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2月前
Standard Motor Products, Inc. Releases First Quarter 2026 Results and Quarterly DividendApril 30, 2026 8:30 AM
PR Newswire (US)
Strong first quarter net sales of $451.2 million up, 9.1% from last year, with increases in all segmentsAdjusted Q1 non-GAAP diluted earnings per share of $0.82 and adjusted EBITDA of $44.5 million vs.$0.81 and $42.8 million last year, respectivelyReaffirming full-year guidance of low to mid-single digit sales growth and adjusted EBITDA margin of 11% - 12% NEW YORK, April 30, 2026 /PRNewswire/ -- 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, 2026.
Net sales for the first quarter of 2026 were $451.2 million, compared to consolidated net sales of $413.4 million during the same quarter in 2025. Earnings from continuing operations for the first quarter of 2026 were $18.3 million or $0.81 per diluted share, compared to earnings of $13.7 million or $0.61 per diluted share in the first quarter of 2025. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the first quarter of 2026 were $18.6 million or $0.82 per diluted share, compared to $18.0 million or $0.81 per diluted share in the first quarter of 2025. Mr. Eric Sills, Standard Motor Products' Chairman and Chief Executive Officer stated, "We are quite pleased with our performance in the first quarter. Sales for the quarter increased 9.1%, with all segments performing well, reflecting a continuation of the steady customer demand experienced throughout last year. First Quarter Highlights:North American Aftermarket SegmentsVehicle Control sales increased 11.2% in the first quarter, largely on the strength of customer pipeline orders as they expand assortments to capture DIFM share. We continue to experience favorable demand, as evidenced by strong customer POS and reflective of the non-discretionary nature of our products. We also saw a nominal lift from pass-through tariff pricing.Temperature Control sales increased a modest 0.7%, against last year's record first quarter, when sales were up 24%. As we enter our second quarter, we still have preseason orders left to ship as customers prepare for the upcoming summer selling season. While we are off to a strong start, including favorable customer POS, ultimately this seasonal business will be determined by the strength of the summer months. NissensNissens sales increased 12.4% to $74.4 million, driven by a stronger currency conversion. Our sales grew 2.7% in local currency against a difficult comparison. 2025 was marked by robust first half customer orders, while this year has returned to a more normal cadence. As we are now into our second year of ownership, we begin to look towards growth related to recently launched product categories and remain excited about the multitude of opportunities ahead. Engineered SolutionsSales in the Engineered Solutions segment showed solid growth of 12.6% over last year's soft first quarter as demand continues to recover. Sales growth was aided by recovery in commercial vehicle and power sports end-markets, driven by ordering patterns with certain customers. Profitability & Balance SheetAdjusted EBITDA for the quarter increased to $44.5 million, up from $42.8 million last year, driven by solid performance across our North American Aftermarket segments. Nissens EBITDA was negatively impacted by currency transaction losses on sourcing this quarter, and Engineered Solutions experienced temporary unfavorable manufacturing variances as well as certain inflationary headwinds. From a balance sheet perspective, our cash flows and borrowings were in line with expectations. Total net debt at quarter-end stood at $599.4 million, primarily reflecting an increase over year-end due to seasonal working capital build as sales ramp-up each year during the first quarter. Importantly, our inventory declined slightly in the quarter as we were well prepared for sales orders coming into the year. Our net debt leverage increased modestly to 3.0x due to seasonal working capital build, and we continue to target reducing net debt levels to 2.0x adjusted EBITDA by the end of 2026. 