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Standard Motor (SMP) Q2 Earnings & Sales Crush Estimates, Up Y/Y
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Standard Motor Products, Inc. (SMP - Free Report) reported adjusted earnings of $1.26 per share for second-quarter 2021, beating the Zacks Consensus Estimate of 67 cents. The bottom line also came in higher than the prior-year quarter’s 52 cents per share. Robust performance of both its major segments — Engine Management and Temperature Control — boosted the quarterly results.
Total revenues jumped 38% year over year to $342.1 million, surpassing the Zacks Consensus Estimate of $267 million. Gross profit surged to $99.3 million from the year-ago quarter’s $64.4 million. Operating income skyrocketed 130.5%, year on year, to $36.9 million.
The board approved a dividend payout of 25 cents per share, payable on Sep 1, to stockholders as of Aug 16, 2021.
Standard Motor Products, Inc. Price, Consensus and EPS Surprise
During the June-end quarter, revenues from the Engine Management segment totaled $233.2 million, up 35% year over year. Operating income was $30.4 million compared with the prior-year quarter’s $16.7 million. This upside was driven by successful customer initiatives, new business wins, contributions from acquisitions and overall strong demand.
Revenues in the Temperature Control segment surged 47% year over year to $106.5 million. The segment registered an operating income of $13.2 million compared with the $4 million witnessed in the year-ago period.
Revenues in the All Other segment came in at $2.4 million, roughly at par with the revenue figure recorded in the prior-year period. However, the segment reported an operating loss of $5.9 million, wider than the loss of $4.7 million posted in the corresponding quarter of 2020.
Financial Position
Standard Motor — whose peers include LKQ Corp. (LKQ - Free Report) , Genuine Parts (GPC - Free Report) and Dorman Products (DORM - Free Report) — had cash and cash equivalents of $27.4 million as of Jun 30, 2021 compared with $19.5 million as of Dec 31, 2020. Long-term debt was $80,000 compared with $97,000 recorded as of Dec 31, 2020. For the six-month period ended Jun 30, 2021, net cash provided by operating activities totaled $23.2 million, compared with the $885,000 used in the corresponding period last year. Capex for the quarter amounted to $6.7 million, higher than the $4.6 million recorded in the year-ago quarter.
During the reported quarter, Standard Motor acquired 100% capital stock of Trumpet Holdings, commonly referred as Trombetta. The transaction, worth $108 million, was funded by Standard Motor through cash borrowings under its revolving credit facility.
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Standard Motor (SMP) Q2 Earnings & Sales Crush Estimates, Up Y/Y
Standard Motor Products, Inc. (SMP - Free Report) reported adjusted earnings of $1.26 per share for second-quarter 2021, beating the Zacks Consensus Estimate of 67 cents. The bottom line also came in higher than the prior-year quarter’s 52 cents per share. Robust performance of both its major segments — Engine Management and Temperature Control — boosted the quarterly results.
Total revenues jumped 38% year over year to $342.1 million, surpassing the Zacks Consensus Estimate of $267 million. Gross profit surged to $99.3 million from the year-ago quarter’s $64.4 million. Operating income skyrocketed 130.5%, year on year, to $36.9 million.
The board approved a dividend payout of 25 cents per share, payable on Sep 1, to stockholders as of Aug 16, 2021.
Standard Motor Products, Inc. Price, Consensus and EPS Surprise
Standard Motor Products, Inc. price-consensus-eps-surprise-chart | Standard Motor Products, Inc. Quote
Segmental Results
During the June-end quarter, revenues from the Engine Management segment totaled $233.2 million, up 35% year over year. Operating income was $30.4 million compared with the prior-year quarter’s $16.7 million. This upside was driven by successful customer initiatives, new business wins, contributions from acquisitions and overall strong demand.
Revenues in the Temperature Control segment surged 47% year over year to $106.5 million. The segment registered an operating income of $13.2 million compared with the $4 million witnessed in the year-ago period.
Revenues in the All Other segment came in at $2.4 million, roughly at par with the revenue figure recorded in the prior-year period. However, the segment reported an operating loss of $5.9 million, wider than the loss of $4.7 million posted in the corresponding quarter of 2020.
Financial Position
Standard Motor — whose peers include LKQ Corp. (LKQ - Free Report) , Genuine Parts (GPC - Free Report) and Dorman Products (DORM - Free Report) — had cash and cash equivalents of $27.4 million as of Jun 30, 2021 compared with $19.5 million as of Dec 31, 2020. Long-term debt was $80,000 compared with $97,000 recorded as of Dec 31, 2020. For the six-month period ended Jun 30, 2021, net cash provided by operating activities totaled $23.2 million, compared with the $885,000 used in the corresponding period last year. Capex for the quarter amounted to $6.7 million, higher than the $4.6 million recorded in the year-ago quarter.
During the reported quarter, Standard Motor acquired 100% capital stock of Trumpet Holdings, commonly referred as Trombetta. The transaction, worth $108 million, was funded by Standard Motor through cash borrowings under its revolving credit facility.
Standard Motor currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.