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FALSE000009338900000933892025-02-272025-02-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 27, 2025
STANDARD MOTOR PRODUCTS, INC.
(Exact Name of Registrant as Specified in its Charter)
New York
001-04743
11-1362020
(State or Other
Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employee
Identification Number)
37-18 Northern Boulevard, Long Island City, New York 11101
(Address of Principal Executive Offices, including Zip Code)
Registrant’s Telephone Number, including Area Code: 718-392-0200
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $2.00 per share SMP New York Stock Exchange LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o On February 27, 2025, Standard Motor Products, Inc. (the “Company”) issued a press release announcing its financial results for the three months and year ended December 31, 2024. A copy of such press release is furnished as Exhibit 99.1 hereto.


Item 2.02. Results of Operations and Financial Condition.


Such press release shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
99.1 Press release dated February 27, 2025 announcing Standard Motor Products, Inc.’s financial results for the three months and year ended December 31, 2024.
104 Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
STANDARD MOTOR PRODUCTS, INC.
By: /s/ Nathan R. Iles
Nathan R. Iles
Chief Financial Officer
Date: February 27, 2025
2

Exhibit Index
Exhibit No. Description
Press release dated February 27, 2025 announcing Standard Motor Products, Inc.’s financial results for the three months and year ended December 31, 2024.
104
Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.
3
EX-99.1 2 a991pressrelease.htm EX-99.1 Document


Exhibit 99.1
logo021a.jpg
For Immediate Release
For more information, contact:
Anthony (Tony) Cristello
Standard Motor Products, Inc.
(972) 316-8107
investors@smpcorp.com

Standard Motor Products, Inc. Releases
Fourth Quarter and 2024 Year-End Results

•Fourth quarter net sales of $343 million up 18.1%, and up 5.8% excluding Nissens
•Acquisition of Nissens closed in November, contributed $35.7 million of sales in the quarter
•Net sales for the full year of $1.46 billion, up 7.8%, and up 5.1% excluding Nissens
•Full year adjusted EBITDA of 9.6%
•Adjusted diluted earnings per share of $0.47 in the quarter and $3.17 for the full year, up 27.0% and 8.6% respectively

New York, NY, February 27, 2025......Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three and twelve months ended December 31, 2024.

Net sales for the fourth quarter of 2024 were $343.4 million, compared to consolidated net sales of $290.8 million during the same quarter in 2023. Loss from continuing operations for the fourth quarter of 2024 was $0.8 million or $0.04 per diluted share, compared to earnings of $7.2 million or $0.32 per diluted share in the fourth quarter of 2023. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the fourth quarter of 2024 were $10.5 million or $0.47 per diluted share, compared to $8.2 million or $0.37 per diluted share in the fourth quarter of 2023.





Consolidated net sales for the twelve months ended December 31, 2024, were $1.46 billion, compared to consolidated net sales of $1.36 billion during the comparable period in 2023. Earnings from continuing operations for the twelve months ended December 31, 2024, were $53.6 million or $2.41 per diluted share, compared to $63.1 million or $2.85 per diluted share in the comparable period of 2023. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the twelve months ended December 31, 2024 and 2023 were $70.5 million or $3.17 per diluted share and $64.8 million or $2.92 per diluted share, respectively.

Mr. Eric Sills, Standard Motor Products’ Chairman and Chief Executive Officer stated, “We are pleased with our results. Sales for the quarter were up 18.1%, and up 7.8% for the full year. Excluding the impact of the recent acquisition of Nissens Automotive, sales for the quarter and year were up 5.8% and 5.1%, respectively. Adjusted diluted earnings per share were up 27% for the quarter and 8.6% for the year. On November 1st, we completed the acquisition of Nissens Automotive and during the two months ownership in 2024, the business performed in line with our expectations. We are delighted with the acquisition, and integration plans are well-underway.”

By segment, Vehicle Control sales increased 4.9% in the fourth quarter, bringing full-year performance to an increase of 3.3%. The solid results in the quarter were due to a combination of factors including favorable order patterns, general strength across our non-discretionary categories, as well as some benefit due to a softer comparison from last year.





