- Net Sales of $399.3M, up 3.3%,
with all three operating segments showing increases
- Adjusted diluted earnings per share of $1.28, up 15%
- Adjusted EBITDA up 80 basis points to 12.2%
- Nissens Automotive acquisition expected to close in near
future
- Full year guidance remains unchanged
NEW
YORK, Oct. 30, 2024 /PRNewswire/ -- Standard
Motor Products, Inc. (NYSE: SMP), a leading automotive parts
manufacturer and distributor, reported today its consolidated
financial results for the three and nine months ended September 30, 2024.
Net sales for the third quarter of 2024 were $399.3 million, compared to consolidated net
sales of $386.4 million during the
comparable quarter in 2023. Earnings from continuing operations for
the third quarter of 2024 were $26.6
million or $1.20 per diluted
share, compared to $24.9 million
or $1.12 per diluted share in the
third quarter of 2023. Excluding non-operational gains and losses
identified on the attached reconciliation of GAAP and non-GAAP
measures, earnings from continuing operations for the
third quarter of 2024 were $28.3
million or $1.28 per diluted
share, compared to $24.7 million
or $1.11 per diluted share in the
third quarter of 2023.
Consolidated net sales for the nine months ended September 30, 2024, were $1.12 billion, compared to consolidated net sales
of $1.07 billion during the
comparable period in 2023. Earnings from continuing
operations for the nine months ended September 30, 2024, were $54.4 million or $2.45 per diluted share, compared to $55.9 million or $2.52 per diluted share in the comparable period
of 2023. Excluding non-operational gains and losses
identified on the attached reconciliation of GAAP and non-GAAP
measures, earnings from continuing operations for the nine months
ended September 30, 2024 and 2023
were $59.9 million or $2.70 per diluted share and $56.6 million or $2.55 per diluted share, respectively.
Mr. Eric Sills, Standard Motor
Products' Chairman and Chief Executive Officer stated, "We are very
pleased with our third quarter results, both in our top line growth
as well as our earnings performance. Overall, sales increased 3.3%
versus last year's third quarter, while adjusted diluted earnings
per share were up 15%. Year-to-date sales are up 5.0% compared to
2023, with adjusted diluted EPS up almost 6%. Sales for all three
operating segments are ahead of last year both for the quarter and
the year."
By segment, Vehicle Control sales increased 5.2% in the quarter
against an easy comparison in 2023. Sales in the segment are
up 2.8% on a year-to-date basis as customer demand remains
positive, indicating general market strength as our trading
partners make ongoing investments to their assortments in our
products.
Strong Temperature Control demand continued as sales grew 1.9%
in the quarter against last year's record results. The segment has
performed well year-to-date with sales up nearly 10% over last
year, as the selling season started early this year and remained
strong throughout the summer.
Our Engineered Solutions segment continues to perform well, as
sales increased nearly 1% in the quarter against a very difficult
comparison to last year's quarterly increase of over 8%, and are up
3.8% year-to-date. Modest softening in some end markets is being
more than offset by the ramp up of recent wins, and while we expect
ongoing market headwinds related to certain customers' production
schedules, we remain quite bullish as we see ongoing cross-selling
opportunities and strengthening customer relationships.
Looking at profitability, Adjusted EBITDA improved from the
third quarter last year, up 80 basis points to 12.2%. Margin
improvement resulted from leverage gained on the solid sales
performance, as well as from various cost containment actions to
offset inflationary pressures, including the benefit from our
previously disclosed early retirement program. We remain focused on
our cost savings initiatives and continue to look at ways to drive
margin improvement going forward.
From a cash flow perspective, we were pleased with the impact of
our initiatives on managing both our inventory and borrowing
levels. At quarter-end, our inventory was $503.0 million, down from $507.1 million at year-end, while our total debt
at quarter-end stood at $142.8
million down $13.4 million
from year-end.
With respect to our previously announced acquisition of Nissens
Automotive in Europe, we have
received final regulatory approvals and would expect to close on
the transaction in the very near future. We are very excited
about this major step forward for SMP, and look forward to working
closely with the talented Nissens team to create an aftermarket
leader in North America and
Europe across our key product
categories.
Regarding our sales and profit expectations for the full year of
2024, we anticipate sales growth will be in the low- to mid-single
digits, and Adjusted EBITDA will be in a range of 9.0-9.5%,
consistent with what we noted previously, and excludes any
potential impact from the acquisition of Nissens Automotive.
