Standard Motor Products manufactures and distributes automotive parts for the maintenance, service and repair market. Company news commonly covers quarterly results, segment sales trends and margin commentary across Engineered Solutions, Vehicle Control, Nissens Automotive and Temperature Control.
Recurring updates also include new aftermarket part-number releases under brands such as Standard and Four Seasons, coverage expansion for fuel injection, sensors, switches and temperature-control categories, quarterly dividend actions, Nissens integration activity and executive leadership changes.
Standard Motor Products, Inc. (NYSE: SMP) will report its earnings for the second quarter of 2022 on August 3, 2022, before market opening. This earnings release will cover financial results for the three and six months ending June 30, 2022. A conference call is scheduled for 10:30 AM ET on the same day, accessible via their website or through dialing provided numbers. Playback options will be available shortly after the call. Investors are encouraged to participate for insights into the company's performance.
Standard Motor Products (SMP) announced the release of 832 new part numbers in the first half of 2022 for its Standard® and Standard® Import brands. Among them, 286 are aftermarket exclusives. The releases span across 180 categories, targeting 2021 and 2022 model-year vehicles. Notably, the company expanded its ADAS program with new Park Assist Cameras and ABS Speed Sensors. SMP also strengthened its hybrid and electric vehicle parts coverage, now exceeding 2,200 part numbers for hybrids and over 570 for electric vehicles.
Standard Motor Products, Inc. (SMP) has announced the addition of 119 new part numbers across 53 product categories, enhancing its Standard® and Standard Import® lines. This update includes parts for 2021 and 2022 model-year vehicles. Key highlights feature the expansion of the turbocharger program with new kits for gas- and diesel-powered vehicles and an EV Battery Charging Cable for Toyota models. The release also introduces new sensors, switches, and actuators, reaffirming SMP's commitment to replacement parts for a wide range of vehicles.
Standard Motor Products (NYSE: SMP) announced the passing of John P. Gethin, a former President and COO, at the age of 74 on June 27, 2022, in San Diego, CA. Gethin, who joined SMP in 1995, served in various roles and was appointed to the Board of Directors in March 2016 after his retirement. Chairman Lawrence I. Sills expressed profound sadness over Gethin's loss, highlighting his contributions and guidance to the company. The press release also included a caution regarding forward-looking statements and related risks.
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Standard Motor Products (NYSE: SMP) has secured a new five-year $500 million credit facility with JPMorgan Chase and other lenders. This includes a $100 million term loan and $400 million revolving credit. CFO Nathan Iles highlighted the company's growth and flexibility afforded by this facility, which will aid in strategic initiatives and enhance shareholder value through dividends and share repurchases. The facility matures in June 2027, with proceeds allocated to repay existing debts and cover related expenses.
Standard Motor Products reported net sales of $322.8 million for Q1 2022, up 17% from Q1 2021. Earnings from continuing operations were $20.6 million or 91 cents per diluted share, down from $22.2 million or 97 cents in the previous year. The company declared a quarterly dividend of 27 cents per share, payable on June 1, 2022. Operating margins declined to 8.3% due to inflation and supply chain costs, with expectations of gross margins between 28-29% for the full year. The company remains optimistic despite challenges including inflation and supply chain issues.
Standard Motor Products, Inc. (NYSE: SMP) is set to report its earnings for Q1 2022 on May 3, 2022, before market opening. The company will hold a conference call at 11:00 AM ET on the same day to discuss the results. Investors can access the call through the Investor Relations page of the company's website or by dialing specific numbers for domestic and international calls. The earnings call will also be available for playback shortly after its conclusion.
Standard Motor Products, Inc. (SMP) has expanded its aftermarket Electronic Throttle Body (ETB) offerings, now featuring over 200 part numbers that cover 190 million vehicles, including popular import brands like Toyota and Hyundai. The ETBs, designed to improve fuel economy and reduce emissions, are all-new and calibrated for high performance. This expansion emphasizes SMP's commitment to supporting channel partners with solutions for late-model vehicles. All new ETB applications are available in the eCatalog on StandardBrand.com.
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