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Standard Motor Products, Inc. - SMP STOCK NEWS

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Standard Motor Products, Inc. (NYSE: SMP) is a leading independent manufacturer and distributor of replacement parts for motor vehicles in the automotive aftermarket industry. Established in 1919, SMP has built a reputation for delivering high-quality automotive parts that meet the rigorous demands of today’s vehicles. The company operates through two main segments: Engine Management and Temperature Control.

The Engine Management segment produces a comprehensive range of parts for ignition, emission, and fuel systems. This includes sensors, fuel injectors, ignition coils, and more. On the other hand, the Temperature Control segment is focused on manufacturing and remanufacturing automotive air conditioning and heating system parts, such as compressors, condensers, and blower motors.

SMP has recently emphasized expanding into the original equipment and original equipment service markets, enhancing its product offerings and market reach. The company’s products are marketed across the United States, Canada, Latin America, Europe, and Asia through both traditional and non-traditional channels.

In the latest financial results for the third quarter of 2023, SMP reported net sales of $386.4 million, a 1.3% increase compared to the same period in the previous year. Earnings from continuing operations were $24.9 million or $1.12 per diluted share. The company continues to see growth in its Engineered Solutions segment, driven by strong demand from existing customers and new business wins.

Looking ahead, SMP has announced the opening of a new distribution center in Shawnee, KS, set to begin phased operations in early 2025. This 575,000 sq.ft. facility will enhance the company’s logistics capabilities and expand its capacity for all aftermarket product categories.

SMP’s commitment to innovation, quality, and customer satisfaction has solidified its position as a key player in the automotive parts industry. The company's ongoing initiatives to reduce inventory and debt, along with its strategic growth plans, are expected to drive future profitability and market presence.

With a history of strong financial performance and a clear vision for the future, Standard Motor Products, Inc. continues to be a trusted partner in the automotive aftermarket industry.

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Standard Motor Products (NYSE: SMP) has been certified as a Most Loved Workplace® by the Best Practice Institute, following its recognition as a U.S. News and World Report Best Company to Work For in June. This certification is based on employee satisfaction scores in the Love of Workplace Index™, which evaluates factors such as respect, collaboration, support, and sense of belonging.

The certification highlights SMP's commitment to employee well-being and engagement. According to Most Loved Workplaces®, companies with high employee sentiment see increased productivity, with 94% of respondents willing to do additional work and 95% more likely to remain employed at a company they love.

Eric Sills, SMP's Chairman and CEO, emphasized the company's dedication to providing a comprehensive benefits package, including health and wellness programs, competitive wages, training opportunities, and an inclusive, safe work environment.

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Standard Motor Products (SMP) announced the acquisition of Nissens Automotive for $388 million (€360 million), expanding their portfolio in Europe and North America. The transaction is expected to add $8-12 million in cost synergies within 24 months and immediately boost earnings per share. Nissens, a European leader in engine cooling and air conditioning products, generates $260 million in annual revenue with a mid-teens EBITDA margin. The deal values Nissens at approximately 7.5x EBITDA. The acquisition combines complementary product portfolios and geographic markets, aiming for revenue growth and operational excellence. The transaction is anticipated to close in the second half of 2024.

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Standard Motor Products (NYSE: SMP) has been named one of U.S. News and World Report's Best Companies to Work For. Recognized for its exemplary benefits, opportunities for professional advancement, and inclusive workplace culture, SMP also earned a spot on the Best Companies to Work For in the Northeast and one of only eight companies in the Auto and Parts category. CEO Eric Sills emphasized the company’s focus on employee engagement and well-being, offering diverse health and wellness programs, competitive wages, and training opportunities. The selection criteria included pay quality, work/life balance, job stability, and more, based on publicly available employee opinions and other metrics.

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Standard Motor Products (NYSE: SMP), a leading automotive parts manufacturer, has earned a spot on USA Today's List of America's Climate Leaders for the second consecutive year. This recognition highlights SMP's efforts in reducing greenhouse gas emissions and lowering its carbon footprint from 2020 to 2022. Out of 2,000 U.S.-based companies, only 450 met the stringent requirements, with SMP being one of ten in the automotive parts sector to make the list. CEO Eric Sills emphasized the company's ongoing commitment to sustainability initiatives as a cornerstone of its long-term goals.

