code 718
Local Phone Number 392-0200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $2.00 per share
Trading Symbol SMP
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Central Index Key 0000093389
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