Standard Motor Products Stock Price, News & Analysis

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.

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.

Standard Motor Products, Inc. (NYSE: SMP) has appointed Alejandro Cesar Capparelli as an independent director to its Board as of May 19, 2022. Capparelli, with over 20 years of experience in industrial automation and digital transformation, will also serve on several key committees, including Audit and Strategic Planning. His background includes leadership roles at Rockwell Automation, enhancing SMP's international strategy. The Board size is set to adjust from eleven to ten directors following the retirement of Richard Ward.

Standard Motor Products (NYSE: SMP) announced its Q4 2021 results, reporting net sales of $309.9 million, up from $282.7 million in Q4 2020. Earnings from continuing operations were $20.0 million (89 cents per share), down from $22.7 million (1.00 per share) year-over-year. For 2021, total net sales reached $1.30 billion, a 15% increase from 2020. The Engine Management division saw a 6% rise in Q4 sales, while Temperature Control sales surged by 24%. The company also increased its dividend to 27 cents per share, indicating strong financial health amidst challenges like inflation and supply chain issues.