2026 Guidance UpdateOur outlook for the full year of 2026 reaffirms our expectation that sales growth will be in the low to mid-single digit range driven by ongoing tailwinds for professional grade non-discretionary products in the North American aftermarket, continuing momentum in our European business, and an ongoing recovery in Engineered Solutions, offset by a lapping of both tariff pricing and the benefits of stronger currency conversion.Further, we expect Adjusted EBITDA will be in a range of 11% -12%, aided by initiatives we have underway to drive ongoing profitability gains, partially offset by margin compression attributable to passing through tariffs at cost, which began in the second half of 2025. Note that our guidance excludes the impact of ongoing changes in the tariff landscape, or any significant inflationary impact from the conflict in the Middle East. We intend to address these pressures with our usual combination of cost savings and pricing programs. DividendsThe Board of Directors has approved payment of a quarterly dividend of 33 cents per share on the common stock outstanding, which will be paid on June 1, 2026, to stockholders of record on May 15, 2026.Closing RemarksIn closing, Mr. Sills commented, "We are off to a strong start to 2026 and are encouraged by the overall trends across our segments. While the near-term macroeconomic and tariff-related volatility persists, we continue to find ways to perform well in a challenging environment, and leverage our market leadership and the nondiscretionary nature of our products. We are excited about our global opportunities to drive growth and profitability and look forward to another year to deliver value to all our shareholders. I would like to thank our employees for their hard work and commitment to our continued success." Conference CallStandard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Thursday, April 30, 2026. This call will be webcast and can be accessed on our website at www.smpcorp.com and clicking on the SMP Q1'26 Earnings Call Webcast link. Investors may also listen to the call by dialing 800-267-6316 (domestic) or 203-518-9783 (international). The conference call ID code is SMP1Q2026. Our playback will be made available for dial in immediately following the call. For those choosing to listen to the replay by webcast, the link should be active on our website within 24 hours after the call. The playback number is 800-934-8340 (domestic) or 402-220-6993 (international).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
Three Months EndedMarch 31,(In thousands, except share and per share data, unaudited)2026
2025Net sales$ 451,166
$ 413,379Cost of sales311,993
288,657Gross profit139,173
124,722Selling, general and administrative expenses104,837
99,845Restructuring expenses 366
673Other income, net123
258Operating income34,093
24,462Other non-operating income (loss), net(1,279)
2,248Interest expense7,518
7,761Earnings from continuing operations before income taxes25,296
18,949Provision for income taxes6,826
5,069Earnings from continuing operations18,470
13,880Loss from discontinued operations, net of income taxes(1,185)
(1,139)Net earnings17,285
12,741Net earnings attributable to noncontrolling interest149
175Net earnings attributable to SMP$ 17,136
$ 12,566
Net earnings (loss) attributable to SMP
Continuing operations$ 18,321
$ 13,705Discontinued operations(1,185)
(1,139)Net earnings attributable to SMP per common share$ 17,136
$ 12,566
Per common share data
Basic:
Continuing operations$ 0.83