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Standard Motor Products (SMP) has released its 2023 Corporate Sustainability Report, emphasizing its commitment to sustainability and corporate responsibility. The report outlines initiatives, achievements, and future goals, including the development of powertrain-neutral safety and electrical products for electric and hybrid vehicles, enhanced employee training programs, and alignment with global sustainability standards. Additionally, SMP reported reductions in Scope 1 and Scope 2 greenhouse gas emissions, aiming for carbon neutrality by 2050.

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Standard Motor Products, Inc. (SMP) subsidiary, Trombetta®, has won Waytek's Outstanding Growth Award for 2023. Trombetta® offers custom-engineered products for various markets and has experienced exceptional sales growth. This recognition highlights Trombetta's commitment to quality, innovation, and service.

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Standard Motor Products, Inc. reported its first quarter 2024 financial results, with net sales of $331.4 million, a slight increase from the previous year. Earnings per share were $0.44, down from $0.57 in 2023. The company experienced mixed results across segments, with sales improvements in Vehicle Control and Engineered Solutions, but a decline in Temperature Control. Adjusted EBITDA margin was 6.9% due to cost pressures. Full-year sales growth is expected to be flat to low single digits, with Adjusted EBITDA projected at 9.0% to 9.5%. The company is investing in a new distribution center in Shawnee, KS, with additional costs expected in 2024.

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Standard Motor Products, Inc. (NYSE: SMP) will report its earnings for the first quarter of 2024 on May 1, 2024. The earnings conference call will be held at 11:00 AM Eastern Time on the same day, accessible via webcast or phone. Investors can listen to the call by visiting the Investor Relations page of the company's website or by dialing the provided numbers.

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Standard Motor Products, Inc. (SMP®) introduces 123 new part numbers covering 53 product categories for 2023 and 2024 vehicles. Growth in advanced internal combustion engine components like Fuel Injection and Variable Valve Timing. Expansion in ADAS components with Park Assist Sensors and Cruise Control Distance Sensors. New collision components include Airbag Clock Springs and Power Door Lock Actuators.
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Standard Motor Products, Inc. (SMP®) announces the introduction of 118 new part numbers in its February release, covering 57 product categories for 2023 and 2024 vehicles. The release includes advanced ICE components, Emission Control program expansion, ADAS additions, and a commitment to high-tech safety systems.
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FAQ

What does Standard Motor Products, Inc. do?

Standard Motor Products, Inc. manufactures and distributes replacement parts for motor vehicles in the automotive aftermarket industry, focusing on engine management and temperature control products.

What are the main segments of SMP?

SMP operates through two main segments: Engine Management, which includes parts for ignition, emission, and fuel systems, and Temperature Control, which focuses on air conditioning and heating system parts.

Where are SMP’s products marketed?

SMP's products are marketed in the United States, Canada, Latin America, Europe, and Asia through both traditional and non-traditional channels.

What were SMP’s financial results for the third quarter of 2023?

For Q3 2023, SMP reported net sales of $386.4 million and earnings from continuing operations of $24.9 million or $1.12 per diluted share.

What recent expansions has SMP announced?

SMP announced the opening of a new 575,000 sq.ft. distribution center in Shawnee, KS, set to begin phased operations in early 2025.

How does SMP ensure the quality of its products?

SMP ensures product quality through rigorous testing, advanced manufacturing processes, and a commitment to innovation and customer satisfaction.

What is SMP’s approach to financial management?

SMP focuses on reducing inventory and debt, implementing cost reduction initiatives, and strategic pricing actions to offset inflationary pressures.

How does SMP address environmental concerns?

SMP is committed to sustainability through remanufacturing processes in its Temperature Control segment and by implementing environmentally friendly practices.

What is SMP’s dividend policy?

SMP’s Board of Directors has approved a quarterly dividend of 29 cents per share, reflecting the company’s commitment to returning value to shareholders.

How can investors stay updated on SMP’s financial performance?

Investors can access financial updates and listen to earnings calls through the Investor Relations page on SMP’s website at www.smpcorp.com.

Standard Motor Products, Inc.

NYSE:SMP

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SMP Stock Data

681.49M
21.82M
4.7%
83.15%
2.9%
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