Turning to Temperature Control, the strength experienced all year continued as sales increased 30% in the quarter, contributing to an increase of 12.5% for the full year. This has been a very strong year for the segment, as demand started early and remained robust throughout the year.

For Engineered Solutions, although sales for the full year were up 1%, fourth quarter sales declined 7.9% against a difficult comparison. Throughout the quarter we saw softening across various end markets as certain customers reduced their production schedules. We continue to win new business awards which bodes well for future growth.

Turning to our newest segment, Nissens, we were pleased with the performance during our two months of ownership, as it contributed sales of $35.7 million in the quarter. As we work together with the Nissens team, we continue to see an excellent business and cultural fit, as well as the tremendous opportunities the combination of our two companies present. While in the early stages, collaborative efforts are underway to identify and implement potential cost savings and growth opportunities, as well as to instill best practices across both our companies. We look forward to updating you as we move further into the integration process and remain very excited about the future potential.

Looking at profitability, Adjusted EBITDA improved to $29.0 million from last year’s fourth quarter of $18.3 million, up 210 basis points to 8.4%, and our full year Adjusted EBITDA was up 30 basis points to 9.6%. Margin improvement resulted from leverage gained on the solid sales performance, as well as from various cost containment actions to offset inflationary pressures, including the benefit from our previously disclosed early retirement program. We remain focused on our cost savings initiatives and continue to look at ways to drive margin improvement going forward.





From a cash flow perspective, we were pleased to see healthy cash flows for the year, and borrowings in line with expectations. Total net debt at year-end stood at $517.9 million, reflecting additional borrowings related to our Nissens acquisition. As we have noted, we plan to use cash flows to work our debt balances down to lower levels, with target leverage of less than 2.0x by the end of 2026.

Looking forward, our outlook for the full year of 2025 includes an expectation that sales growth will be in the mid-teens, largely due to the addition of Nissens. Further, we expect Adjusted EBITDA will be in a range of 10.0-11.0%. Our forecast includes expenses related to aligning operations for our new Nissens segment as well as some redundant transition costs for our distribution center expansion into Shawnee, KS. We expect much of the DC move to be completed by late 2025 and anticipate the sale of our Edwardsville, KS distribution center taking place in the first half of 2026. At this time, it is difficult to assess the timing or magnitude of any tariff provisions that may be implemented and therefore have not incorporated any impact from changes to tariffs to our guidance.

As previously announced, our Board of Directors approved an increase in our dividend, and we will make a quarterly dividend payment of 31 cents per share on the common stock outstanding, which will be paid on March 3, 2025 to stockholders of record on February 14, 2025.

In closing, Mr. Sills commented, “As we move into 2025, we are excited about the future. Our North American aftermarket business remains healthy and strong, and as our products are largely non-discretionary, they tend to outperform in challenging economic times. Nissens is performing well, and our integration is beginning to take shape, setting the stage for realization of a multi-year period of growth and synergy savings from this transformative acquisition. And while our Engineered Solutions segment will be prone to the ebbs and flows of the end markets it serves, we continue to gain standing in this broad global marketplace, with a strong future ahead. In many ways this will be a transition year to have SMP well-positioned to take advantage of the many opportunities we see before us.




As always, we thank our employees that make all this possible.”