$ 0.63Discontinued operations(0.06)
(0.06)Net earnings attributable to SMP per common share$ 0.77
$ 0.57
Diluted:
Continuing operations$ 0.81
$ 0.61Discontinued operations(0.06)
(0.05)Net earnings attributable to SMP per common share$ 0.75
$ 0.56
Dividend declared per common share$ 0.33
$ 0.31
Weighted average number of common shares, basic22,167,006
21,886,810Weighted average number of common shares, diluted 22,719,732
22,319,868 Standard Motor Products, Inc.Segment Revenues
Three Months EndedMarch 31,
(in thousands, unaudited) 2026
2025Vehicle Control
Engine Management (Ignition, Emissions and Fuel Delivery)$ 141,087
$ 118,366Electrical and Safety57,866
58,319Wire Sets and Other14,886
15,657Total Vehicle Control213,839
192,342
Temperature Control
AC System Components65,198
67,191Other Thermal Components24,306
21,692Total Temperature Control89,504
88,883
Nissens Automotive
Air Conditioning26,273
27,166Engine Cooling31,451
27,773Engine Efficiency16,643
11,243Total Nissens Automotive74,367
66,182
Engineered Solutions
Light Vehicle22,920
21,404Commercial Vehicle22,908
18,605Construction/Agriculture9,504
9,408All Other18,980
16,555Total Engineered Solutions74,312
65,972
Intersegment sales(856)
—
Total$ 451,166
$ 413,379 Standard Motor Products, Inc.Segment Operating Profit
Three Months EndedMarch 31,
(in thousands, unaudited; percentage of net sales)
2026
2025Gross Margin
Vehicle Control
$ 68,16531.9 %
$ 62,16132.3 %Temperature Control
28,65232.0 %
27,59831.0 %Nissens Automotive
32,07143.1 %
27,83842.1 %Engineered Solutions
10,28513.8 %
11,70917.7 %All Other
—
—
Subtotal
$ 139,17330.8 %
$ 129,30631.3 %Acquisition Expenses
—— %
(4,584)-1.1 % Gross Margin
$ 139,17330.8 %
$ 124,72230.2 %
Selling, General & Administrative
Vehicle Control
$ 47,96222.4 %
$ 43,83522.8 %Temperature Control
18,05820.2 %
19,82322.3 %Nissens Automotive
24,20032.5 %
20,25430.6 %Engineered Solutions
8,55611.5 %
8,51412.9 %All Other
6,059
6,856
Subtotal
$ 104,83523.2 %
$ 99,28224.0 %Acquisition Expenses
2— %
5630.1 % Selling, General & Administrative
$ 104,83723.2 %
$ 99,84524.2 %
Operating Income
Vehicle Control
$ 20,2039.4 %
$ 18,3269.5 %Temperature Control
10,59411.8 %
7,7758.7 %Nissens Automotive
7,87110.6 %
7,58411.5 %Engineered Solutions
1,7292.3 %
3,1954.8 %All Other
(6,059)
(6,856)
Subtotal
$ 34,3387.6 %
$ 30,0247.3 %Restructuring
(366)-0.1 %
(673)-0.2 %Acquisition & Integration Expenses
(2)— %
(5,147)-1.2 %Other Income, Net
123— %
2580.1 % Operating Income
$ 34,0937.6 %
$ 24,4625.9 % Standard Motor Products, Inc.
Reconciliation of GAAP and Non-GAAP Measures
(In thousands, except per share amounts, unaudited)
Three Months Ended
March 31,
2026
2025
Earnings from Continuing Operations Attributable To SMP
GAAP Earnings from Continuing Operations
$ 18,321
$ 13,705
Restructuring Expenses
366
673
Acquisition & Integration Expenses
2
5,147
Income Tax Effect Related To Reconciling Items
(96)
(1,513)
Non-GAAP Earnings from Continuing Operations
$ 18,593
$ 18,012
Diluted Earnings Per Share from Continuing Operations Attributable to SMP
GAAP Diluted Earnings Per Share from Continuing Operations
$ 0.81
$ 0.61
Restructuring Expenses
0.01
0.03
Acquisition & Integration Expenses
—
0.23
Income Tax Effect Related To Reconciling Items
—
(0.06)
Non-GAAP Diluted Earnings Per Share from Continuing Operations
$ 0.82
$ 0.81
Operating Income
GAAP Operating Income
$ 34,093
$ 24,462
Restructuring Expenses
366
673
Acquisition & Integration Expenses
2
5,147
Last Twelve Months Ended
Other Income, Net
(123)
(258)
March 31,
Year EndedNon-GAAP Operating Income
$ 34,338
$ 30,024
2026
2025
December 31,
2025
EBITDA without Special Items
GAAP Earnings from Continuing Operations Before Taxes
$ 25,296
$ 18,949
$ 116,870
$ 79,567
$ 110,523
Depreciation and Amortization
11,315
10,267
44,896
34,379
43,848Interest Expense
7,518
