Standard Motor Products Stock Price, News & Analysis

On March 8, 2023, Standard Motor Products, Inc. (SMP) announced the expansion of its parts line for hybrid and electric vehicles, driven by a growing market. SMP has added 258 SKUs for hybrids and 60 for electric vehicles since 2022, with over 4,000 parts available for 150 models. The company also offers more than 50,000 powertrain-neutral parts.

The increasing number of hybrid vehicles on the road, many over ten years old, provides ample repair opportunities. SMP's commitment to meeting the demand for high-quality replacement parts is evident in their continuous product development.

On February 27, 2023, Standard Motor Products (SMP) announced the introduction of 276 new part numbers, expanding its coverage to 77 product categories. This includes 43 part numbers tailored for 2022 and 2023 model vehicles, showcasing SMP's commitment to the hybrid and electric vehicle market. Notable new offerings include a universal Battery Pack Charging Cord and various sensors for hybrid models. Additionally, the Four Seasons brand added 72 new part numbers in the temperature control division. These updates reflect SMP's push into advanced automotive technologies and their extensive product catalog for diverse vehicle types.

Standard Motor Products, Inc. (NYSE: SMP) has announced the establishment of a new operating segment named Engineered Solutions, aimed at diverse non-aftermarket end markets, effective 2023. This segment will enhance the company's growth profile and diversify revenue. Additionally, the existing Engine Management segment will be renamed Vehicle Control to better reflect its product offerings. The changes support the company's strategic focus and will be discussed in detail during the Q4 earnings call on February 22, 2023. The company achieved 2022 sales of $270 million from non-aftermarket customers, highlighting its expanding market reach.

Standard Motor Products (NYSE: SMP) announced its Q4 2022 financial results, reporting net sales of $308.2 million, a slight decline from $309.9 million in Q4 2021. Earnings from continuing operations dropped to $8.5 million ($0.39 per diluted share), down from $20.0 million ($0.89 per diluted share) a year prior. Total net sales for 2022 increased to $1.37 billion, a 5.6% rise from 2021. However, earnings per diluted share fell to $3.30 from $4.39. A significant $7.0 million pre-tax charge was recorded due to a bankruptcy filing by a customer. The company anticipates low single-digit sales growth in 2023 and introduced a new operating segment, 'Engineered Solutions', to enhance focus on growth opportunities.

Standard Motor Products, Inc. (NYSE: SMP) will announce its earnings for Q4 2022 and the full year on February 22, 2023, before market opening. A conference call will take place at 11:00 AM ET on the same day, accessible via the company's Investor Relations page or by phone. Investors can dial 800-343-1703 (domestic) or 785-424-1226 (international) to participate. Details regarding the playback of the call will be available shortly after. This report will provide insights into the company’s financial performance, including revenue and earnings per share (EPS) figures that are crucial for stakeholders.

Standard Motor Products, Inc. (NYSE: SMP) announced an increase in its quarterly common stock dividend from twenty-seven cents to twenty-nine cents per share. This dividend will be payable on March 1, 2023, to shareholders of record on February 15, 2023. This adjustment reflects the company's confidence in its financial health and commitment to returning value to shareholders. The decision was unanimously approved by the Board of Directors, signaling strong performance amidst a competitive automotive parts market.

Standard Motor Products, Inc. (SMP) announced the introduction of 214 new part numbers as part of its December release, expanding its offerings to cover 88 product categories. This includes 84 part numbers for recent model-year vehicles. Highlights include components for electric vehicles like Tesla and Ford Mustang Mach-E, as well as new Battery Cooling Fan Motors covering over 3.4 million vehicles. SMP added a total of 2,400 new products in 2022, enhancing its position in the automotive aftermarket industry.

Standard Motor Products, Inc. (NYSE: SMP) announced significant changes to its Board of Directors effective May 2023. Chairman Lawrence I. Sills and Presiding Independent Director William H. Turner will transition to Director Emeritus roles. CEO Eric P. Sills will become the new Chairman, Alisa C. Norris will step up as Presiding Independent Director, and Pamela S. Puryear will take over as Chair of the Compensation Committee. Additionally, James J. Burke will join the Board while continuing as COO. The Board size will temporarily increase from nine to ten before reducing to eight in May 2023.

Standard Motor Products, Inc. (SMP) enhanced its community engagement in 2022 through its SMP Cares® initiative, focusing on philanthropy and volunteerism. Key actions included raising $125,000 for Ukraine relief and distributing over 400 backpacks filled with school supplies for local children. SMP also organized hunger relief efforts, packaging over 500 meals for seniors. The company's commitment to community welfare is emphasized by various programs aimed at uplifting those in need. SMP continues to solidify its role as a responsible corporate citizen.