10/28/2021 | Press release | Distributed by Public on 10/28/2021 07:41
THREE MONTHS ENDED
|
NINE MONTHS ENDED
|
|||||||||||||||
SEPTEMBER 30,
|
SEPTEMBER 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
NET SALES
|
$
|
370,310
|
$
|
343,609
|
$
|
988,939
|
$
|
845,850
|
||||||||
COST OF SALES
|
265,105
|
235,861
|
700,678
|
603,349
|
||||||||||||
GROSS PROFIT
|
105,205
|
107,748
|
288,261
|
242,501
|
||||||||||||
SELLING, GENERAL & ADMINISTRATIVE EXPENSES
|
66,509
|
59,497
|
183,316
|
163,698
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
166
|
250
|
166
|
464
|
||||||||||||
OTHER INCOME (EXPENSE), NET
|
8
|
(37
|
)
|
8
|
(31
|
)
|
||||||||||
OPERATING INCOME
|
38,538
|
47,964
|
104,787
|
78,308
|
||||||||||||
OTHER NON-OPERATING INCOME, NET
|
780
|
514
|
2,247
|
592
|
||||||||||||
INTEREST EXPENSE
|
652
|
462
|
1,356
|
2,107
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES
|
38,666
|
48,016
|
105,678
|
76,793
|
||||||||||||
PROVISION FOR INCOME TAXES
|
9,481
|
11,804
|
26,315
|
19,118
|
||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
29,185
|
36,212
|
79,363
|
57,675
|
||||||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(5,122
|
)
|
(7,587
|
)
|
(7,139
|
)
|
(9,456
|
)
|
||||||||
NET EARNINGS
|
24,063
|
28,625
|
72,224
|
48,219
|
||||||||||||
NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST
|
13
|
-
|
32
|
-
|
||||||||||||
NET EARNINGS ATTRIBUTABLE TO SMP (a)
|
$
|
24,050
|
$
|
28,625
|
$
|
72,192
|
$
|
48,219
|
||||||||
NET EARNINGS ATTRIBUTABLE TO SMP
|
||||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS
|
$
|
29,172
|
$
|
36,212
|
$
|
79,331
|
$
|
57,675
|
||||||||
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES
|
(5,122
|
)
|
(7,587
|
)
|
(7,139
|
)
|
(9,456
|
)
|
||||||||
TOTAL
|
$
|
24,050
|
$
|
28,625
|
$
|
72,192
|
$
|
48,219
|
||||||||
NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
|
||||||||||||||||
BASIC EARNINGS FROM CONTINUING OPERATIONS
|
$
|
1.32
|
$
|
1.62
|
$
|
3.57
|
$
|
2.58
|
||||||||
DISCONTINUED OPERATION
|
(0.23
|
)
|
(0.34
|
)
|
(0.32
|
)
|
(0.42
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - BASIC
|
$
|
1.09
|
$
|
1.28
|
$
|
3.25
|
$
|
2.16
|
||||||||
DILUTED EARNINGS FROM CONTINUING OPERATIONS
|
$
|
1.29
|
$
|
1.59
|
$
|
3.50
|
$
|
2.53
|
||||||||
DISCONTINUED OPERATION
|
(0.22
|
)
|
(0.33
|
)
|
(0.32
|
)
|
(0.41
|
)
|
||||||||
NET EARNINGS PER COMMON SHARE - DILUTED
|
$
|
1.07
|
$
|
1.26
|
$
|
3.18
|
$
|
2.12
|
||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
|
22,090,195
|
22,349,093
|
22,201,398
|
22,372,466
|
||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES
|
22,543,781
|
22,758,458
|
22,678,114
|
22,795,426
|
THREE MONTHS ENDED
|
NINE MONTHS ENDED | |||||||||||||||||||||||||||||||
SEPTEMBER 30,
|
SEPTEMBER 30,
|
|||||||||||||||||||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||||||||||||
Ignition, Emission Control, Fuel & Safety Related System Products
|