7,761
31,096
19,206
31,339 EBITDA
44,129
36,977
192,862
133,152
185,710
Restructuring Expenses
366
673
2,273
8,149
2,580Acquisition & Integration Expenses
2
5,147
3,438
18,623
8,583Customer Program Wind Down
—
—
4,067
—
4,067Special Items
368
5,820
9,778
26,772
15,230
EBITDA without Special Items
$ 44,497
$ 42,797
$ 202,640
$ 159,924
$ 200,940
Management believes that Non-GAAP earnings from continuing operations and Non-GAAP diluted earnings per share from continuing operations which are attributable to SMP, and Non-GAAP operating income and EBITDA without special items, each of which are Non-GAAP measurements and are adjusted for special items, 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.Reconciliation of GAAP and Non-GAAP Measures by Segments
Three Months Ended March 31, 2026(In thousands, unaudited)
Vehicle
Control
Temperature
Control
Nissens
Automotive
Engineered
Solutions
All Other
ConsolidatedOperating Income
GAAP Operating Income
$ 19,613
$ 10,843
$ 7,873
$ 1,822
$ (6,058)
$ 34,093
Restructuring Expenses
272
70
—
24
—
366Acquisition & Integration Expenses
—
—
2
—
—
2Other (Income) Expense, Net
319
(320)
(5)
(117)
—
(123)Non-GAAP Operating Income
$ 20,204
$ 10,593
$ 7,870
$ 1,729
$ (6,058)
$ 34,338
EBITDA without Special Items
GAAP Earnings from Continuing Operations Before Taxes
$ 17,877
$ 10,393
$ 1,361
$ 1,937
$ (6,272)
$ 25,296
Depreciation and Amortization
4,297
808
3,266
2,594
350
11,315Interest Expense
1,864
738
4,647
567
(298)
7,518EBITDA
24,038
11,939
9,274
5,098
(6,220)
44,129
Restructuring Expenses
272
70
—
24
—
366Acquisition & Integration Expenses
—
—
2
—
—
2Special Items
272
70
2
24
—
368
EBITDA without Special Items
$ 24,310
$ 12,009
$ 9,276
$ 5,122
$ (6,220)
$ 44,497% of Net Sales
11.4 %
13.4 %
12.5 %
6.9 %
9.9 %
Three Months Ended March 31, 2025(In thousands, unaudited)
Vehicle
Control
Temperature
Control
Nissens
Automotive
Engineered
Solutions
All Other
ConsolidatedOperating Income
GAAP Operating Income
$ 17,782
$ 7,900
$ 2,587
$ 3,176
$ (6,983)
$ 24,462
Restructuring Expenses
526
136
—
20
(9)
673Acquisition & Integration Expenses
—
—
5,011
—
136
5,147Other Income, Net
18
(261)
(14)
(1)
—
(258)Non-GAAP Operating Income
$ 18,326
$ 7,775
$ 7,584
$ 3,195
$ (6,856)
$ 30,024
EBITDA without Special Items
GAAP Earnings from Continuing Operations Before Taxes
$ 17,046
$ 7,948
$ (2,151)
$ 3,431
$ (7,325)
$ 18,949
Depreciation And Amortization
3,669
778
2,987
2,500
333
10,267Interest Expense
1,007
539
5,620
459
136
7,761EBITDA
21,722
9,265
6,456
6,390
(6,856)
36,977
Restructuring Expenses
526
136
—
20
(9)
673Acquisition & Integration Expenses
—
—
5,011
—
136
5,147Special Items
526
136
5,011
20
127
5,820
EBITDA without Special Items
$ 22,248
$ 9,401
$ 11,467
$ 6,410
$ (6,729)
$ 42,797% of Net Sales
11.6 %
10.6 %
17.3 %
9.7 %
10.4 %
Management believes that Non-GAAP operating income and EBITDA without special items, each of which are Non-GAAP measurements and are adjusted for special items, 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.Consolidated Balance Sheets
(In thousands, except share and per share data)March 31,
2026
March 31,
2025
December 31,
2025 ASSETS(Unaudited)
(Unaudited)
CURRENT ASSETS:
Cash$ 59,207
$ 50,276
$ 72,031Accounts receivable, less allowances for discounts and expected credit losses of $10,159 for 2026 and $7,157 and $10,043 for March and December 2025, respectively312,961
280,795
232,020Inventories726,308
658,728
727,922Prepaid expenses and other current assets21,069
26,282
18,477Total current assets1,119,545
1,016,081
1,050,450
Property, plant and equipment, net of accumulated depreciation of $299,761 for 2026 and $279,885 and $300,283 for March and December 2025, respectively186,442
174,636
188,562Operating lease right-of-use assets102,003
112,022
105,178Goodwill253,626
246,115
256,159Customer relationships intangibles, net204,526
