Wed, Oct 30, 5:25 PM (250 days ago)
**Standard Motor Products, Inc. (SMP) - Q3 2024 Financial Summary** For the third quarter ended September 30, 2024, Standard Motor Products, Inc. reported net sales of $399,265,000, a 3.3% increase from $386,413,000 in Q3 2023. The growth was driven by stable demand across all operating segments, particularly in Vehicle Control and Temperature Control. Gross profit margin improved to 30.4%, up from 29.7%, aided by pricing strategies and cost control measures, despite inflationary pressures. Operating income rose to $37,139,000 (9.3% of sales) compared to $34,806,000 (9.0% of sales) in the previous year. However, net earnings attributable to SMP declined to $3,810,000 from $6,659,000, due to significant losses from discontinued operations related to asbestos liabilities, totaling $22,771,000. Cash flow from operations was $78,200,000, a decrease from $132,893,000 in the prior year, attributed to higher accounts receivable and lower inventory reductions. Total debt stood at $142,848,000, with liquidity remaining strong at $314,028,000, supported by a new $750 million credit agreement. Looking ahead, SMP anticipates ongoing challenges from inflation and supply chain disruptions but remains committed to cost-saving initiatives to bolster margins.