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04.08.2021 14:30:00
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Standard Motor Products, Inc. Announces Second Quarter 2021 Results and a Quarterly Dividend
NEW YORK, Aug. 4, 2021 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three months and six months ended June 30, 2021.
Consolidated net sales for the second quarter of 2021 were $342.1 million, compared to consolidated net sales of $247.9 million during the comparable quarter in 2020. Earnings from continuing operations for the second quarter of 2021 were $28.0 million or $1.23 per diluted share, compared to $11.8 million or 52 cents per diluted share in the second quarter of 2020. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the second quarter of 2021 were $28.6 million or $1.26 per diluted share, compared to $11.8 million or 52 cents per diluted share in the second quarter of 2020.
Consolidated net sales for the six months ended June 30, 2021, were $618.6 million, compared to consolidated net sales of $502.2 million during the comparable period in 2020. Earnings from continuing operations for the six months ended June 30, 2021, were $50.2 million or $2.21 per diluted share, compared to $21.5 million or 94 cents per diluted share in the comparable period of 2020. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the six months ended June 30, 2021 and 2020 were $50.7 million or $2.23 per diluted share and $21.6 million or 95 cents per diluted share, respectively.
Mr. Eric Sills, Standard Motor Products' Chief Executive Officer and President stated, "We are very pleased with our second quarter results as the strong sales trends we have been experiencing for the last three quarters continued unabated. While our sales finished the quarter 38% ahead of 2020, last year's second quarter was dramatically affected by the pandemic. Yet we were also 12% favorable to the comparable quarter in 2019.
"We set records in earnings, with non-GAAP diluted earnings per share from continuing operations up 142% in the quarter, and up 37% vs. the second quarter of 2019.
"Our overall year-to-date performance was very strong, with sales and earnings up 23% and 135% respectively vs. last year. However, although market conditions remain robust, comparisons to 2020 will become more challenging. 2020 was a year of two halves – the first half was severely impacted by pandemic-related lockdowns, while the second half set records as the market surged. We believe that going forward a comparison to a more normalized 2019 is more appropriate.
"By division, Engine Management sales for the quarter were up 35% vs. last year despite the previously disclosed loss of a large account, and were up 7% vs. 2019. This strong performance reflects a combination of factors – successful customer initiatives, new business wins, contributions from acquisitions (discussed below), and generally robust demand.
"Temperature Control sales for the quarter were extremely strong, up 47% vs. last year and 26% vs. 2019. The first two months of any second quarter tend to be preseason orders, at which point the summer selling season begins. This year, it appears that customer sell-through began early, and replenishment demand remained high. Ongoing favorable weather trends bode well for a strong third quarter.
"Our gross margins held up nicely in the quarter, aided by favorable absorption in our plants from elevated production levels as we rebuilt our inventory. However, offsetting these benefits were rising costs across the board, including certain raw materials, labor, and transportation. Going forward, we anticipate margin pressures from more normalized production levels and inflationary headwinds, though we believe that the current environment permits a pass-through of these costs.
"Additionally, as we expand our sales to original equipment customers, this business tends to have lower gross margins. However, it also has lower SG&A expenses and thus generates comparable operating profit margins.
"We are excited with the progress that we have made expanding our presence in the original equipment market, with a focus on heavy duty and commercial vehicles. We announced two acquisitions in 2021, both geared towards pursuing this complementary channel.
"In March we acquired the soot sensor business from Stoneridge, Inc., a high-tech emissions control program for heavy duty vehicles that will be relocated to existing SMP facilities in the coming months. On May 31st we consummated the acquisition of Trombetta, a Wisconsin-based company selling various power management devices to a broad array of customers across multiple channels including construction, agricultural, heavy truck, lawn and garden, and power sports segments. Please see our Trombetta press release dated June 1st for more details.
"Combined, these acquisitions generate approximately $75 million in annualized revenue. But more importantly, when combined with our legacy business, this channel now represents approximately $250 million in sales on an annualized basis, which gives us the critical mass to be a significant supplier in this space. We are also pleased that many of the products we are pursuing in this adjacent channel are not powertrain dependent, and thus are well-positioned for the eventual shift to electric vehicles.
