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Standard Motor (SMP) Up 7.7% Since Q1 Earnings & Sales Beat

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Standard Motor Products, Inc.’s SMP shares have appreciated 7.7% since the company reported adjusted earnings of 97 cents per share for first-quarter 2021, which beat the Zacks Consensus Estimate of 50 cents. The bottom line also came in higher than the prior-year quarter’s 43 cents per share. Robust performance of both its major segments — Engine Management and Temperature Control — boosted the first-quarter 2021 results.

Total revenues rose 8.8% year over year to $276.6 million, topping the Zacks Consensus Estimate of $254 million. Gross profit increased to $83.8 million from the year-ago quarter’s $70.4 million. Operating income skyrocketed 104.7% year on year to $29.3 million.

The board approved a payout of 25 cents per share, payable on Jun 1, to stockholders as on May 17, 2021.

Segmental Results

During the March-end quarter, revenues from the Engine Management segment totaled $212 million, up 5.4% year over year. Operating income was $31.1 million compared with the prior-year quarter’s $21.6 million.

Revenues in the Temperature Control segment jumped 21.4% year over year to $62.5 million. The segment registered an operating income of $3.6 million as against the loss of around $348,000 in the year-ago period.

Revenues in the All Other segment increased to $2.1 million from the $1.7 million recorded in the prior-year quarter. The segment reported an operating loss of $5.4 million, narrower than the loss of $6.8 million posted in the corresponding quarter of 2020.

Financial Position

Standard Motor — peers of which include LKQ Corp. LKQ, Genuine Parts GPC and Dorman Products DORM — had cash and cash equivalents of $17.1 million as of Mar 31, 2021 compared with the $13.3 million recorded in the corresponding period of 2020. Long-term debt was $84,000 compared with $111,000 recorded as of Mar 31, 2020. First-quarter 2021 net cash used in operating activities totaled $11.4 million, down from the $32.8 million used in the prior-year quarter. Capex for the quarter amounted to $5 million, higher than the $4.4 million recorded in the year-ago quarter.

Standard Motor currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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Genuine Parts Company (GPC): Free Stock Analysis Report
 
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