Standard Motor Products Stock Price, News & Analysis

Standard Motor Products, Inc. (NYSE: SMP) has announced a dividend increase from 25 cents to 27 cents per share, effective on March 1, 2022. Shareholders on record as of February 15, 2022 will receive this increased dividend. The company emphasizes that this decision reflects its confidence in ongoing business operations, despite potential risks and uncertainties that could affect future results. Shareholders can expect continued returns as SMP demonstrates commitment to delivering value.

Standard Motor Products (NYSE: SMP) announced the appointment of Pamela Puryear, Ph.D., as an independent director, expanding the Board from nine to ten members. Dr. Puryear, 58, has extensive experience in human capital management and has held executive roles at Walgreens Boots Alliance and Pfizer. She will join several key committees, including Audit and Strategic Planning. The Chairman expressed confidence in her ability to enhance corporate social responsibility and bring valuable leadership skills to the Board.

Standard Motor Products, Inc. (SMP) has appointed Anthony Cristello as the new Vice President of Investor Relations. He will lead the company's global investor relations and corporate communications efforts, enhancing corporate messaging and supporting business development. Cristello brings over 20 years of experience, previously serving as Senior VP of Corporate Development at All States Ag Parts and holding roles at various companies within the auto parts sector. CEO Eric Sills expressed confidence in Cristello's ability to strengthen investor relations as SMP executes its corporate strategy.

Standard Motor Products reported consolidated net sales of $370.3 million for Q3 2021, marking an 8% increase from Q3 2020. Earnings from continuing operations were $29.2 million or $1.29 per diluted share, down from $36.2 million in 2020. Year-to-date sales reached $988.9 million, up 17% from the previous year. The company acquired Stabil Operative Group, expanding its original equipment business. Additionally, it repurchased $15.4 million in common stock and announced a new $30 million buyback plan, while maintaining a quarterly dividend of 25 cents per share.

Standard Motor Products, Inc. (NYSE: SMP) is set to release its earnings report for the three and nine months ending September 30, 2021, on October 28, 2021, before the market opens. A conference call will follow at 11:00 AM ET, where investors can discuss the results. Dial-in numbers for domestic and international participants are provided. This earnings call will be crucial for investors looking to understand the company's financial performance amidst the ongoing supply chain challenges in the automotive industry.

On October 19, 2021, Standard Motor Products (SMP) announced the winners of its 2021 Scholarship Program, awarding a total of $50,000 across three scholarship initiatives. Ten students pursuing automotive technology or repair received $5,000 each, selected from nearly a thousand applicants based on their responses to career-related questions. The scholarships included the Intermotor® 'Import Leader', Blue Streak® 'Better Then, Better Now', and SMP® 'Women in Auto Care'. The program supports future technicians in the automotive sector, highlighting SMP's commitment to education in this field.

Standard Motor Products (NYSE: SMP) has acquired 100% of Stabil Operative Group GmbH, a German manufacturer focused on electronic sensors, control units, and clamping devices for the European OE market, generating approximately $25 million in annual revenue. The acquisition, funded through a revolving credit facility, is expected to be accretive to diluted earnings per share by 2022. This strategic move enhances SMP's product portfolio, expands its global manufacturing footprint, and offers synergies with existing operations in Poland.

Standard Motor Products reported strong Q2 2021 results, with consolidated net sales reaching $342.1 million, up from $247.9 million in Q2 2020. Earnings from continuing operations were $28.0 million or $1.23 per diluted share, compared to $11.8 million or 52 cents per diluted share in the prior year. Year-to-date sales increased 23% and earnings surged 135% versus 2020. The Board approved a quarterly dividend of 25 cents per share, payable on September 1, 2021. The company continues to expand in original equipment markets amid strong demand and successful acquisitions.

Standard Motor Products, Inc. (NYSE: SMP) is set to release its earnings report for the second quarter of 2021 on August 4, 2021, prior to market opening. This report will cover the financial results for the three and six months ending June 30, 2021. Following the earnings announcement, a conference call will be held at 11:00 AM ET on the same day, providing a platform for discussing the results in detail. Interested parties can join via specific dial-in numbers provided.