"We also strongly believe that while expansion into this market provides some important diversification from our core aftermarket business, it by no means dilutes our focus on it. We feel that it is highly complementary, as it grants access to product technologies suitable to the aftermarket, and provides more manufacturing and engineering capabilities to support our operating strategy of being a basic manufacturer.
"In closing, we are very pleased with our year thus far, posting record financial results and consummating two strategic acquisitions. The overall industry continues to perform well, our customers are enjoying very strong sell-through of our products, and we are working closely with them to ensure our mutual success. While the substantial volume swings we have been witnessing over the last 18 months make forecasting difficult, compounded by uncertainty from the ongoing pandemic, and though the balance of the year faces challenging 2020 comparisons, we believe we are well positioned for the future.
"Finally, the Board of Directors has approved payment of a quarterly dividend of 25 cents per share on the common stock outstanding. The dividend will be paid on September 1, 2021 to stockholders of record on August 16, 2021."
Conference Call
Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Wednesday, August 4, 2021. The dial-in number is 866-342-8588 (domestic) or 203-518-9865 (international). The playback number is 800-839-5128 (domestic) or 402-220-1504 (international). The participant passcode is 85201.
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Standard Motor Products cautions investors that any forward-looking statements made by the company, including those that may be made in this press release, are based on management's expectations at the time they are made, but they are subject to risks and uncertainties that may cause actual results, events or performance to differ materially from those contemplated by such forward looking statements. Among the factors that could cause actual results, events or performance to differ materially from those risks and uncertainties discussed in this press release are those detailed from time-to-time in prior press releases and in the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10-K and quarterly reports on Form 10-Q. By making these forward-looking statements, Standard Motor Products undertakes no obligation or intention to update these statements after the date of this release.
STANDARD MOTOR PRODUCTS, INC. | ||||||||||||||
Consolidated Statements of Operations | ||||||||||||||
(In thousands, except per share amounts) | ||||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||||
JUNE 30, | JUNE 30, | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
NET SALES | $ 342,076 | $ 247,939 | $ 618,629 | $ 502,241 | ||||||||||
COST OF SALES | 242,804 | 183,581 | 435,573 | 367,488 | ||||||||||
GROSS PROFIT | 99,272 | 64,358 | 183,056 | 134,753 | ||||||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES | 62,347 | 48,328 | 116,807 | 104,201 | ||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES | - | 9 | - | 214 | ||||||||||
OTHER INCOME, NET | - | - | - | 6 | ||||||||||
OPERATING INCOME | 36,925 | 16,021 | 66,249 | 30,344 | ||||||||||
OTHER NON-OPERATING INCOME, NET | 832 | 602 | 1,467 | 78 | ||||||||||
INTEREST EXPENSE | 495 | 772 | 704 | 1,645 | ||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES | 37,262 | 15,851 | 67,012 | 28,777 | ||||||||||