This outlook considers expenses related to customer factoring
programs that will be roughly $48-$50 million at
current implied rates, as well as the impact of startup costs and
duplicate overhead expense associated with the new distribution
center in Shawnee, KS, discussed
in prior quarters.
The Board of Directors has approved payment of a quarterly
dividend of 29 cents per share on the
common stock outstanding, which will be paid on December 2, 2024 to stockholders of record on
November 15, 2024.
In closing, Mr. Sills commented, "Looking ahead, while there is
always a degree of uncertainty across a variety of external
factors, we are excited about where we are headed. North American
aftermarket fundamentals remain strong, we are hitting our stride
in our Engineered Solutions business, our new distribution center
is coming on line, and we are soon to have Nissens on-board with
all the opportunities that it will bring. We want to thank all our
employees for our current success and helping us achieve our goals
for the future."
Conference Call
Standard Motor Products, Inc. will hold a conference call at
11:00 AM, Eastern Time, on
Wednesday October 30, 2024.
This call will be webcast and can be accessed on the Investor
Relations page of our website at www.smpcorp.com and clicking on
the SMP 3Q 2024 Earnings Webcast link. Investors may also
listen to the call by dialing 800-343-4136 (domestic) or
203-518-9843 (international). Our playback will be made
available for dial in immediately following the call. For
those choosing to listen to the replay by webcast, the link should
be active on our website within 24 hours after the call. The
playback number is 800-374-0328 (domestic) or 402-220-0663
(international).
Under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, Standard Motor Products cautions
investors that any forward-looking statements made by the company,
including those that may be made in this press release, are based
on management's expectations at the time they are made, but they
are subject to risks and uncertainties that may cause actual
results, events or performance to differ materially from those
contemplated by such forward looking statements. Among the factors
that could cause actual results, events or performance to differ
materially from those risks and uncertainties discussed in this
press release are those detailed from time-to-time in prior press
releases and in the company's filings with the Securities and
Exchange Commission, including the company's annual report on Form
10-K and quarterly reports on Form 10-Q. By making these
forward-looking statements, Standard Motor Products undertakes no
obligation or intention to update these statements after the date
of this release.
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Consolidated
Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
SEPTEMBER
30,
|
|
SEPTEMBER
30,
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
NET SALES
|
|
$
399,265
|
|
$
386,413
|
|
$ 1,120,497
|
|
$ 1,067,516
|
|
|
|
|
|
|
|
|
|
|
COST OF
SALES
|
|
277,899
|
|
271,653
|
|
798,162
|
|
760,220
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
121,366
|
|
114,760
|
|
322,335
|
|
307,296
|
|
|
|
|
|
|
|
|
|
|
SELLING, GENERAL &
ADMINISTRATIVE EXPENSES
|
|
81,204
|
|
79,781
|
|
239,822
|
|
223,257
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
3,023
|
|