212,378
212,056Other intangibles, net97,303
93,087
99,102Deferred income taxes25,599
14,064
25,384Investments in unconsolidated affiliates26,685
26,013
26,310Other assets32,570
31,695
32,040Total assets$ 2,048,299
$ 1,926,091
$ 1,995,241LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIES:
Current portion of revolving credit facility$ 30,000
$ 4,350
$ 30,000Current portion of term loan and other debt19,370
18,876
21,988Accounts payable179,524
151,206
169,089Sundry payables and accrued expenses98,246
92,758
92,054Accrued customer returns63,710
66,087
49,554Accrued rebates75,924
73,050
84,494Payroll and commissions34,298
31,050
46,135Total current liabilities501,072
437,377
493,314
Long-term debt609,250
627,329
566,727Noncurrent operating lease liabilities90,345
99,885
93,381Accrued asbestos liabilities109,783
29,135
112,625Other accrued liabilities30,270
79,928
30,932Total liabilities1,340,720
1,273,654
1,296,979Commitments and contingencies
Stockholders' equity:
Common stock – par value $2.00 per share (Authorized – 30,000,000 shares; issued 23,936,036 shares)47,872
47,872
47,872Capital in excess of par value101,104
99,547
99,005Retained earnings599,276
581,174
589,448Accumulated other comprehensive income11,664
(13,655)
17,857Treasury stock – at cost (1,690,616 shares in 2026 and 1,955,013 and 1,790,097 shares in March and December 2025, respectively)(66,589)
(76,977)
(70,483)Total SMP stockholders' equity693,327
637,961
683,699Noncontrolling interest14,252
14,476
14,563Total stockholders' equity707,579
652,437
698,262Total liabilities and stockholders' equity$ 2,048,299
$ 1,926,091
$ 1,995,241 Standard Motor Products, Inc.Consolidated Statements of Cash Flows
(In thousands, unaudited)Three Months Ended
March 31,
2026
2025CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings$ 17,285
$ 12,741Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization11,315
10,267Amortization of deferred financing cost278
327(Decrease) increase to allowance for expected credit losses(124)
1,614Increase to inventory reserves901
1,843Equity income from joint ventures(669)
(1,084)Employee stock ownership plan allocation822
675Stock-based compensation2,989
1,550Increase in deferred income taxes(980)
(16)Loss on discontinued operations, net of tax1,185
1,139Change in assets and liabilities:
Increase in accounts receivable(82,541)
(68,882)Increase in inventories(1,966)
(14,576)(Increase) decrease in prepaid expenses and other current assets(104)
1,438Increase in accounts payable11,419
957Increase (decrease) in sundry payables and accrued expenses1,524
(3,185)Net change in other assets and liabilities(3,263)
(5,028)Net cash used in operating activities(41,929)
(60,220)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(6,740)
(9,132)Other investing activities33
2,923Net cash used in investing activities(6,707)
(6,209)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of term loans(3,938)
(3,853)Net borrowings under revolving credit facilities51,437
80,962Net (repayments) borrowings of other debt and lease obligations(3,531)
1,985Purchase of treasury stock(283)
—Increase in overdraft balances93
191Dividends paid(7,308)
(6,777)Dividends paid to noncontrolling interest(624)
—Net cash provided by financing activities35,846
72,508Effect of exchange rate changes on cash(34)
(229)Net (decrease) increase in cash(12,824)
5,850CASH at beginning of period72,031
44,426CASH at end of period$ 59,207
$ 50,276
View original content to download multimedia:https://www.prnewswire.com/news-releases/standard-motor-products-inc-releases-first-quarter-2026-results-and-quarterly-dividend-302758333.htmlSOURCE Standard Motor Products, Inc.
Original: Standard Motor Products, Inc. Releases First Quarter 2026 Results and Quarterly Dividend
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