PROVISION FOR INCOME TAXES | 9,248 | 4,009 | 16,834 | 7,314 | ||||||||||
EARNINGS FROM CONTINUING OPERATIONS | 28,014 | 11,842 | 50,178 | 21,463 | ||||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES | (853) | (875) | (2,017) | (1,869) | ||||||||||
NET EARNINGS | 27,161 | 10,967 | 48,161 | 19,594 | ||||||||||
NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST | 19 | - | 19 | - | ||||||||||
NET EARNINGS ATTRIBUTABLE TO SMP (a) | $ 27,142 | $ 10,967 | $ 48,142 | $ 19,594 | ||||||||||
NET EARNINGS ATTRIBUTABLE TO SMP | ||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS | $ 27,995 | $ 11,842 | $ 50,159 | $ 21,463 | ||||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES | (853) | (875) | (2,017) | (1,869) | ||||||||||
TOTAL | $ 27,142 | $ 10,967 | $ 48,142 | $ 19,594 | ||||||||||
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP | ||||||||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS | $ 1.26 | $ 0.53 | $ 2.25 | $ 0.96 | ||||||||||
DISCONTINUED OPERATION | (0.04) | (0.04) | (0.09) | (0.08) | ||||||||||
NET EARNINGS PER COMMON SHARE - BASIC | $ 1.22 | $ 0.49 | $ 2.16 | $ 0.88 | ||||||||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS | $ 1.23 | $ 0.52 | $ 2.21 | $ 0.94 | ||||||||||
DISCONTINUED OPERATION | (0.03) | (0.04) | (0.09) | (0.08) | ||||||||||
NET EARNINGS PER COMMON SHARE - DILUTED | $ 1.20 | $ 0.48 | $ 2.12 | $ 0.86 | ||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES | 22,198,545 | 22,330,476 | 22,257,922 | 22,384,281 | ||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES | 22,686,384 | 22,718,680 | 22,741,171 | 22,793,606 | ||||||||||
(a) "SMP" refers to Standard Motor Products, Inc. and subsidiaries. | ||||||||||||||
STANDARD MOTOR PRODUCTS, INC. | ||||||||||||
Segment Revenues and Operating Income | ||||||||||||
(In thousands) | ||||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||||
JUNE 30, | JUNE 30, | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
(Unaudited) | (Unaudited) | |||||||||||
Revenues | ||||||||||||
Ignition, Emission Control, Fuel & Safety | ||||||||||||
Related System Products | $ 192,486 | $ 142,787 | $ 366,152 | $ 307,313 | ||||||||
Wire and Cable | 40,730 | 30,366 | 79,082 | 66,958 | ||||||||
Engine Management | 233,216 | 173,153 | 445,234 | 374,271 | ||||||||
Compressors | 69,577 | 44,878 | 102,951 | 70,226 | ||||||||
Other Climate Control Parts | 36,894 | 27,514 | 65,993 | 53,608 | ||||||||
Temperature Control | 106,471 | 72,392 | 168,944 | 123,834 | ||||||||
All Other | 2,389 | 2,394 | 4,451 | 4,136 | ||||||||
Revenues | $ 342,076 | $ 247,939 | $ 618,629 | $ 502,241 | ||||||||
Gross Margin | ||||||||||||
Engine Management | $ 67,447 | 28.9% | $ 46,230 | 26.7% | $ 132,517 | 29.8% | $ 102,935 | 27.5% | ||||
Temperature Control | 28,658 | 26.9% | 16,520 | 22.8% | 44,653 | 26.4% | 28,616 | 23.1% | ||||
All Other | 3,167 | 1,608 | 5,886 | 3,202 | ||||||||
Gross Margin | $ 99,272 | 29.0% | $ 64,358 | 26.0% | $ 183,056 | 29.6% | $ 134,753 | 26.8% | ||||
Selling, General & Administrative | ||||||||||||
Engine Management | $ 37,063 | 15.9% | $ 29,499 | 17.0% | $ 71,019 | 16.0% | $ 64,572 | 17.3% | ||||
Temperature Control | 15,429 | 14.5% | 12,553 | 17.3% | 27,832 | 16.5% | 24,997 | 20.2% | ||||
All Other | 9,100 | 6,276 | 17,201 | 14,632 | ||||||||
Subtotal | $ 61,592 | 18.0% | $ 48,328 | 19.5% | $ 116,052 | 18.8% | $ 104,201 | 20.7% | ||||
One-Time Acquisition Costs | 755 | 0.2% | - | 0.0% | 755 | 0.1% | - | 0.0% | ||||