$
|
208,443
|
$
|
190,891
|
$
|
574,595
|
$
|
498,204
|
||||||||||||||||||||||||
Wire and Cable
|
38,708
|
38,663
|
117,790
|
105,621
|
||||||||||||||||||||||||||||
Engine Management
|
247,151
|
229,554
|
692,385
|
603,825
|
||||||||||||||||||||||||||||
Compressors
|
$
|
75,080
|
$
|
70,785
|
$
|
178,031
|
$
|
141,011
|
||||||||||||||||||||||||
Other Climate Control Parts
|
43,995
|
39,608
|
109,988
|
93,216
|
||||||||||||||||||||||||||||
Temperature Control
|
119,075
|
110,393
|
288,019
|
234,227
|
||||||||||||||||||||||||||||
All Other
|
4,084
|
3,662
|
8,535
|
7,798
|
||||||||||||||||||||||||||||
Revenues
|
$
|
370,310
|
$
|
343,609
|
$
|
988,939
|
$
|
845,850
|
||||||||||||||||||||||||
Gross Margin
|
||||||||||||||||||||||||||||||||
Engine Management
|
$
|
66,907
|
27.1
|
% |
$
|
72,361
|
31.5
|
% |
$
|
199,509
|
28.8
|
% |
$
|
175,296
|
29.0
|
% | ||||||||||||||||
Temperature Control
|
33,815
|
28.4
|
% |
32,212
|
29.2
|
% |
78,468
|
27.2
|
% |
60,828
|
26.0
|
% | ||||||||||||||||||||
All Other
|
4,676
|
|
3,175
|
|
10,562
|
|
6,377
|
|
||||||||||||||||||||||||
Subtotal
|
$
|
105,398
|
28.5
|
% |
$
|
107,748
|
31.4
|
% |
$
|
288,539
|
29.2
|
% |
$
|
242,501
|
28.7
|
% | ||||||||||||||||
One-Time Acquisition Costs
|
(193
|
)
|
-0.1
|
% |
-
|
0.0
|
% |
(278
|
)
|
0.0
|
% |
-
|
0.0
|
% | ||||||||||||||||||
Gross Margin
|
$
|
105,205
|
28.4
|
% |
$
|
107,748
|
31.4
|
% |
$
|
288,261
|
29.1
|
% |
$
|
242,501
|
28.7
|
% | ||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Selling, General & Administrative
|
|
|
|
|
||||||||||||||||||||||||||||
Engine Management
|
$
|
38,702
|
15.7
|
% |
$
|
35,665
|
15.5
|
% |
$
|
109,721
|
15.8
|
% |
$
|
100,237
|
16.6
|
% | ||||||||||||||||
Temperature Control
|
17,120
|
14.4
|
% |
15,571
|
14.1
|
% |
44,952
|
15.6
|
% |
40,568
|
17.3
|
% | ||||||||||||||||||||
All Other
|
10,029
|
|
8,261
|
|
27,315
|
|
22,893
|
|
||||||||||||||||||||||||
Subtotal
|
$
|
65,851
|
17.8
|
% |
$
|
59,497
|
17.3
|
% |
$
|
181,988
|
18.4
|
% |
$
|
163,698
|
19.4
|
% | ||||||||||||||||
One-Time Acquisition Costs
|
658
|
0.2
|
% |
-
|
0.0
|
% |
1,328
|
0.1
|
% |
-
|
0.0
|
% | ||||||||||||||||||||
Selling, General & Administrative
|
$
|
66,509
|
18.0
|
% |
$
|
59,497
|
17.3
|
% |
$
|
183,316
|
18.5
|
% |
$
|
163,698
|
19.4
|
% | ||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Operating Income
|
|
|
|
|
||||||||||||||||||||||||||||
Engine Management
|
$
|
28,012
|
11.3
|
% |
$
|
36,696
|
16.0
|
% |
$
|
89,510
|
12.9
|
% |
$
|
75,059
|
12.4
|
% | ||||||||||||||||
Temperature Control
|
16,695
|
14.0
|
% |
16,641
|
15.1
|
% |
33,516
|
11.6
|
% |
20,260
|
8.6
|
% | ||||||||||||||||||||
All Other
|
(5,160
|
)
|
|
(5,086
|
)
|
|
(16,475
|
)
|
|
(16,516
|
)
|
|
||||||||||||||||||||
Subtotal
|
$ |
39,547
|
10.7
|
% |
$ |
48,251
|
14.0
|
% |
$ |
106,551
|
10.8
|
% |
$ |
78,803
|
9.3
|
% | ||||||||||||||||
One-time Acquisition Costs
|
(851
|
)
|
-0.2
|
% |
-
|
0.0
|
% |