Conference Call
Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Thursday, February 27, 2025. This call will be webcast and can be accessed on our website at www.smpcorp.com and clicking on the SMP Q4'24 Earnings Call Earnings Webcast link. Investors may also listen to the call by dialing 800-225-9448 (domestic) or 203-518-9708 (international). The conference call ID code is SMP4Q2024. 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 800-925-9527 (domestic) or 402-220-5388 (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
(In thousands, except per share amounts) THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
2024 2023 2024 2023
(Unaudited) (Unaudited)
NET SALES $ 343,352  $ 290,756  $ 1,463,849  $ 1,358,272 
COST OF SALES 242,366  209,226  1,040,528  969,446 
GROSS PROFIT 100,986  81,530  423,321  388,826 
SELLING, GENERAL & ADMINISTRATIVE EXPENSES 95,282  70,326  335,104  293,583 
RESTRUCTURING AND INTEGRATION EXPENSES 1,894  1,259  7,668  2,642 
OTHER INCOME, NET 70  2  75  76 
OPERATING INCOME 3,880  9,947  80,624  92,677 
OTHER NON-OPERATING INCOME (EXPENSE), NET 1,730  (433) 6,877  2,326 
INTEREST EXPENSE 5,548  2,521  13,512  13,287 
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES 62  6,993  73,989  81,716 
PROVISION FOR INCOME TAXES 667  (288) 19,385  18,368 
EARNINGS (LOSS) FROM CONTINUING OPERATIONS (605) 7,281  54,604  63,348 
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES (1,401) (795) (26,128) (28,996)
NET EARNINGS (LOSS) (2,006) 6,486  28,476  34,352 
 
NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST 191  52  976  204 
NET EARNINGS (LOSS) ATTRIBUTABLE TO SMP (a) $ (2,197) $ 6,434  $ 27,500  $ 34,148 
NET EARNINGS (LOSS) ATTRIBUTABLE TO SMP
EARNINGS (LOSS) FROM CONTINUING OPERATIONS $ (796) $ 7,229  $ 53,628  $ 63,144 
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES (1,401) (795) (26,128) (28,996)
TOTAL $ (2,197) $ 6,434  $ 27,500  $ 34,148 
NET EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO SMP
   BASIC EARNINGS (LOSS) FROM CONTINUING OPERATIONS $ (0.04) $ 0.33  $ 2.46  $ 2.91 
   DISCONTINUED OPERATION (0.06) (0.04) (1.20) (1.34)
   NET EARNINGS (LOSS) PER COMMON SHARE - BASIC $ (0.10) $ 0.29  $ 1.26  $ 1.57 




   DILUTED EARNINGS (LOSS) FROM CONTINUING OPERATIONS $ (0.04) $ 0.32  $ 2.41  $ 2.85 
   DISCONTINUED OPERATION (0.06) (0.03) (1.17) (1.31)
   NET EARNINGS (LOSS) PER COMMON SHARE - DILUTED $ (0.10) $ 0.29  $ 1.24  $ 1.54 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES 21,798,092  21,836,293  21,801,141  21,716,177 
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES 22,286,577  22,310,085  22,237,059  22,161,341 
   (a) "SMP" refers to Standard Motor Products, Inc. and subsidiaries.




STANDARD MOTOR PRODUCTS, INC.
Segment Revenues and Operating Profit
(In thousands) THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
2024 2023 2024 2023
(Unaudited) (Unaudited)
Revenues
Engine Management (Ignition, Emissions
and Fuel Delivery) $ 114,414  $ 107,320  $ 467,460  $ 450,180 
Electrical and Safety 56,589  55,062  229,361  221,782 
Wire sets and other 16,415  16,247  65,739  65,970 
        Vehicle Control 187,418  178,629  762,560  737,932 
AC System Components 29,298  19,843  274,926  237,756 
Other Thermal Components 28,716  24,788  105,162  99,998 
        Temperature Control 58,014  44,631  380,088  337,754 
Commercial Vehicle 20,155  20,218  89,171  79,376 
Construction / Agriculture 8,201  8,861  35,832  41,665 
Light Vehicle 20,772  21,578  91,548  92,701 
All Other 13,047  16,839  68,905  68,844 
        Engineered Solutions 62,175  67,496  285,456  282,586 
Air Conditioning 9,214  —  9,214  — 
Engine Cooling 19,287  —  19,287  — 
Engine Efficiency 7,244  —  7,244  — 
        Nissens Automotive 35,745  —  35,745  — 
        Revenues $ 343,352  $ 290,756  $ 1,463,849  $ 1,358,272 
Gross Margin
Vehicle Control $ 59,565  31.8% $ 58,769  32.9% $ 244,085  32.0% $ 238,215  32.3%
Temperature Control 19,171  33.0% 12,375  27.7% 117,792  31.0% 95,827  28.4%
Engineered Solutions 10,725  17.2% 10,386  15.4% 49,919  17.5% 54,784  19.4%
Nissens Automotive 14,590  40.8% —  —% 14,590  40.8% —  —%
All Other —  —  —  — 
        Subtotal $ 104,051  30.3% $ 81,530  28.0% $ 426,386  29.1% $ 388,826  28.6%
Acquisition Expenses (3,065) -0.9% —  —% (3,065) -0.2% —  —%
        Gross Margin $ 100,986  29.4% $ 81,530  28.0% $ 423,321  28.9% $ 388,826  28.6%