Selling, General & Administrative | $ 62,347 | 18.2% | $ 48,328 | 19.5% | $ 116,807 | 18.9% | $ 104,201 | 20.7% | ||||
Operating Income | ||||||||||||
Engine Management | $ 30,384 | 13.0% | $ 16,731 | 9.7% | $ 61,498 | 13.8% | $ 38,363 | 10.3% | ||||
Temperature Control | 13,229 | 12.4% | 3,967 | 5.5% | 16,821 | 10.0% | 3,619 | 2.9% | ||||
All Other | (5,933) | (4,668) | (11,315) | (11,430) | ||||||||
Subtotal | 37,680 | 11.0% | 16,030 | 6.5% | 67,004 | 10.8% | 30,552 | 6.1% | ||||
One-time Acquisition Costs | (755) | -0.2% | - | 0.0% | (755) | -0.1% | - | 0.0% | ||||
Restructuring & Integration | - | 0.0% | (9) | 0.0% | - | 0.0% | (214) | 0.0% | ||||
Other Income (Expense), Net | - | 0.0% | - | 0.0% | - | 0.0% | 6 | 0.0% | ||||
Operating Income | $ 36,925 | 10.8% | $ 16,021 | 6.5% | $ 66,249 | 10.7% | $ 30,344 | 6.0% | ||||
STANDARD MOTOR PRODUCTS, INC. | ||||||||||
Reconciliation of GAAP and Non-GAAP Measures | ||||||||||
(In thousands, except per share amounts) | ||||||||||
THREE MONTHS ENDED | SIX MONTHS ENDED | |||||||||
JUNE 30, | JUNE 30, | |||||||||
2021 | 2020 | 2021 | 2020 | |||||||
(Unaudited) | (Unaudited) | |||||||||
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP | ||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS | $ 27,995 | $ 11,842 | $ 50,159 | $ 21,463 | ||||||
RESTRUCTURING AND INTEGRATION EXPENSES | - | 9 | - | 214 | ||||||
ONE-TIME ACQUISITION COSTS | 755 | - | 755 | - | ||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS | (196) | (2) | (196) | (56) | ||||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS | $ 28,554 | $ 11,849 | $ 50,718 | $ 21,621 | ||||||
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP | ||||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS | $ 1.23 | $ 0.52 | $ 2.21 | $ 0.94 | ||||||
RESTRUCTURING AND INTEGRATION EXPENSES | - | - | - | 0.01 | ||||||
ONE-TIME ACQUISITION COSTS | 0.03 | - | 0.03 | - | ||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS | - | - | (0.01) | - | ||||||
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS | $ 1.26 | $ 0.52 | $ 2.23 | $ 0.95 | ||||||
OPERATING INCOME | ||||||||||
GAAP OPERATING INCOME | $ 36,925 | $ 16,021 | $ 66,249 | $ 30,344 | ||||||
ONE-TIME ACQUISITION COSTS | 755 | - | 755 | - | ||||||
RESTRUCTURING AND INTEGRATION EXPENSES | - | 9 | - | 214 | ||||||
OTHER (INCOME) EXPENSE, NET | - | - | - | (6) | ||||||
NON-GAAP OPERATING INCOME | $ 37,680 | $ 16,030 | $ 67,004 | $ 30,552 | ||||||
MANAGEMENT BELIEVES THAT EARNINGS FROM CONTINUING OPERATIONS AND DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS WHICH ARE ATTRIBUTABLE TO SMP, AND OPERATING INCOME, AS ADJUSTED FOR SPECIAL ITEMS, ARE NON-GAAP MEASUREMENTS AND ARE MEANINGFUL TO INVESTORS BECAUSE THEY PROVIDE A VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING RESULTS. SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE COMPANY'S OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON-GAAP MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE. | ||||||||||
STANDARD MOTOR PRODUCTS, INC. | ||||||
Condensed Consolidated Balance Sheets | ||||||
(In thousands) | ||||||
JUNE 30, | DECEMBER 31, | |||||
2021 | 2020 | |||||
(Unaudited) | ||||||
ASSETS | ||||||
CASH | $ 27,453 | $ 19,488 | ||||
ACCOUNTS RECEIVABLE, GROSS | 217,996 | 203,861 | ||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS | 6,218 | 5,822 | ||||
ACCOUNTS RECEIVABLE, NET | 211,778 | 198,039 | ||||
INVENTORIES | 404,876 | 345,502 | ||||