177
|
|
5,774
|
|
1,383
|
|
OTHER INCOME,
NET
|
|
-
|
|
4
|
|
5
|
|
74
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
37,139
|
|
34,806
|
|
76,744
|
|
82,730
|
|
|
|
|
|
|
|
|
|
|
OTHER NON-OPERATING
INCOME, NET
|
|
2,129
|
|
1,732
|
|
5,147
|
|
2,759
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE
|
|
3,145
|
|
3,621
|
|
7,964
|
|
10,766
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
36,123
|
|
32,917
|
|
73,927
|
|
74,723
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME
TAXES
|
|
9,267
|
|
7,995
|
|
18,718
|
|
18,656
|
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM
CONTINUING OPERATIONS
|
|
26,856
|
|
24,922
|
|
55,209
|
|
56,067
|
|
|
|
|
|
|
|
|
|
|
LOSS FROM DISCONTINUED
OPERATION, NET OF INCOME TAXES
|
|
(22,771)
|
|
(18,200)
|
|
(24,727)
|
|
(28,201)
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS
|
|
4,085
|
|
6,722
|
|
30,482
|
|
27,866
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS
ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
|
275
|
|
63
|
|
785
|
|
152
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS
ATTRIBUTABLE TO SMP (a)
|
|
$
3,810
|
|
$
6,659
|
|
$ 29,697
|
|
$ 27,714
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS ATTRIBUTABLE TO SMP
|
|
|
|
|
|
|
|
|
|
EARNINGS FROM
CONTINUING OPERATIONS
|
|
$ 26,581
|
|
$ 24,859
|
|
$ 54,424
|
|
$ 55,915
|
|
LOSS FROM DISCONTINUED
OPERATION, NET OF INCOME TAXES
|
|
(22,771)
|
|
(18,200)
|
|
(24,727)
|
|
(28,201)
|
|
TOTAL
|
|
$
3,810
|
|
$
6,659
|
|
$ 29,697
|
|
$ 27,714
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO
SMP
|
|
|
|
|
|
|
|
|
|
BASIC
EARNINGS FROM CONTINUING OPERATIONS
|
|
$
1.22
|
|
$
1.14
|
|
$
2.50
|
|
$
2.58
|
|
DISCONTINUED OPERATION
|
|
(1.04)
|
|
(0.84)
|
|
(1.14)
|
|
(1.30)
|
|
NET
EARNINGS PER COMMON SHARE - BASIC
|
|
$
0.18
|
|
$
0.31
|
|
$
1.36
|
|
$
1.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED
EARNINGS FROM CONTINUING OPERATIONS
|
|
$
1.20
|
|
$
1.12
|
|
$
2.45
|
|
$
2.52
|
|
DISCONTINUED OPERATION
|
|
(1.03)
|
|
(0.82)
|
|
(1.11)
|
|
(1.27)
|
|
NET
EARNINGS PER COMMON SHARE - DILUTED
|
|
$
0.17
|
|
$
0.30
|
|
$
1.34
|
|
$
1.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES
|
|
21,716,083
|
|
21,727,119
|
|
21,802,164
|
|
21,675,699
|
|
WEIGHTED AVERAGE NUMBER
OF COMMON AND DILUTIVE SHARES
|
|
22,154,222
|
|
22,253,723
|
|
22,225,444
|
|
22,198,131
|
|
|
|
|
|
|
|
|
|
|
(a) "SMP"
refers to Standard Motor Products, Inc. and
subsidiaries.
|
|
|
|
|
|
|
|
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Segment Revenues and
Operating Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
|
NINE MONTHS
ENDED
|
|
|
|
SEPTEMBER
30,
|
|
|
SEPTEMBER
30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engine Management
(Ignition, Emissions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and Fuel
Delivery)
|
|
$
121,432
|
|
|
$
113,188
|
|
|
$
353,046
|
|
|
$
342,860
|
|
|
Electrical and
Safety
|
|
63,237
|
|
|
62,049
|
|
|
172,772
|
|
|
166,720
|
|
|
Wire sets and
other
|
|
16,208
|
|
|
15,700
|
|
|
49,324
|
|
|
49,723
|
|
|
Vehicle
Control
|
|
200,877
|
|
|
190,937
|
|
|
575,142
|
|
|
559,303
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
AC System
Components
|
|
95,698
|
|
|
94,385
|
|
|
245,628
|
|
|
217,913
|
|
|
Other Thermal
Components
|
|
30,287
|
|
|
29,258
|
|
|
76,446
|
|
|
75,210
|
|
|
Temperature Control
|
|
125,985
|
|
|