Selling, General & Administrative
Vehicle Control $ 42,402  22.6% $ 41,397  23.2% $ 172,525  22.6% $ 165,705  22.5%
Temperature Control 15,369  26.5% 15,640  35.0% 82,010  21.6% 77,376  22.9%
Engineered Solutions 8,832  14.2% 9,343  13.8% 34,323  12.0% 34,565  12.2%
Nissens Automotive 14,205  39.7% —  —% 14,205  39.7% —  —%
All Other 5,467  3,946  21,630  15,937 
        Subtotal $ 86,275  25.1% $ 70,326  24.2% $ 324,693  22.2% $ 293,583  21.6%
Acquisition Expenses 9,007  2.6% —  —% 10,411  0.7% —  —%
        Selling, General & Administrative $ 95,282  27.8% $ 70,326  24.2% $ 335,104  22.9% $ 293,583  21.6%
Operating Income
Vehicle Control $ 17,163  9.2% $ 17,372  9.7% $ 71,560  9.4% $ 72,510  9.8%
Temperature Control 3,802  6.6% (3,265) -7.3% 35,782  9.4% 18,451  5.5%
Engineered Solutions 1,893  3.0% 1,043  1.5% 15,596  5.5% 20,219  7.2%
Nissens Automotive 385  1.1% —  —% 385  1.1% —  —%
All Other (5,467) (3,946) (21,630) (15,937)
        Subtotal $ 17,776  5.2% $ 11,204  3.9% $ 101,693  6.9% $ 95,243  7.0%
Restructuring & Integration (1,894) -0.6% (1,259) -0.4% (7,668) -0.5% (2,642) -0.2%
Acquisition Expenses (12,072) -3.5% —  —% (13,476) -0.9% —  —%
Other Income, Net 70  —% 2  —% 75  —% 76  —%
        Operating Income $ 3,880  1.1% $ 9,947  3.4% $ 80,624  5.5% $ 92,677  6.8%




STANDARD MOTOR PRODUCTS, INC.
Reconciliation of GAAP and Non-GAAP Measures
(In thousands, except per share amounts) THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
2024 2023 2024 2023
(Unaudited) (Unaudited)
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
GAAP EARNINGS (LOSS) FROM CONTINUING OPERATIONS $ (796) $ 7,229  $ 53,628  $ 63,144 
RESTRUCTURING AND INTEGRATION EXPENSES 1,894  1,259  7,668  2,642 
ACQUISITION EXPENSES 13,041  —  15,245  — 
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD —  —  (380) (312)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS (3,631) (327) (5,705) (687)
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS $ 10,508  $ 8,161  $ 70,456  $ 64,787 
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
GAAP DILUTED EARNINGS (LOSS) PER SHARE FROM CONTINUING OPERATIONS $ (0.04) $ 0.32  $ 2.41  $ 2.85 
RESTRUCTURING AND INTEGRATION EXPENSES 0.08  0.06  0.34  0.12 
ACQUISITION EXPENSES 0.59  —  0.69  — 
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD —  —  (0.02) (0.01)
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS (0.16) (0.01) (0.25) (0.04)
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS $ 0.47  $ 0.37  $ 3.17  $ 2.92 
OPERATING INCOME
GAAP OPERATING INCOME $ 3,880  $ 9,947  $ 80,624  $ 92,677 
RESTRUCTURING AND INTEGRATION EXPENSES 1,894  1,259  7,668  2,642 
ACQUISITION EXPENSES 12,072  —  13,476  — 
OTHER INCOME, NET (70) (2) (75) (76)