UNRETURNED CUSTOMER INVENTORY | 22,070 | 19,632 | ||||
OTHER CURRENT ASSETS | 14,492 | 15,875 | ||||
TOTAL CURRENT ASSETS | 680,669 | 598,536 | ||||
PROPERTY, PLANT AND EQUIPMENT, NET | 96,762 | 89,105 | ||||
OPERATING LEASE RIGHT-OF-USE ASSETS | 39,095 | 29,958 | ||||
GOODWILL | 126,893 | 77,837 | ||||
OTHER INTANGIBLES, NET | 105,462 | 54,004 | ||||
DEFERRED INCOME TAXES | 38,915 | 44,770 | ||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES | 42,070 | 40,507 | ||||
OTHER ASSETS | 25,409 | 21,823 | ||||
TOTAL ASSETS | $ 1,155,275 | $ 956,540 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
NOTES PAYABLE | $ 135,000 | $ 10,000 | ||||
CURRENT PORTION OF OTHER DEBT | 2,397 | 135 | ||||
ACCOUNTS PAYABLE | 119,632 | 100,018 | ||||
ACCRUED CUSTOMER RETURNS | 53,062 | 40,982 | ||||
ACCRUED CORE LIABILITY | 23,318 | 22,014 | ||||
ACCRUED REBATES | 41,885 | 46,437 | ||||
PAYROLL AND COMMISSIONS | 29,363 | 35,938 | ||||
SUNDRY PAYABLES AND ACCRUED EXPENSES | 42,410 | 47,078 | ||||
TOTAL CURRENT LIABILITIES | 447,067 | 302,602 | ||||
OTHER LONG-TERM DEBT | 80 | 97 | ||||
NONCURRENT OPERATING LEASE LIABILITIES | 30,495 | 22,450 | ||||
ACCRUED ASBESTOS LIABILITIES | 54,035 | 55,226 | ||||
OTHER LIABILITIES | 28,481 | 25,929 | ||||
TOTAL LIABILITIES | 560,158 | 406,304 | ||||
TOTAL SMP STOCKHOLDERS' EQUITY | 583,616 | 550,236 | ||||
NONCONTROLLING INTEREST | 11,501 | - | ||||
TOTAL STOCKHOLDERS' EQUITY | 595,117 | 550,236 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,155,275 | $ 956,540 | ||||
STANDARD MOTOR PRODUCTS, INC. | |||||
Condensed Consolidated Statements of Cash Flows | |||||
(In thousands) | |||||
SIX MONTHS ENDED | |||||
JUNE 30, | |||||
2021 | 2020 | ||||
(Unaudited) | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
NET EARNINGS | $ 48,161 | $ 19,594 | |||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH | |||||
PROVIDED BY (USED IN) OPERATING ACTIVITIES: | |||||
DEPRECIATION AND AMORTIZATION | 13,100 | 12,877 | |||
OTHER | 4,127 | 9,666 | |||
CHANGE IN ASSETS AND LIABILITIES: | |||||
ACCOUNTS RECEIVABLE | (4,715) | (38,623) | |||
INVENTORIES | (46,682) | 12,725 | |||
ACCOUNTS PAYABLE | 16,097 | (21,804) | |||
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 3,220 | 5,664 | |||
SUNDRY PAYABLES AND ACCRUED EXPENSES | (6,491) | 2,085 | |||
OTHER | (3,664) | (3,069) | |||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 23,153 | (885) | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES | (109,267) | - | |||
CAPITAL EXPENDITURES | (11,709) | (9,026) | |||
OTHER INVESTING ACTIVITIES | 2 | 6 | |||
NET CASH USED IN INVESTING ACTIVITIES | (120,974) | (9,020) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
NET CHANGE IN DEBT | 127,250 | 34,349 | |||
PURCHASE OF TREASURY STOCK | (11,096) | (8,726) | |||
DIVIDENDS PAID | (11,134) | (5,615) | |||
OTHER FINANCING ACTIVITIES | 694 | 1,818 | |||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 105,714 | 21,826 | |||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 72 | 217 | |||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 7,965 | 12,138 | |||
CASH AND CASH EQUIVALENTS at beginning of Period | 19,488 | 10,372 | |||
CASH AND CASH EQUIVALENTS at end of Period | $ 27,453 | $ 22,510 | |||
View original content:https://www.prnewswire.com/news-releases/standard-motor-products-inc-announces-second-quarter-2021-results-and-a-quarterly-dividend-301347795.html
SOURCE Standard Motor Products, Inc.
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