123,643
|
|
|
322,074
|
|
|
293,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Vehicle
|
|
22,625
|
|
|
18,701
|
|
|
69,016
|
|
|
59,158
|
|
|
Construction /
Agriculture
|
|
8,082
|
|
|
9,974
|
|
|
27,631
|
|
|
32,804
|
|
|
Light
Vehicle
|
|
24,287
|
|
|
24,123
|
|
|
70,776
|
|
|
71,123
|
|
|
All Other
|
|
17,409
|
|
|
19,035
|
|
|
55,858
|
|
|
52,005
|
|
|
Engineered Solutions
|
|
72,403
|
|
|
71,833
|
|
|
223,281
|
|
|
215,090
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
Revenues
|
|
$
399,265
|
|
|
$
386,413
|
|
|
$
1,120,497
|
|
|
$
1,067,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle
Control
|
|
$
65,652
|
32.7 %
|
|
$
60,865
|
31.9 %
|
|
$
184,520
|
32.1 %
|
|
$
179,446
|
32.1 %
|
|
Temperature
Control
|
|
42,323
|
33.6 %
|
|
37,785
|
30.6 %
|
|
98,621
|
30.6 %
|
|
83,452
|
28.5 %
|
|
Engineered
Solutions
|
|
13,391
|
18.5 %
|
|
16,110
|
22.4 %
|
|
39,194
|
17.6 %
|
|
44,398
|
20.6 %
|
|
All Other
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Gross
Margin
|
|
$
121,366
|
30.4 %
|
|
$
114,760
|
29.7 %
|
|
$
322,335
|
28.8 %
|
|
$
307,296
|
28.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General &
Administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle
Control
|
|
$
43,021
|
21.4 %
|
|
$
42,752
|
22.4 %
|
|
$
130,123
|
22.6 %
|
|
$
124,308
|
22.2 %
|
|
Temperature
Control
|
|
25,876
|
20.5 %
|
|
24,624
|
19.9 %
|
|
66,641
|
20.7 %
|
|
61,736
|
21.1 %
|
|
Engineered
Solutions
|
|
8,124
|
11.2 %
|
|
8,832
|
12.3 %
|
|
25,491
|
11.4 %
|
|
25,222
|
11.7 %
|
|
All Other
|
|
5,190
|
|
|
3,573
|
|
|
16,163
|
|
|
11,991
|
|
|
Subtotal
|
|
$
82,211
|
20.6 %
|
|
$
79,781
|
20.6 %
|
|
$
238,418
|
21.3 %
|
|
$
223,257
|
20.9 %
|
|
Acquisition
Expenses
|
|
(1,007)
|
-0.3 %
|
|
-
|
0.0 %
|
|
1,404
|
0.1 %
|
|
-
|
0.0 %
|
|
Selling, General & Administrative
|
|
$
81,204
|
20.3 %
|
|
$
79,781
|
20.6 %
|
|
$
239,822
|
21.4 %
|
|
$
223,257
|
20.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle
Control
|
|
$
22,631
|
11.3 %
|
|
$
18,113
|
9.5 %
|
|
$
54,397
|
9.5 %
|
|
$
55,138
|
9.9 %
|
|
Temperature
Control
|
|
16,447
|
13.1 %
|
|
13,161
|
10.6 %
|
|
31,980
|
9.9 %
|
|
21,716
|
7.4 %
|
|
Engineered
Solutions
|
|
5,267
|
7.3 %
|
|
7,278
|
10.1 %
|
|
13,703
|
6.1 %
|
|
19,176
|
8.9 %
|
|
All Other
|
|
(5,190)
|
|
|
(3,573)
|
|
|
(16,163)
|
|
|
(11,991)
|
|
|
Subtotal
|
|
$
39,155
|
9.8 %
|
|
$
34,979
|
9.1 %
|
|
$
83,917
|
7.5 %
|
|
$
84,039
|
7.9 %
|
|
Restructuring &
Integration
|
|
(3,023)
|
-0.8 %
|
|
(177)
|
0.0 %
|
|
(5,774)
|
-0.5 %
|
|
(1,383)
|
-0.1 %
|
|
Acquisition
Expenses
|
|
1,007
|
0.3 %
|
|
-
|
0.0 %
|
|
(1,404)
|
-0.1 %
|
|
-
|
0.0 %
|
|
Other Income,
Net
|
|
-
|
0.0 %
|
|
4
|
0.0 %
|
|
5
|
0.0 %
|
|
74
|
0.0 %
|
|
Operating Income
|
|
$
37,139
|
9.3 %
|
|
$
34,806
|
9.0 %
|
|
$
76,744
|
6.8 %
|
|
$
82,730
|
7.7 %
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Reconciliation of
GAAP and Non-GAAP Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS
ENDED
|
|
NINE MONTHS
ENDED
|
|
|
|
|
|
|
|
|
SEPTEMBER
30,
|
|
SEPTEMBER
30,
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE
TO SMP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS
|
|
$
26,581
|
|
$
24,859
|
|
$
54,424
|
|
$
55,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
3,023
|
|
177
|
|
5,774
|
|
1,383
|
|
|
|
|
|
|
|
ACQUISITION
EXPENSES
|
|
(207)
|
|
-
|
|
2,204
|
|
-
|
|
|
|
|
|
|
|