(1,606
|
)
|
-0.2
|
% |
-
|
0.0
|
% | ||||||||||||||||||
Restructuring & Integration
|
(166
|
)
|
0.0
|
% |
(250
|
)
|
-0.1
|
% |
(166
|
)
|
0.0
|
% |
(464
|
)
|
-0.1
|
% | ||||||||||||||||
Other Income (Expense), Net
|
8
|
0.0
|
% |
(37
|
)
|
0.0
|
% |
8
|
0.0
|
% |
(31
|
)
|
0.0
|
% | ||||||||||||||||||
Operating Income
|
$
|
38,538
|
10.4
|
% |
$
|
47,964
|
14.0
|
% |
$
|
104,787
|
10.6
|
% |
$
|
78,308
|
9.3
|
% |
THREE MONTHS ENDED
|
NINE MONTHS ENDED
|
|||||||||||||||
SEPTEMBER 30,
|
SEPTEMBER 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
||||||||||||||||
GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
29,172
|
$
|
36,212
|
$
|
79,331
|
$
|
57,675
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
166
|
250
|
166
|
464
|
||||||||||||
ONE-TIME ACQUISITION COSTS
|
851
|
-
|
1,606
|
-
|
||||||||||||
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
(259 | ) |
(235
|
)
|
(259
|
)
|
(235
|
)
|
||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
(265
|
)
|
(65
|
)
|
(461
|
)
|
(121
|
)
|
||||||||
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS
|
$
|
29,665
|
$
|
36,162
|
$
|
80,383
|
$
|
57,783
|
||||||||
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP
|
||||||||||||||||
GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$ |
1.29 |
$
|
1.59
|
$
|
3.50
|
$
|
2.53
|
||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
0.01
|
0.01
|
-
|
0.02
|
||||||||||||
ONE-TIME ACQUISITION COSTS
|
0.04
|
-
|
0.07
|
-
|
||||||||||||
CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD
|
(0.01 |
) |
(0.01
|
)
|
(0.01
|
)
|
(0.01
|
)
|
||||||||
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS
|
(0.01
|
)
|
-
|
(0.02
|
)
|
(0.01
|
)
|
|||||||||
NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS
|
$ |
1.32 |
$
|
1.59
|
$
|
3.54
|
$
|
2.53
|
||||||||
OPERATING INCOME
|
||||||||||||||||
GAAP OPERATING INCOME
|
$
|
38,538
|
$
|
47,964
|
$
|
104,787
|
$
|
78,308
|
||||||||
ONE-TIME ACQUISITION COSTS
|
851
|
-
|
1,606
|
-
|
||||||||||||
RESTRUCTURING AND INTEGRATION EXPENSES
|
166
|
250
|
166
|
464
|
||||||||||||
OTHER (INCOME) EXPENSE, NET
|
(8
|
)
|
37
|
(8
|
)
|
31
|
||||||||||
NON-GAAP OPERATING INCOME
|
$
|
39,547
|
$
|
48,251
|
$
|
106,551
|
$
|
78,803
|
SEPTEMBER 30,
2021
|
DECEMBER 31,
2020
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CASH
|
$
|
33,144
|
$
|
19,488
|
||||
ACCOUNTS RECEIVABLE, GROSS
|
231,066
|
203,861
|
||||||
ALLOWANCE FOR DOUBTFUL ACCOUNTS
|
6,645
|
5,822
|
||||||
ACCOUNTS RECEIVABLE, NET
|
224,421
|
198,039
|
||||||
INVENTORIES
|
414,657
|
345,502
|
||||||
UNRETURNED CUSTOMER INVENTORY
|
23,367
|
19,632
|
||||||
OTHER CURRENT ASSETS
|
15,268
|
15,875
|
||||||
TOTAL CURRENT ASSETS
|
710,857
|
598,536
|
||||||
PROPERTY, PLANT AND EQUIPMENT, NET
|
100,787
|
89,105
|
||||||
OPERATING LEASE RIGHT-OF-USE ASSETS
|
42,458
|
29,958
|
||||||
GOODWILL
|
131,549
|
77,837
|
||||||
OTHER INTANGIBLES, NET
|
108,312
|
54,004
|