NON-GAAP OPERATING INCOME $ 17,776  $ 11,204  $ 101,693  $ 95,243 
EBITDA WITHOUT SPECIAL ITEMS
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES $ 62  $ 6,993  $ 73,989  $ 81,716 
DEPRECIATION AND AMORTIZATION 9,405  7,561  31,413  29,022 
INTEREST EXPENSE 5,548  2,521  13,512  13,287 
     EBITDA 15,015  17,075  118,914  124,025 
RESTRUCTURING AND INTEGRATION EXPENSES 1,894  1,259  7,668  2,642 
ACQUISITION EXPENSES 12,072  —  13,476  — 
    SPECIAL ITEMS 13,966  1,259  21,144  2,642 
EBITDA WITHOUT SPECIAL ITEMS $ 28,981  $ 18,334  $ 140,058  $ 126,667 
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
(In thousands) THREE MONTHS ENDED DECEMBER 31, 2024
Vehicle Control Temperature Control Engineered Solutions Nissens Automotive All Other Consolidated
(Unaudited)
OPERATING INCOME
GAAP OPERATING INCOME $ 15,621  $ 3,635  $ 1,766  $ (2,768) $ (14,374) $ 3,880 
RESTRUCTURING AND INTEGRATION EXPENSES 1,536  169  189  —  —  1,894 
ACQUISITION EXPENSES —  —  —  3,165  8,907  12,072 
OTHER EXPENSE, NET 6  (2) (62) (12) —  (70)
NON-GAAP OPERATING INCOME $ 17,163  $ 3,802  $ 1,893  $ 385  $ (5,467) $ 17,776 
EBITDA WITHOUT SPECIAL ITEMS
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES $ 14,893  $ 4,216  $ 2,184  $ (6,087) $ (15,144) $ 62 
DEPRECIATION AND AMORTIZATION 3,860  827  2,368  1,943  407  9,405 
INTEREST EXPENSE 484  312  560  4,147  45  5,548 
     EBITDA 19,237  5,355  5,112  3  (14,692) 15,015 
RESTRUCTURING AND INTEGRATION EXPENSES 1,536  169  189  —  —  1,894 
ACQUISITION EXPENSES —  —  —  3,165  8,907  12,072 
    SPECIAL ITEMS 1,536  169  189  3,165  8,907  13,966 
EBITDA WITHOUT SPECIAL ITEMS $ 20,773  $ 5,524  $ 5,301  $ 3,168  $ (5,785) $ 28,981 
% of Net Sales 11.1  % 9.5  % 8.5  % 8.9  % 8.4  %
(In thousands) THREE MONTHS ENDED DECEMBER 31, 2023
Vehicle Control Temperature Control Engineered Solutions Nissens Automotive All Other Consolidated
(Unaudited)
OPERATING INCOME
GAAP OPERATING INCOME $ 16,608  $ (3,595) $ 880  $ —  $ (3,946) $ 9,947 