CERTAIN TAX CREDITS AND
PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
|
(380)
|
|
(312)
|
|
(380)
|
|
(312)
|
|
|
|
|
|
|
|
INCOME TAX EFFECT
RELATED TO RECONCILING ITEMS
|
|
(732)
|
|
(46)
|
|
(2,074)
|
|
(360)
|
|
|
|
|
|
|
|
NON-GAAP EARNINGS FROM
CONTINUING OPERATIONS
|
|
$
28,285
|
|
$
24,678
|
|
$
59,948
|
|
$
56,626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER SHARE FROM CONTINUING
OPERATIONS ATTRIBUTABLE TO SMP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP DILUTED EARNINGS
PER SHARE FROM CONTINUING OPERATIONS
|
|
$
1.20
|
|
$
1.12
|
|
$
2.45
|
|
$
2.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
0.14
|
|
-
|
|
0.26
|
|
0.06
|
|
|
|
|
|
|
|
ACQUISITION
EXPENSES
|
|
(0.01)
|
|
-
|
|
0.10
|
|
-
|
|
|
|
|
|
|
|
CERTAIN TAX CREDITS AND
PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
|
(0.02)
|
|
(0.01)
|
|
(0.02)
|
|
(0.01)
|
|
|
|
|
|
|
|
INCOME TAX EFFECT
RELATED TO RECONCILING ITEMS
|
|
(0.03)
|
|
-
|
|
(0.09)
|
|
(0.02)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP DILUTED
EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
|
$
1.28
|
|
$
1.11
|
|
$
2.70
|
|
$
2.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
37,139
|
|
$
34,806
|
|
$
76,744
|
|
$
82,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
3,023
|
|
177
|
|
5,774
|
|
1,383
|
|
|
|
|
|
|
|
ACQUISITION
EXPENSES
|
|
(1,007)
|
|
-
|
|
1,404
|
|
-
|
|
|
|
|
|
|
|
OTHER (INCOME) EXPENSE,
NET
|
|
-
|
|
(4)
|
|
(5)
|
|
(74)
|
|
LAST TWELVE MONTHS
ENDED
|
|
YEAR
ENDED
|
|
|
|
|
|
|
|
|
|
|
SEPTEMBER
30,
|
|
DECEMBER
31,
|
|
NON-GAAP OPERATING
INCOME
|
|
$
39,155
|
|
$
34,979
|
|
$
83,917
|
|
$
84,039
|
|
2024
|
|
2023
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
36,123
|
|
$
32,917
|
|
$
73,927
|
|
$
74,723
|
|
$
80,920
|
|
$
86,025
|
|
$
81,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
7,389
|
|
7,332
|
|
22,008
|
|
21,461
|
|
29,569
|
|
28,864
|
|
29,022
|
|
INTEREST
EXPENSE
|
|
3,145
|
|
3,621
|
|
7,964
|
|
10,766
|
|
10,485
|
|
15,101
|
|
13,287
|
|
EBITDA
|
|
46,657
|
|
43,870
|
|
103,899
|
|
106,950
|
|
120,974
|
|
129,990
|
|
124,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
3,023
|
|
177
|
|
5,774
|
|
1,383
|
|
7,033
|
|
3,230
|
|
2,642
|
|
ACQUISITION
EXPENSES
|
|
(1,007)
|
|
-
|
|
1,404
|
|
-
|
|
1,404
|
|
-
|
|
-
|
|
CUSTOMER BANKRUPTCY
CHARGE
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7,002
|
|
-
|
|
SPECIAL ITEMS
|
|
2,016
|
|
177
|
|
7,178
|
|
1,383
|
|
8,437
|
|
10,232
|
|
2,642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
48,673
|
|
$
44,047
|
|
$
111,077
|
|
$
108,333
|
|
$
129,411
|
|
$
140,222
|
|
$
126,667
|
|
|
MANAGEMENT BELIEVES
THAT NON-GAAP EARNINGS FROM CONTINUING OPERATIONS AND NON-GAAP
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS WHICH ARE
ATTRIBUTABLE TO SMP, AND NON-GAAP OPERATING INCOME AND EBITDA
WITHOUT SPECIAL ITEMS, EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND
ARE ADJUSTED FOR SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE
THEY PROVIDE A VIEW OF THE COMPANY WITH RESPECT TO ONGOING
OPERATING RESULTS. SPECIAL ITEMS REPRESENT SIGNIFICANT
CHARGES OR CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE
COMPANY'S OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH
NON-GAAP MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED
AS AN ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE.
