Standard Motor Products Q2 sales up 5.1% to $359.4M; EPS falls to $0.93 from $1.26; lowers margin outlook

STANDARD MOTOR PRODUCTS, INC.

2022-Q2 EPS reported $1.72 revenue$682,243,000

Net sales $359.4M (+5.1% YoY); GAAP EPS $0.93 vs $1.23; adjusted EPS $0.93 vs $1.26.
Full-year gross margin guided to ~27% (down from prior); operating profit expected 7-8% of sales.
Quarterly dividend of $0.27 per share; new $30M share repurchase authorization; new $500M credit facility.
Temperature Control sales up 7.5% YoY; Engine Management up 3.7%; specialized non-aftermarket run rate $300M.
Board reduced from 10 to 9 directors following passing of John Gethin, effective July 28, 2022.

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