||||||
DEFERRED INCOME TAXES
|
34,790
|
44,770
|
||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES
|
42,123
|
40,507
|
||||||
OTHER ASSETS
|
24,857
|
21,823
|
||||||
TOTAL ASSETS
|
$
|
1,195,733
|
$
|
956,540
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
NOTES PAYABLE
|
$
|
128,938
|
$
|
10,000
|
||||
CURRENT PORTION OF OTHER DEBT
|
2,941
|
135
|
||||||
ACCOUNTS PAYABLE
|
128,808
|
100,018
|
||||||
ACCRUED CUSTOMER RETURNS
|
59,972
|
40,982
|
||||||
ACCRUED CORE LIABILITY
|
23,650
|
22,014
|
||||||
ACCRUED REBATES
|
43,110
|
46,437
|
||||||
PAYROLL AND COMMISSIONS
|
40,725
|
35,938
|
||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
50,227
|
47,078
|
||||||
TOTAL CURRENT LIABILITIES
|
478,371
|
302,602
|
||||||
OTHER LONG-TERM DEBT
|
68
|
97
|
||||||
NONCURRENT OPERATING LEASE LIABILITIES
|
33,246
|
22,450
|
||||||
ACCRUED ASBESTOS LIABILITIES
|
57,532
|
55,226
|
||||||
OTHER LIABILITIES
|
27,964
|
25,929
|
||||||
TOTAL LIABILITIES
|
597,181
|
406,304
|
||||||
TOTAL SMP STOCKHOLDERS' EQUITY
|
587,018
|
550,236
|
||||||
NONCONTROLLING INTEREST
|
11,534
|
-
|
||||||
TOTAL STOCKHOLDERS' EQUITY
|
598,552
|
550,236
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
1,195,733
|
$
|
956,540
|
NINE MONTHS ENDED
SEPTEMBER 30,
|
||||||||
2021
|
2020
|
|||||||
(Unaudited)
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
NET EARNINGS
|
$
|
72,224
|
$
|
48,219
|
||||
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
|
||||||||
PROVIDED BY OPERATING ACTIVITIES:
|
||||||||
DEPRECIATION AND AMORTIZATION
|
20,160
|
19,313
|
||||||
OTHER
|
13,904
|
19,098
|
||||||
CHANGE IN ASSETS AND LIABILITIES:
|
||||||||
ACCOUNTS RECEIVABLE
|
(15,343
|
)
|
(83,878
|
)
|
||||
INVENTORIES
|
(52,742
|
)
|
53,330
|
|||||
ACCOUNTS PAYABLE
|
24,228
|
(13,117
|
)
|
|||||
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
2,324
|
5,634
|
||||||
SUNDRY PAYABLES AND ACCRUED EXPENSES
|
18,905
|
31,725
|
||||||
OTHER
|
(4,522
|
)
|
(1,719
|
)
|
||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
79,138
|
78,605
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES
|
(124,663
|
)
|
-
|
|||||
CAPITAL EXPENDITURES
|
(19,406
|
)
|
(13,170
|
)
|
||||
OTHER INVESTING ACTIVITIES
|
29
|
14
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(144,040
|
)
|
(13,156
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
NET CHANGE IN DEBT
|
121,854
|
(44,852
|
)
|
|||||
PURCHASE OF TREASURY STOCK
|
(26,518
|
)
|
(8,726
|
)
|
||||
DIVIDENDS PAID
|
(16,678
|
)
|
(5,615
|
)
|
||||
OTHER FINANCING ACTIVITIES
|
455
|
86
|
||||||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
79,113
|
(59,107
|
)
|
|||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
(555
|
)
|
67
|
|||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
13,656
|
6,409
|
||||||
CASH AND CASH EQUIVALENTS at beginning of Period
|
19,488
|
10,372
|
||||||
CASH AND CASH EQUIVALENTS at end of Period
|
$
|
33,144
|
$
|
16,781
|