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Reconciliation of
GAAP and Non-GAAP Measures by Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
THREE MONTHS ENDED
SEPTEMBER 30, 2024
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All
Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
21,029
|
|
$
16,074
|
|
$
5,010
|
|
$
(4,974)
|
|
$
37,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,602
|
|
373
|
|
257
|
|
791
|
|
3,023
|
|
|
ACQUISITION
EXPENSES
|
|
-
|
|
-
|
|
-
|
|
(1,007)
|
|
(1,007)
|
|
|
OTHER EXPENSE,
NET
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
22,631
|
|
$
16,447
|
|
$
5,267
|
|
$
(5,190)
|
|
$
39,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
18,844
|
|
$
16,530
|
|
$
5,607
|
|
$
(4,858)
|
|
$
36,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
3,850
|
|
802
|
|
2,308
|
|
429
|
|
7,389
|
|
|
INTEREST
EXPENSE
|
|
2,166
|
|
791
|
|
434
|
|
(246)
|
|
3,145
|
|
|
EBITDA
|
|
24,860
|
|
18,123
|
|
8,349
|
|
(4,675)
|
|
46,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
1,602
|
|
373
|
|
257
|
|
791
|
|
3,023
|
|
|
ACQUISITION
EXPENSES
|
|
-
|
|
-
|
|
-
|
|
(1,007)
|
|
(1,007)
|
|
|
SPECIAL ITEMS
|
|
1,602
|
|
373
|
|
257
|
|
(216)
|
|
2,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
26,462
|
|
$
18,496
|
|
$
8,606
|
|
$
(4,891)
|
|
$
48,673
|
|
|
% of Net
Sales
|
|
13.2 %
|
|
14.7 %
|
|
11.9 %
|
|
|
|
12.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
THREE MONTHS ENDED
SEPTEMBER 30, 2023
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All
Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
18,071
|
|
$
13,054
|
|
$
7,254
|
|
$
(3,573)
|
|
$
34,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
45
|
|
107
|
|
25
|
|
-
|
|
177
|
|
|
OTHER INCOME,
NET
|
|
(3)
|
|
-
|
|
(1)
|
|
-
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
18,113
|
|
$
13,161
|
|
$
7,278
|
|
$
(3,573)
|
|
$
34,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
15,702
|
|
$
12,780
|
|
$
8,078
|
|
$
(3,643)
|
|
$
32,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
3,482
|
|
908
|
|
2,450
|
|
492
|
|
7,332
|
|
|
INTEREST
EXPENSE
|
|
2,563
|
|
942
|
|
620
|
|
(504)
|
|
3,621
|
|
|
EBITDA
|
|
21,747
|
|
14,630
|
|
11,148
|
|
(3,655)
|
|
43,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
45
|
|
107
|
|
25
|
|
-
|
|
177
|
|
|
SPECIAL ITEMS
|
|
45
|
|
107
|
|
25
|
|
-
|
|
177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
21,792
|
|
$
14,737
|
|
$
11,173
|
|
$
(3,655)
|
|
$
44,047
|
|
|
% of Net
Sales
|
|
11.4 %
|
|
11.9 %
|
|
15.6 %
|
|
|
|
11.4 %
|
|
|
|
MANAGEMENT BELIEVES
THAT NON-GAAP OPERATING INCOME AND EBITDA WITHOUT SPECIAL ITEMS,
EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND ARE ADJUSTED FOR
SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE THEY PROVIDE A
VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING
RESULTS. SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR
CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE COMPANY'S
OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON-GAAP
MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN
ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE.
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Reconciliation of
GAAP and Non-GAAP Measures by Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
NINE MONTHS ENDED
SEPTEMBER 30, 2024
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All
Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
51,685
|
|
$
31,302
|
|
$
13,054
|
|
$
(19,297)
|
|
$
76,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
2,712
|
|
678
|
|
654
|
|
1,730
|
|
5,774
|
|
|
