$SMP
STANDARD MOTOR PRODUCTS, INC.

2023 Q2 Form 10-Q Financial Statement

#000114036123022636 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $353.1M $328.0M $322.8M
YoY Change -1.76% 1.61% 16.73%
Cost Of Revenue $251.8M $236.8M $233.0M
YoY Change -4.28% 1.62% 20.87%
Gross Profit $101.3M $91.27M $89.84M
YoY Change 5.1% 1.59% 7.23%
Gross Profit Margin 28.68% 27.82% 27.83%
Selling, General & Admin $73.84M $69.63M $62.88M
YoY Change 7.85% 10.73% 15.47%
% of Gross Profit 72.92% 76.3% 70.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.047M $7.082M $6.952M
YoY Change 1.53% 1.87% 6.95%
% of Gross Profit 6.96% 7.76% 7.74%
Operating Expenses $73.80M $69.63M $62.88M
YoY Change 7.78% 10.73% 15.47%
Operating Profit $27.47M $20.75M $26.92M
YoY Change -1.51% -22.92% -8.22%
Interest Expense -$3.283M $3.862M $805.0K
YoY Change -280.29% 379.75% 285.17%
% of Operating Profit -11.95% 18.62% 2.99%
Other Income/Expense, Net $802.0K $225.0K $1.449M
YoY Change -58.38% -84.47% 128.19%
Pretax Income $24.70M $17.11M $27.56M
YoY Change -11.79% -37.92% -7.36%
Income Tax $6.289M $4.372M $7.005M
% Of Pretax Income 25.46% 25.55% 25.42%
Net Earnings $9.137M $11.92M $19.45M
YoY Change -52.23% -38.71% -7.4%
Net Earnings / Revenue 2.59% 3.63% 6.02%
Basic Earnings Per Share $0.42 $0.55 $0.88
Diluted Earnings Per Share $0.41 $0.54 $0.87
COMMON SHARES
Basic Shares Outstanding 21.67M 21.59M 21.98M
Diluted Shares Outstanding 22.18M 22.10M 22.48M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.02M $24.20M $20.00M
YoY Change 62.27% 20.99% 16.95%
Cash & Equivalents $23.02M $24.20M $20.00M
Short-Term Investments
Other Short-Term Assets $27.90M $26.19M $17.47M
YoY Change 6.51% 49.92% 26.6%
Inventory $518.9M $542.7M $556.6M
Prepaid Expenses
Receivables $218.1M $210.8M $9.600M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $787.9M $803.9M $819.4M
YoY Change -6.52% -1.9% 32.81%
LONG-TERM ASSETS
Property, Plant & Equipment $180.8M $107.1M $145.3M
YoY Change 72.34% -26.25% 20.85%
Goodwill $132.4M $132.3M
YoY Change 0.97%
Intangibles $96.29M $98.39M
YoY Change -5.27%
Long-Term Investments $41.56M $42.72M $45.52M
YoY Change -7.41% -6.15% 11.84%
Other Assets $63.34M $27.46M $64.49M
YoY Change 132.97% -57.42% -5.3%
Total Long-Term Assets $514.3M $516.2M $491.0M
YoY Change 6.32% 5.13% 36.58%
TOTAL ASSETS
Total Short-Term Assets $787.9M $803.9M $819.4M
Total Long-Term Assets $514.3M $516.2M $491.0M
Total Assets $1.302B $1.320B $1.310B
YoY Change -1.84% 0.73% 34.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $141.9M $94.37M $139.4M
YoY Change 1.3% -32.3% 28.47%
Accrued Expenses $147.9M $138.2M $155.3M
YoY Change -11.78% -11.02% 15.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $58.73M $57.61M $248.7M
YoY Change -8.17% -76.83% 485.28%
Total Short-Term Liabilities $348.5M $321.4M $578.1M
YoY Change -15.05% -44.4% 84.47%
LONG-TERM LIABILITIES
Long-Term Debt $164.5M $215.5M $0.00
YoY Change -19.17% -100.0%
Other Long-Term Liabilities $148.8M $150.4M $109.4M
YoY Change 48.48% 37.55% 3.18%
Total Long-Term Liabilities $313.2M $215.5M $0.00
YoY Change 53.93% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $348.5M $321.4M $578.1M
Total Long-Term Liabilities $313.2M $215.5M $0.00
Total Liabilities $672.5M $687.3M $698.5M
YoY Change -5.8% -1.6% 66.52%
SHAREHOLDERS EQUITY
Retained Earnings $572.8M $569.9M
YoY Change 2.45%
Common Stock $154.4M $154.5M
YoY Change -1.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $629.7M $621.6M $611.9M
YoY Change
Total Liabilities & Shareholders Equity $1.302B $1.320B $1.310B
YoY Change -1.84% 0.73% 34.19%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $9.137M $11.92M $19.45M
YoY Change -52.23% -38.71% -7.4%
Depreciation, Depletion And Amortization $7.047M $7.082M $6.952M
YoY Change 1.53% 1.87% 6.95%
Cash From Operating Activities $59.81M -$20.44M -$104.0M
YoY Change 593.15% -80.34% 811.95%
INVESTING ACTIVITIES
Capital Expenditures $5.144M $4.363M -$6.449M
YoY Change -176.16% -167.65% 28.98%
Acquisitions
YoY Change
Other Investing Activities $53.00K -$13.00K $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.091M -$4.350M -$6.449M
YoY Change -24.62% -32.55% -7.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -56.43M 27.34M 108.3M
YoY Change 746.66% -74.76% 572.87%
NET CHANGE
Cash From Operating Activities 59.81M -20.44M -104.0M
Cash From Investing Activities -5.091M -4.350M -6.449M
Cash From Financing Activities -56.43M 27.34M 108.3M
Net Change In Cash -1.709M 3.046M -2.079M
YoY Change -64.32% -246.51% -9.61%
FREE CASH FLOW
Cash From Operating Activities $59.81M -$20.44M -$104.0M
Capital Expenditures $5.144M $4.363M -$6.449M
Free Cash Flow $54.67M -$24.81M -$97.51M
YoY Change 255.38% -74.56% 1423.64%

