secwatch.observer — SEC 8-K summary
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Issuer:     STANDARD MOTOR PRODUCTS, INC. (SMP)
CIK:        0000093389
Form:       8-K
Filed at:   2023-08-02T23:59:59+00:00
Accession:  0001140361-23-037517
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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%
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/93389/000114036123037517/0001140361-23-037517-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/93389/000114036123037517/brhc20056735_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-037517

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