RESTRUCTURING AND INTEGRATION EXPENSES 792  330  137  —  —  1,259 
OTHER INCOME, NET (28) —  26  —  —  (2)
NON-GAAP OPERATING INCOME $ 17,372  $ (3,265) $ 1,043  $ —  $ (3,946) $ 11,204 
EBITDA WITHOUT SPECIAL ITEMS
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES $ 14,862  $ (4,466) $ 395  $ —  $ (3,798) $ 6,993 
DEPRECIATION AND AMORTIZATION 3,610  985  2,549  —  417  7,561 
INTEREST EXPENSE 1,737  602  690  —  (508) 2,521 
     EBITDA 20,209  (2,879) 3,634  —  (3,889) 17,075 
RESTRUCTURING AND INTEGRATION EXPENSES 792  330  137  —  —  1,259 
    SPECIAL ITEMS 792  330  137  —  —  1,259 
EBITDA WITHOUT SPECIAL ITEMS $ 21,001  $ (2,549) $ 3,771  $ —  $ (3,889) $ 18,334 
% of Net Sales 11.8  % -5.7  % 5.6  % —  % 6.3  %
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.
Reconciliation of GAAP and Non-GAAP Measures by Segments
(In thousands) TWELVE MONTHS ENDED DECEMBER 31, 2024
Vehicle Control Temperature Control Engineered Solutions Nissens Automotive All Other Consolidated
(Unaudited)
OPERATING INCOME
GAAP OPERATING INCOME $ 67,306  $ 34,937  $ 14,820  $ (2,768) $ (33,671) $ 80,624 
RESTRUCTURING AND INTEGRATION EXPENSES 4,248  847  843  —  1,730  7,668 
ACQUISITION EXPENSES —  —  —  3,165  10,311  13,476 
OTHER INCOME, NET 6  (2) (67) (12) —  (75)
NON-GAAP OPERATING INCOME $ 71,560  $ 35,782  $ 15,596  $ 385  $ (21,630) $ 101,693 
EBITDA WITHOUT SPECIAL ITEMS
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES $ 61,119  $ 36,612  $ 16,666  $ (6,087) $ (34,321) $ 73,989 
DEPRECIATION AND AMORTIZATION 14,841  3,307  9,608  1,943  1,714  31,413 
INTEREST EXPENSE 5,976  2,360  2,364  4,147  (1,335) 13,512 
     EBITDA 81,936  42,279  28,638  3  (33,942) 118,914 
RESTRUCTURING AND INTEGRATION EXPENSES 4,248  847  843  —  1,730  7,668 
ACQUISITION EXPENSES —  —  —  3,165  10,311  13,476 
    SPECIAL ITEMS 4,248  847  843  3,165  12,041  21,144 
EBITDA WITHOUT SPECIAL ITEMS $ 86,184  $ 43,126  $ 29,481  $ 3,168  $ (21,901) $ 140,058 
% of Net Sales 11.3  % 11.3  % 10.3  % 8.9  % 9.6  %
(In thousands) TWELVE MONTHS ENDED DECEMBER 31, 2023
Vehicle Control Temperature Control Engineered Solutions Nissens Automotive All Other Consolidated




