Standard Motor Products : Q1 2023 Earnings Call Presentation
May 03, 2023 at 09:56 am EDT
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Standard Motor Products, Inc.
1st Quarter 2023
Earnings Call | May 3, 2023
1
Safe Harbor - Forward Looking Statements
You should be aware that except for historical information, the matters discussed herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements, including projections and anticipated levels of future performance, are based on current information and assumptions and involve risks and uncertainties which may cause actual results to differ materially from those discussed herein. You are urged to review all of our filings with the SEC and our press releases from time to time for details of these risks and uncertainties.
In addition, please see our press release issued on May 3, 2023 for factors that could cause future performance to vary from the expectations expressed or implied by the forward-looking statements herein and for certain reconciliations of GAAP to non-GAAP results.
Standard Motor Products, Inc. | Q1 2023 Earnings
2
Agenda
Welcome & Introduction
Tony Cristello, VP Investor Relations
Overview & Market Trends
Eric Sills, CEO
Financial Results & Balance Sheet
Nathan Iles, CFO
Final Comments
Eric Sills, CEO
Q&A
All
Standard Motor Products, Inc. | Q1 2023 Earnings
3
1st Quarter P&L Summary - Segments(1)
(In millions, except per share amounts)
THREE MONTHS ENDED
MARCH 31,
2023
2022
Vehicle Control
Revenue
$
184.6
$
177.3
Gross Margin
58.5
31.7%
55.4
31.3%
Selling, General & Administrative
34.1
18.4%
32.4
18.3%
Factoring Expenses
6.8
3.7%
2.6
1.5%
Operating Income
$
17.6
9.6%
$
20.4
11.5%
Adjusted EBITDA
$
21.5
11.6%
$
24.4
13.8%
Temperature Control
Revenue
$
72.4
$
73.1
Gross Margin
19.2
26.5%
19.5
26.7%
Selling, General & Administrative
14.4
19.8%
14.4
19.7%
Factoring Expenses
2.2
3.1%
0.9
1.3%
Operating Income
$
2.6
3.6%
$
4.2
5.7%
Adjusted EBITDA
$
3.3
4.6%
$
5.3
7.3%
Engineered Solutions
Revenue
$
71.0
$
72.5
Gross Margin
13.6
19.2%
14.9
20.6%
Selling, General & Administrative
7.9
11.1%
8.6
11.9%
Operating Income
$
5.7
8.1%
$
6.3
8.7%
Adjusted EBITDA
$
8.2
11.6%
$
9.2
12.7%
All operating results provided except for revenues are on a non-GAAP basis. See financial statements in earnings release for reconciliation of GAAP to non-GAAP earnings.
Standard Motor Products, Inc. | Q1 2023 Earnings
4
1st Quarter P&L Summary - Consolidated(1)
(In millions, except per share amounts)
THREE MONTHS ENDED
MARCH 31,
2023
Consolidated Results
Revenue
$
328.0
Gross Margin
91.3
27.8%
Selling, General & Administrative
60.7
18.5%
Factoring Expenses
9.0
2.7%
Operating Income
$
21.6
6.6%
Net Earnings from Continuing Operations
$
13.4
Adjusted EBITDA
$
29.0
8.8%
Interest Expense
$
3.9
Diluted Earnings per Share
$
0.61
2022
$ 322.8
89.8 27.8%
18.4%
1.1%
$ 27.0 8.3%
$
20.6
$
35.4
11.0%
$
0.8
$
0.92
All operating results provided except for revenues are on a non-GAAP basis. See financial statements in earnings release for reconciliation of GAAP to non-GAAP earnings.
Standard Motor Products, Inc. | Q1 2023 Earnings
5
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Standard Motor Products Inc. published this content on 03 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2023 13:55:03 UTC.
Standard Motor Products, Inc. is a manufacturer and distributor of replacement parts in the automotive aftermarket and a custom-engineered solutions provider to vehicle and equipment manufacturers in diverse non-aftermarket end markets. Its Vehicle Control Segment services its core automotive aftermarket customers through its offering of replacement parts within the product groups: Engine Management, Electrical and Safety and Wire Sets and Other. Its Temperature Control Segment also services its core automotive aftermarket customers through its offering of replacement parts within the various product groups: AC System Components and Other Thermal Components. Its Engineered Solutions Segment services its vehicle and equipment manufacturing customers across diverse global end markets, including on-highway and off-highway applications such as commercial and light vehicles, construction, agriculture, power sports, marine, hydraulics and lawn and garden.
STANDARD MOTOR PRODUCTS, INC. 