ACQUISITION
EXPENSES
|
|
-
|
|
-
|
|
-
|
|
1,404
|
|
1,404
|
|
|
OTHER INCOME,
NET
|
|
-
|
|
-
|
|
(5)
|
|
-
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
54,397
|
|
$
31,980
|
|
$
13,703
|
|
$
(16,163)
|
|
$
83,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
46,226
|
|
$
32,396
|
|
$
14,482
|
|
$
(19,177)
|
|
$
73,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
10,981
|
|
2,480
|
|
7,240
|
|
1,307
|
|
22,008
|
|
|
INTEREST
EXPENSE
|
|
5,492
|
|
2,048
|
|
1,804
|
|
(1,380)
|
|
7,964
|
|
|
EBITDA
|
|
62,699
|
|
36,924
|
|
23,526
|
|
(19,250)
|
|
103,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
2,712
|
|
678
|
|
654
|
|
1,730
|
|
5,774
|
|
|
ACQUISITION
EXPENSES
|
|
-
|
|
-
|
|
-
|
|
1,404
|
|
1,404
|
|
|
SPECIAL ITEMS
|
|
2,712
|
|
678
|
|
654
|
|
3,134
|
|
7,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
65,411
|
|
$
37,602
|
|
$
24,180
|
|
$
(16,116)
|
|
$
111,077
|
|
|
% of Net
Sales
|
|
11.4 %
|
|
11.7 %
|
|
10.8 %
|
|
|
|
9.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
NINE MONTHS ENDED
SEPTEMBER 30, 2023
|
|
|
|
Vehicle
Control
|
|
Temperature
Control
|
|
Engineered
Solutions
|
|
All
Other
|
|
Consolidated
|
|
|
|
(Unaudited)
|
|
|
OPERATING INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP OPERATING
INCOME
|
|
$
54,719
|
|
$
20,938
|
|
$
19,064
|
|
$
(11,991)
|
|
$
82,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
484
|
|
778
|
|
121
|
|
-
|
|
1,383
|
|
|
OTHER INCOME,
NET
|
|
(65)
|
|
-
|
|
(9)
|
|
-
|
|
(74)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP OPERATING
INCOME
|
|
$
55,138
|
|
$
21,716
|
|
$
19,176
|
|
$
(11,991)
|
|
$
84,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL ITEMS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS FROM
CONTINUING OPERATIONS BEFORE TAXES
|
|
$
47,994
|
|
$
19,144
|
|
$
19,611
|
|
$
(12,026)
|
|
$
74,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
|
10,267
|
|
2,439
|
|
7,417
|
|
1,338
|
|
21,461
|
|
|
INTEREST
EXPENSE
|
|
7,608
|
|
2,677
|
|
1,616
|
|
(1,135)
|
|
10,766
|
|
|
EBITDA
|
|
65,869
|
|
24,260
|
|
28,644
|
|
(11,823)
|
|
106,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTRUCTURING AND
INTEGRATION EXPENSES
|
|
484
|
|
778
|
|
121
|
|
-
|
|
1,383
|
|
|
SPECIAL ITEMS
|
|
484
|
|
778
|
|
121
|
|
-
|
|
1,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA WITHOUT SPECIAL
ITEMS
|
|
$
66,353
|
|
$
25,038
|
|
$
28,765
|
|
$
(11,823)
|
|
$
108,333
|
|
|
% of Net
Sales
|
|
11.9 %
|
|
8.5 %
|
|
13.4 %
|
|
|
|
10.1 %
|
|
|
|
MANAGEMENT BELIEVES
THAT NON-GAAP OPERATING INCOME AND EBITDA WITHOUT SPECIAL ITEMS,
EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND ARE ADJUSTED FOR
SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE THEY PROVIDE A
VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING
RESULTS. SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR
CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE COMPANY'S
OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON-GAAP
MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN
ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE.
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEPTEMBER
|
|
DECEMBER
|
|
|
2024
|
|
2023
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS
|
|
$
26,348
|
|
$
32,526
|
|
|
|
|
|
|
ACCOUNTS RECEIVABLE,
GROSS
|
|
225,827
|
|
168,327
|
|
ALLOWANCE FOR EXPECTED
CREDIT LOSSES
|
|
8,697
|
|
8,045
|
|
ACCOUNTS RECEIVABLE,
NET
|
|
217,130
|
|
160,282
|
|
|
|
|
|
|
INVENTORIES
|
|
503,015
|
|
507,075
|
|
UNRETURNED CUSTOMER
INVENTORY
|
|
17,843
|
|
18,240
|
|
OTHER CURRENT
ASSETS
|
|
28,873
|
|
26,100
|
|
|
|
|
|
|
