Standard Motor Products Q1 net sales up 1.6% to $328M, but GAAP EPS falls to $0.57; FY outlook unchanged

STANDARD MOTOR PRODUCTS, INC.

2023-Q1 EPS reported $0.54 revenue$328,028,000

Q1 net sales $328M, up 1.6% YoY; GAAP EPS $0.57 vs $0.91; adjusted EPS $0.61 vs $0.92.
Non-GAAP operating margin fell to 6.6% from 8.3%, driven by $5.5M increase in customer factoring expense due to higher interest rates.
FY 2023 outlook: low single-digit sales growth, Adjusted EBITDA margin ~10% assuming current rates.
Board declared quarterly dividend $0.29/share, payable June 1, 2023 to holders of record May 15, 2023.
Vehicle Control sales up 4.1%; Temperature Control down 0.9%; Engineered Solutions down 2% YoY.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

STANDARD MOTOR PRODUCTS, INC. reported the three months ended March 31, 2023 results: revenue $328.0 million, net income $12.7 million, EPS $0.57 per diluted share. Guidance reaffirmed.

Period: the three months ended March 31, 2023
Revenue: $328.0 million
Net income: $12.7 million
EPS: $0.57 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three months ended March 31, 2023. Net sales for the first quarter of 2023 were $328.0 million, compared to consolidated net sales of $322.8 million during the comparable quarter in 2022. Earnings from continuing operations for the first quarter of 2023 were $12.7 million or $0.57 per diluted share, compared to $20.6 million or $0.91 per diluted share in the first quarter of 2022.

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Source: SEC EDGAR

accession 0001140361-23-022613

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