(Unaudited)
OPERATING INCOME
GAAP OPERATING INCOME $ 71,327  $ 17,343  $ 19,944  $ —  $ (15,937) $ 92,677 
RESTRUCTURING AND INTEGRATION EXPENSES 1,276  1,108  258  —  —  2,642 
OTHER INCOME, NET (93) —  17  —  —  (76)
NON-GAAP OPERATING INCOME $ 72,510  $ 18,451  $ 20,219  $ —  $ (15,937) $ 95,243 
EBITDA WITHOUT SPECIAL ITEMS
GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES $ 62,856  $ 14,678  $ 20,006  $ —  $ (15,824) $ 81,716 
DEPRECIATION AND AMORTIZATION 13,877  3,424  9,966  —  1,755  29,022 
INTEREST EXPENSE 9,345  3,279  2,306  —  (1,643) 13,287 
     EBITDA 86,078  21,381  32,278  —  (15,712) 124,025 
RESTRUCTURING AND INTEGRATION EXPENSES 1,276  1,108  258  —  —  2,642 
    SPECIAL ITEMS 1,276  1,108  258  —  —  2,642 
EBITDA WITHOUT SPECIAL ITEMS $ 87,354  $ 22,489  $ 32,536  $ —  $ (15,712) $ 126,667 
% of Net Sales 11.8  % 6.7  % 11.5  % —  % 9.3  %
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.
Condensed Consolidated Balance Sheets
(In thousands) DECEMBER DECEMBER
2024 2023
(Unaudited)
ASSETS
CASH AND CASH EQUIVALENTS $ 44,426  $ 32,526 
ACCOUNTS RECEIVABLE, GROSS 216,191  168,327 
ALLOWANCE FOR EXPECTED CREDIT LOSSES 5,472  8,045 
ACCOUNTS RECEIVABLE, NET 210,719  160,282 
INVENTORIES 624,913  507,075 
UNRETURNED CUSTOMER INVENTORY 16,163  18,240 
OTHER CURRENT ASSETS 25,703  26,100 
TOTAL CURRENT ASSETS 921,924  744,223 
PROPERTY, PLANT AND EQUIPMENT, NET 168,735  121,872 
OPERATING LEASE RIGHT-OF-USE ASSETS 109,899  100,065 
GOODWILL 241,418  134,729 
CUSTOMER RELATIONSHIPS INTANGIBLES, NET 210,430  76,017 
OTHER INTANGIBLES, NET 90,540  16,291 
DEFERRED INCOME TAXES 13,199  40,533 
INVESTMENT IN UNCONSOLIDATED AFFILIATES 24,842  24,050 
OTHER ASSETS 33,139  35,267 
TOTAL ASSETS $ 1,814,126  $ 1,293,047 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT PORTION OF REVOLVING CREDIT FACILITY $ 10,800  $ — 
CURRENT PORTION OF TERM LOAN AND OTHER DEBT 16,317  5,029 
ACCOUNTS PAYABLE 148,009  107,455 
ACCRUED CUSTOMER RETURNS 46,471  38,238 
ACCRUED CORE LIABILITY 12,807  18,399 
ACCRUED REBATES 76,168  42,278 
PAYROLL AND COMMISSIONS 40,964  29,561 
SUNDRY PAYABLES AND ACCRUED EXPENSES 84,936  63,303 
TOTAL CURRENT LIABILITIES 436,472  304,263 
LONG-TERM DEBT 535,197  151,182 
NONCURRENT OPERATING LEASE LIABILITY 98,214  88,974 
ACCRUED ASBESTOS LIABILITIES 84,568  72,013 
OTHER LIABILITIES 29,593  25,742 
TOTAL LIABILITIES 1,184,044  642,174 
TOTAL SMP STOCKHOLDERS' EQUITY 615,745  635,064 
NONCONTROLLING INTEREST 14,337  15,809 
TOTAL STOCKHOLDERS' EQUITY 630,082  650,873 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,814,126  $ 1,293,047 




(In thousands) TWELVE MONTHS ENDED
DECEMBER 31,
2024 2023
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
NET EARNINGS $ 28,476  $ 34,352 
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 31,413  29,022 
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES 26,128  28,996 
OTHER 2,212  7,718 
CHANGE IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE (8,753) 7,965 
INVENTORY (36,883) 29,494 
ACCOUNTS PAYABLE 8,166  19,645 
PREPAID EXPENSES AND OTHER CURRENT ASSETS 856  (70)
SUNDRY PAYABLES AND ACCRUED EXPENSES 24,170  (4,284)
OTHER 908  (8,578)
NET CASH PROVIDED BY OPERATING ACTIVITIES 76,693  144,260 
CASH FLOWS FROM INVESTING ACTIVITIES
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES (372,491) (3,954)
CASH ACQUIRED IN STEP ACQUISITION —  6,779 
CAPITAL EXPENDITURES (44,018) (28,633)
OTHER INVESTING ACTIVITIES (2,174) 108 
NET CASH USED IN INVESTING ACTIVITIES (418,683) (25,700)
CASH FLOWS FROM FINANCING ACTIVITIES
NET CHANGE IN DEBT 392,630  (83,558)
PURCHASE OF TREASURY STOCK (10,428) — 
DIVIDENDS PAID (25,341) (25,164)
DIVIDENDS PAID TO NONCONTROLLING INTEREST (2,347) (700)
PAYMENTS OF DEBT ISSUANCE COSTS (5,133) — 
OTHER FINANCING ACTIVITIES 166  (189)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 349,547  (109,611)
EFFECT OF EXCHANGE RATE CHANGES ON CASH 4,343  2,427 
NET INCREASE IN CASH AND CASH EQUIVALENTS 11,900  11,376 
CASH AND CASH EQUIVALENTS at beginning of period 32,526  21,150 
CASH AND CASH EQUIVALENTS at end of period $ 44,426  $ 32,526