TOTAL CURRENT
ASSETS
|
|
793,209
|
|
744,223
|
|
|
|
|
|
|
PROPERTY, PLANT AND
EQUIPMENT, NET
|
|
138,490
|
|
121,872
|
|
OPERATING LEASE
RIGHT-OF-USE ASSETS
|
|
96,039
|
|
100,065
|
|
GOODWILL
|
|
134,725
|
|
134,729
|
|
OTHER INTANGIBLES,
NET
|
|
85,837
|
|
92,308
|
|
DEFERRED INCOME
TAXES
|
|
45,315
|
|
40,533
|
|
INVESTMENT IN
UNCONSOLIDATED AFFILIATES
|
|
23,914
|
|
24,050
|
|
OTHER ASSETS
|
|
33,012
|
|
35,267
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
1,350,541
|
|
$
1,293,047
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT PORTION OF
REVOLVING CREDIT FACILITY
|
|
$
-
|
|
$
-
|
|
CURRENT PORTION OF TERM
LOAN AND OTHER DEBT
|
2,685
|
|
5,029
|
|
ACCOUNTS
PAYABLE
|
|
112,404
|
|
107,455
|
|
ACCRUED CUSTOMER
RETURNS
|
|
62,326
|
|
38,238
|
|
ACCRUED CORE
LIABILITY
|
|
15,226
|
|
18,399
|
|
ACCRUED
REBATES
|
|
53,163
|
|
42,278
|
|
PAYROLL AND
COMMISSIONS
|
|
37,050
|
|
29,561
|
|
SUNDRY PAYABLES AND
ACCRUED EXPENSES
|
|
69,666
|
|
63,303
|
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES
|
|
352,520
|
|
304,263
|
|
|
|
|
|
|
LONG-TERM
DEBT
|
|
140,163
|
|
151,182
|
|
NONCURRENT OPERATING
LEASE LIABILITY
|
|
86,259
|
|
88,974
|
|
ACCRUED ASBESTOS
LIABILITIES
|
|
89,544
|
|
72,013
|
|
OTHER
LIABILITIES
|
|
28,611
|
|
25,742
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
697,097
|
|
642,174
|
|
|
|
|
|
|
TOTAL SMP STOCKHOLDERS'
EQUITY
|
|
638,833
|
|
635,064
|
|
NONCONTROLLING
INTEREST
|
|
14,611
|
|
15,809
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
|
653,444
|
|
650,873
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
1,350,541
|
|
$
1,293,047
|
|
STANDARD MOTOR
PRODUCTS, INC.
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS
ENDED
|
|
|
SEPTEMBER
30,
|
|
|
2024
|
|
|
2023
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
NET
EARNINGS
|
$
30,482
|
|
|
$
27,866
|
|
ADJUSTMENTS TO
RECONCILE NET EARNINGS TO NET CASH
|
|
|
|
|
|
PROVIDED BY OPERATING
ACTIVITIES:
|
|
|
|
|
|
DEPRECIATION AND
AMORTIZATION
|
22,008
|
|
|
21,461
|
|
LOSS FROM DISCONTINUED
OPERATIONS, NET OF TAXES
|
24,727
|
|
|
28,201
|
|
OTHER
|
4,473
|
|
|
4,701
|
|
CHANGE IN ASSETS AND
LIABILITIES:
|
|
|
|
|
|
ACCOUNTS
RECEIVABLE
|
(59,040)
|
|
|
(38,850)
|
|
INVENTORY
|
2,895
|
|
|
54,286
|
|
ACCOUNTS
PAYABLE
|
4,487
|
|
|
15,852
|
|
PREPAID EXPENSES AND
OTHER CURRENT ASSETS
|
(2,739)
|
|
|
2,916
|
|
SUNDRY PAYABLES AND
ACCRUED EXPENSES
|
45,470
|
|
|
12,345
|
|
OTHER
|
5,437
|
|
|
4,115
|
|
NET CASH PROVIDED BY
OPERATING ACTIVITIES
|
78,200
|
|
|
132,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
ACQUISITIONS OF AND
INVESTMENTS IN BUSINESSES
|
-
|
|
|
(3,954)
|
|
CASH ACQUIRED IN STEP
ACQUISITION
|
-
|
|
|
6,779
|
|
CAPITAL
EXPENDITURES
|
(34,136)
|
|
|
(17,977)
|
|
OTHER INVESTING
ACTIVITIES
|
18
|
|
|
95
|
|
NET CASH USED IN
INVESTING ACTIVITIES
|
(34,118)
|
|
|
(15,057)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
NET CHANGE IN
DEBT
|
(13,422)
|
|
|
(92,149)
|
|
PURCHASE OF TREASURY
STOCK
|
(10,409)
|
|
|
-
|
|
DIVIDENDS
PAID
|
(19,004)
|
|
|
(18,846)
|
|
PAYMENTS OF DEBT
ISSUANCE COSTS
|
(4,183)
|
|
|
-
|
|
OTHER FINANCING
ACTIVITIES
|
(651)
|
|
|
(2)
|
|
NET CASH USED IN
FINANCING ACTIVITIES
|
(47,669)
|
|
|
(110,997)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE
CHANGES ON CASH
|
(2,591)
|
|
|
496
|
|
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS
|
(6,178)
|
|
|
7,335
|
|
CASH AND CASH
EQUIVALENTS at beginning of period
|
32,526
|
|
|
21,150
|
|
CASH AND CASH
EQUIVALENTS at end of period
|
$
26,348
|
|
|
$
28,485
|
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SOURCE Standard Motor Products, Inc.