SMP Q2 net sales down 1.8% to $353.1M; adj EPS falls to $0.84 from $0.93; FY adj EBITDA guidance cut to ~9.5%

STANDARD MOTOR PRODUCTS, INC.

2023-Q2 EPS reported $0.95 revenue$681,103,000

Q2 net sales $353.1M (-1.8% YoY); GAAP EPS $0.83, adjusted EPS $0.84 (both down from $0.93).
Vehicle Control sales -1.1%, Temperature Control -8.1%, Engineered Solutions +6.2%; Temp Control op margin down 390bps.
FY 2023 adjusted EBITDA guidance lowered to ~9.5% of revenue from ~10%; customer factoring expense $48-50M.
Inventory reduced to $499.1M from $528.7M (year-end); total debt $223.2M, paid down $50M in Q2.
Recorded $11M charge from breach-of-contract lawsuit on discontinued operation; judgment pending.

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 second quarter of 2023 results: revenue $353.1 million, net income $18.4 million, EPS $0.83 per diluted share. Guidance lowered.

Period: the second quarter of 2023
Revenue: $353.1 million
Net income: $18.4 million
EPS: $0.83 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

Net sales for the second quarter of 2023 were $353.1 million, compared to consolidated net sales of $359.4 million during the comparable quarter in 2022. Earnings from continuing operations for the second quarter of 2023 were $18.4 million or $0.83 per diluted share, compared to $20.8 million or $0.93 per diluted share in the second quarter of 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

STANDARD MOTOR PRODUCTS, INC. reported the six months ended June 30, 2023 results: revenue $681.1 million, net income $31.1 million, EPS $1.40 per diluted share. Guidance lowered.

Period: the six months ended June 30, 2023
Revenue: $681.1 million
Net income: $31.1 million
EPS: $1.40 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

Consolidated net sales for the six months ended June 30, 2023, were $681.1 million, compared to consolidated net sales of $682.2 million during the comparable period in 2022. Earnings from continuing operations for the six months ended June 30, 2023, were $31.1 million or $1.40 per diluted share, compared to $41.4 million or $1.85 per diluted share in the comparable period of 2022.

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Source: SEC EDGAR

accession 0001140361-23-037517

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