Welcome to our dedicated page for Standard Motor Products news (Ticker: SMP), a resource for investors and traders seeking the latest updates and insights on Standard Motor Products stock.
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 (NYSE: SMP) has announced its upcoming earnings conference call for Q3 2024. The company will report its financial results for the three and nine months ended September 30, 2024, on Wednesday, October 30, 2024, before market opening. A conference call will be held at 11:00 AM Eastern Time on the same day. Investors can access the webcast through the company's website or dial in directly. A playback option will be available immediately after the call.
Standard Motor Products (NYSE: SMP) has secured a new $750 million credit facility with JPMorgan Chase Bank and a syndicate of lenders. The five-year facility includes $310 million in term loans and a $440 million revolving credit facility, allowing for multi-currency borrowing. SMP plans to use interest rate swaps to fix rates on about $200 million of borrowings. The facility will finance the acquisition of Nissens Automotive by year-end and support SMP's growth and shareholder return initiatives. It replaces the existing facility and will mature in September 2029. Proceeds will also repay outstanding borrowings, cover fees, and fund general corporate purposes.
Standard Motor Products (NYSE: SMP) reported strong Q2 2024 results with net sales of $389.8 million, up 10.4% from Q2 2023. Earnings from continuing operations were $18.0 million or $0.81 per diluted share. Excluding non-operational items, adjusted earnings were $21.7 million or $0.98 per diluted share.
Key highlights:
- Vehicle Control sales up 2.7% in Q2
- Temperature Control sales increased 28.2%, setting an all-time quarterly record
- Engineered Solutions sales rose 6.1%
- Adjusted EBITDA margin was 10.1% (10.4% excluding start-up costs)
- Announced acquisition of Nissens for $388 million, expected to close by end of 2024
- Quarterly dividend of $0.29 per share declared
Standard Motor Products (NYSE: SMP), a leading automotive parts manufacturer and distributor, has announced its upcoming second quarter 2024 earnings conference call. The company will report its earnings for the three and six months ended June 30, 2024, on Thursday, August 1, 2024, before the stock market opens. A conference call will be held at 11:00 AM Eastern Time on the same day.
Investors can access the webcast on SMP's Investor Relations page or dial in using the provided numbers. A playback option will be available immediately after the call, with the webcast link expected to be active within 24 hours.
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.
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.
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.
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.
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.
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.