Standard Motor Products Q1 net sales up 17% to $322.8M; EPS down to $0.91 diluted; declares $0.27 dividend

STANDARD MOTOR PRODUCTS, INC.

2022-Q1 EPS reported $0.87 revenue$322,831,000

Net sales $322.8M (+16.7% YoY); GAAP EPS $0.91 diluted vs $0.97 in Q1 2021; adjusted EPS $0.92.
Operating margin 8.3% (down from 10.6%) due to lower gross margins from inflation and supply chain costs.
Temperature Control sales up 30% YoY; Engine Management up 13% including acquisitions.
Board declared $0.27/share quarterly dividend payable June 1, 2022; repurchased $6.9M shares in Q1.
CEO expects full-year consolidated gross margin in 28-29% range; plans more pricing actions to offset inflation.

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