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CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2834000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2760000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
29092000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3866000
CY2023Q1 smp Operating Lease Non Lease Components
OperatingLeaseNonLeaseComponents
700000
CY2022Q1 smp Operating Lease Non Lease Components
OperatingLeaseNonLeaseComponents
400000
CY2023Q1 smp Right Of Use Assets Related To Lease Modifications And Extension
RightOfUseAssetsRelatedToLeaseModificationsAndExtension
27800000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
8158000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
12383000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
10627000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
9517000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
8740000
CY2023Q1 smp Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
44780000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
94205000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
18080000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
76125000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
273101000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
239620000
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
57614000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
55031000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
215487000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
184589000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
273101000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
239620000
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.91
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.03
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.04
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.87
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21610000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21979000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3764000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
5087000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
5000000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
7500000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
251750000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
273101000
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
57614000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
215487000
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2000000
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2100000
CY2023Q1 smp Amortization Of Financing Costs Remainder Of Fiscal Year
AmortizationOfFinancingCostsRemainderOfFiscalYear
300000
CY2023Q1 smp Amortization Of Financing Costs Next Twelve Months
AmortizationOfFinancingCostsNextTwelveMonths
500000
CY2023Q1 smp Amortization Of Financing Costs Year Two
AmortizationOfFinancingCostsYearTwo
500000
CY2023Q1 smp Amortization Of Financing Costs Year Three
AmortizationOfFinancingCostsYearThree
500000
CY2023Q1 smp Amortization Of Financing Costs Year Four
AmortizationOfFinancingCostsYearFour
200000
CY2023Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
OciBeforeReclassificationsNetOfTaxAttributableToParent
1810000
CY2023Q1 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent
341000
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1469000
CY2023Q1 smp Number Of Types Of Restricted Stock
NumberOfTypesOfRestrictedStock
2
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
488000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
499000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22098000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22478000
CY2023Q1 smp Number Of Former Union Employees Covered By The Plan
NumberOfFormerUnionEmployeesCoveredByThePlan
14
CY2023Q1 smp Number Of Independent Third Parties
NumberOfIndependentThirdParties
2
CY2023Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
12698000
CY2022Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
20562000
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-780000
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-1116000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
11918000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
19446000
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.59
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.94
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.04
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.06
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.88
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21610000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21979000
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.57
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
328028000
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
322831000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
20746000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
26915000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
328028000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
322831000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
328028000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
322831000
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
20600000
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
20700000
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
19667000
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
17463000
CY2023Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
25793000
CY2022Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
22626000
CY2023Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
24860000
CY2022Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
19378000
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
20600000
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
20711000

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