Standard Motor Products Q3 2024 10-Q Filed
Ticker: SMP · Form: 10-Q · Filed: Oct 30, 2024 · CIK: 93389
Sentiment: neutral
Topics: 10-Q, earnings, automotive-parts
TL;DR
SMP's Q3 2024 10-Q is in. Check financials for latest auto parts performance.
AI Summary
Standard Motor Products, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial data and operational details for this period are presented, reflecting the company's performance in the automotive parts and accessories sector.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational updates for Standard Motor Products, Inc., crucial for understanding the company's trajectory in the automotive aftermarket.
Risk Assessment
Risk Level: medium — As a publicly traded company in the automotive sector, Standard Motor Products, Inc. is subject to market fluctuations, supply chain disruptions, and competitive pressures.
Key Numbers
- 2024-09-30 — Reporting Period End Date (The 10-Q covers financial performance up to this date.)
- 2024-10-30 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
- 2024-01-01 — Fiscal Year Start Date (Beginning of the reporting period for the year-to-date figures.)
Key Players & Entities
- STANDARD MOTOR PRODUCTS, INC. (company) — Filer
- MOTOR VEHICLE PARTS & ACCESSORIES (industry) — Standard Industrial Classification
- NY (location) — State of Incorporation and Business Address
- 11101 (zip_code) — Business Address Zip Code
- 718-392-0200 (phone_number) — Business Phone Number
FAQ
What were the key financial highlights for Standard Motor Products, Inc. in the third quarter of 2024?
The 10-Q filing for the period ending September 30, 2024, provides detailed financial statements for the third quarter and year-to-date, but specific dollar amounts for revenue, net income, or EPS are not detailed in the provided header information.
What is the primary business of Standard Motor Products, Inc.?
Standard Motor Products, Inc. is classified under the Standard Industrial Classification code 3714, which pertains to MOTOR VEHICLE PARTS & ACCESSORIES.
When does Standard Motor Products, Inc.'s fiscal year end?
The company's fiscal year ends on December 31st (1231).
Where is Standard Motor Products, Inc. headquartered?
The company's business and mailing address is located at 37-18 Northern Blvd., Long Island City, NY 11101.
What is the SEC file number for Standard Motor Products, Inc.'s 10-Q filing?
The SEC file number for this 10-Q filing is 001-04743.
Filing Stats: 4,626 words · 19 min read · ~15 pages · Grade level 16.5 · Accepted 2024-10-30 13:23:51
Key Financial Figures
- $2.00 — ich registered Common Stock, par value $2.00 per share SMP New York Stock Exchange L
Filing Documents
- smp-20240930.htm (10-Q) — 1530KB
- smp-20240930xexx311.htm (EX-31.1) — 10KB
- smp-20240930xexx312.htm (EX-31.2) — 10KB
- smp-20240930xexx321.htm (EX-32.1) — 5KB
- smp-20240930xexx322.htm (EX-32.2) — 5KB
- 0000093389-24-000043.txt ( ) — 8832KB
- smp-20240930.xsd (EX-101.SCH) — 59KB
- smp-20240930_cal.xml (EX-101.CAL) — 100KB
- smp-20240930_def.xml (EX-101.DEF) — 300KB
- smp-20240930_lab.xml (EX-101.LAB) — 686KB
- smp-20240930_pre.xml (EX-101.PRE) — 499KB
- smp-20240930_htm.xml (XML) — 1442KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION Page No. Item 1. Consolidated Financial Statements: Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 5 Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2024 and 2023 6 Consolidated Statements of Changes in Stockholders' Equity (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 7
Notes to Consolidated Financial Statements (Unaudited)
Notes to Consolidated Financial Statements (Unaudited) 9 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.
Controls and Procedures
Controls and Procedures 43
– OTHER INFORMATION
PART II – OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 44 Item 6. Exhibits 44
Signatures
Signatures 45 2 Table of Contents
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
CONSOLIDATED FINANCIAL STATEMENTS
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS STANDARD MOTOR PRODUCTS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except share and per share data, unaudited) 2024 2023 2024 2023 Net sales $ 399,265 $ 386,413 $ 1,120,497 $ 1,067,516 Cost of sales 277,899 271,653 798,162 760,220 Gross profit 121,366 114,760 322,335 307,296 Selling, general and administrative expenses 81,204 79,781 239,822 223,257 Restructuring and integration expenses 3,023 177 5,774 1,383 Other income (expense), net — 4 5 74 Operating income 37,139 34,806 76,744 82,730 Other non-operating income, net 2,129 1,732 5,147 2,759 Interest expense 3,145 3,621 7,964 10,766 Earnings from continuing operations before taxes 36,123 32,917 73,927 74,723 Provision for income taxes 9,267 7,995 18,718 18,656 Earnings from continuing operations 26,856 24,922 55,209 56,067 Loss from discontinued operations, net of income taxes ( 22,771 ) ( 18,200 ) ( 24,727 ) ( 28,201 ) Net earnings 4,085 6,722 30,482 27,866 Net earnings attributable to noncontrolling interest 275 63 785 152 Net earnings attributable to SMP (a) $ 3,810 $ 6,659 $ 29,697 $ 27,714 Net earnings (loss) attributable to SMP Continuing operations $ 26,581 $ 24,859 $ 54,424 $ 55,915 Discontinued operations ( 22,771 ) ( 18,200 ) ( 24,727 ) ( 28,201 ) Net earnings attributable to SMP $ 3,810 $ 6,659 $ 29,697 $ 27,714 Per common share data Basic: Continuing operations $ 1.22 $ 1.14 $ 2.50 $ 2.58 Discontinued operations ( 1.04 ) ( 0.83 ) ( 1.14 ) ( 1.30 ) Net earnings attributable to SMP per common share $ 0.18 $ 0.31 $ 1.36 $ 1.28 Diluted: Continuing operations $ 1.20 $ 1.12 $ 2.45 $ 2.52 Discontinued operations ( 1.03 ) ( 0.82 ) ( 1.11 ) ( 1.27 ) Net earnings attributable to SMP per common share $ 0.17 $ 0.30 $ 1.34 $ 1.25 Dividend declared per common share $ 0.29 $ 0.29 $ 0.87 $ 0.87 Weighted avera