Standard Motor Products Stock Price, News & Analysis

On March 28, 2023, Standard Motor Products, Inc. (SMP) announced an expansion of its line of ABS Speed Sensors, crucial for modern vehicle safety. The company introduced 75 new part numbers, now covering nearly 20 million vehicles, including popular models like the 2022-19 Toyota Corolla and 2020-19 Kia Niro EV. SMP's ABS sensors utilize advanced microsensor technology for accurate data collection, enhancing performance in emergency conditions, unlike competitors offering outdated models. This expansion supports the integration of ABS sensors with electronic safety features, reflecting SMP's commitment to evolving automotive technology.

On March 22, 2023, Standard Motor Products, Inc. (SMP) announced the release of 110 new part numbers, enhancing its coverage across 56 product categories, including 29 for 2022 and 2023 model-year vehicles. Key highlights include new Active Grille Shutter Actuators for the 2022-21 Ford F-150 and Park Assist Cameras that cover 2.9 million vehicles, including the Ford Bronco Sport. Additionally, SMP expands its hybrid vehicle offerings with products for Lexus and Toyota hybrids, and introduces new Oil Filter Housing Assemblies. These additions support both import and domestic vehicles, allowing distribution partners to capture more business.

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.