- Strong first quarter net sales of $451.2 million up, 9.1% from last year, with increases in all segments
- Adjusted Q1 non-GAAP diluted earnings per share of $0.82 and adjusted EBITDA of $44.5 million vs.$0.81 and $42.8 million last year, respectively
- Reaffirming full-year guidance of low to mid-single digit sales growth and adjusted EBITDA margin of 11% - 12%
NEW YORK, April 30, 2026 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three months ended March 31, 2026.
Net sales for the first quarter of 2026 were $451.2 million, compared to consolidated net sales of $413.4 million during the same quarter in 2025. Earnings from continuing operations for the first quarter of 2026 were $18.3 million or $0.81 per diluted share, compared to earnings of $13.7 million or $0.61 per diluted share in the first quarter of 2025. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the first quarter of 2026 were $18.6 million or $0.82 per diluted share, compared to $18.0 million or $0.81 per diluted share in the first quarter of 2025.
Mr. Eric Sills, Standard Motor Products' Chairman and Chief Executive Officer stated, "We are quite pleased with our performance in the first quarter. Sales for the quarter increased 9.1%, with all segments performing well, reflecting a continuation of the steady customer demand experienced throughout last year.
First Quarter Highlights:
North American Aftermarket Segments
- Vehicle Control sales increased 11.2% in the first quarter, largely on the strength of customer pipeline orders as they expand assortments to capture DIFM share. We continue to experience favorable demand, as evidenced by strong customer POS and reflective of the non-discretionary nature of our products. We also saw a nominal lift from pass-through tariff pricing.
- Temperature Control sales increased a modest 0.7%, against last year's record first quarter, when sales were up 24%. As we enter our second quarter, we still have preseason orders left to ship as customers prepare for the upcoming summer selling season. While we are off to a strong start, including favorable customer POS, ultimately this seasonal business will be determined by the strength of the summer months.
Nissens
Nissens sales increased 12.4% to $74.4 million, driven by a stronger currency conversion. Our sales grew 2.7% in local currency against a difficult comparison. 2025 was marked by robust first half customer orders, while this year has returned to a more normal cadence. As we are now into our second year of ownership, we begin to look towards growth related to recently launched product categories and remain excited about the multitude of opportunities ahead.
Engineered Solutions
Sales in the Engineered Solutions segment showed solid growth of 12.6% over last year's soft first quarter as demand continues to recover. Sales growth was aided by recovery in commercial vehicle and power sports end-markets, driven by ordering patterns with certain customers.
Profitability & Balance Sheet
Adjusted EBITDA for the quarter increased to $44.5 million, up from $42.8 million last year, driven by solid performance across our North American Aftermarket segments. Nissens EBITDA was negatively impacted by currency transaction losses on sourcing this quarter, and Engineered Solutions experienced temporary unfavorable manufacturing variances as well as certain inflationary headwinds.
From a balance sheet perspective, our cash flows and borrowings were in line with expectations. Total net debt at quarter-end stood at $599.4 million, primarily reflecting an increase over year-end due to seasonal working capital build as sales ramp-up each year during the first quarter. Importantly, our inventory declined slightly in the quarter as we were well prepared for sales orders coming into the year. Our net debt leverage increased modestly to 3.0x due to seasonal working capital build, and we continue to target reducing net debt levels to 2.0x adjusted EBITDA by the end of 2026.
2026 Guidance Update
Our outlook for the full year of 2026 reaffirms our expectation that sales growth will be in the low to mid-single digit range driven by ongoing tailwinds for professional grade non-discretionary products in the North American aftermarket, continuing momentum in our European business, and an ongoing recovery in Engineered Solutions, offset by a lapping of both tariff pricing and the benefits of stronger currency conversion.
Further, we expect Adjusted EBITDA will be in a range of 11% -12%, aided by initiatives we have underway to drive ongoing profitability gains, partially offset by margin compression attributable to passing through tariffs at cost, which began in the second half of 2025. Note that our guidance excludes the impact of ongoing changes in the tariff landscape, or any significant inflationary impact from the conflict in the Middle East. We intend to address these pressures with our usual combination of cost savings and pricing programs.
Dividends
The Board of Directors has approved payment of a quarterly dividend of 33 cents per share on the common stock outstanding, which will be paid on June 1, 2026, to stockholders of record on May 15, 2026.
Closing Remarks
In closing, Mr. Sills commented, "We are off to a strong start to 2026 and are encouraged by the overall trends across our segments. While the near-term macroeconomic and tariff-related volatility persists, we continue to find ways to perform well in a challenging environment, and leverage our market leadership and the nondiscretionary nature of our products. We are excited about our global opportunities to drive growth and profitability and look forward to another year to deliver value to all our shareholders. I would like to thank our employees for their hard work and commitment to our continued success."
Conference Call
Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Thursday, April 30, 2026. This call will be webcast and can be accessed on our website at www.smpcorp.com and clicking on the SMP Q1'26 Earnings Call Webcast link. Investors may also listen to the call by dialing 800-267-6316 (domestic) or 203-518-9783 (international). The conference call ID code is SMP1Q2026. Our playback will be made available for dial in immediately following the call. For those choosing to listen to the replay by webcast, the link should be active on our website within 24 hours after the call. The playback number is 800-934-8340 (domestic) or 402-220-6993 (international).
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Standard Motor Products cautions investors that any forward-looking statements made by the company, including those that may be made in this press release, are based on management's expectations at the time they are made, but they are subject to risks and uncertainties that may cause actual results, events or performance to differ materially from those contemplated by such forward looking statements. Among the factors that could cause actual results, events or performance to differ materially from those risks and uncertainties discussed in this press release are those detailed from time-to-time in prior press releases and in the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10-K and quarterly reports on Form 10-Q.By making these forward-looking statements, Standard Motor Products undertakes no obligation or intention to update these statements after the date of this release.
Standard Motor Products, Inc.
Consolidated Statements of Operations
Three Months Ended
March 31,
(In thousands, except share and per share data, unaudited) 2026 2025
Net sales $451,166 $413,379
Cost of sales 311,993 288,657
Gross profit 139,173 124,722
Selling, general and administrative expenses 104,837 99,845
Restructuring expenses 366 673
Other income, net 123 258
Operating income 34,093 24,462
Other non-operating income (loss), net (1,279) 2,248
Interest expense 7,518 7,761
Earnings from continuing operations before income taxes 25,296 18,949
Provision for income taxes 6,826 5,069
Earnings from continuing operations 18,470 13,880
Loss from discontinued operations, net of income taxes (1,185) (1,139)
Net earnings 17,285 12,741
Net earnings attributable to noncontrolling interest 149 175
Net earnings attributable to SMP $17,136 $12,566
Net earnings (loss) attributable to SMP
---
Continuing operations $18,321 $13,705
Discontinued operations (1,185) (1,139)
Net earnings attributable to SMP per common share $17,136 $12,566
Per common share data
Basic:
Continuing operations $0.83 $0.63
Discontinued operations (0.06) (0.06)
Net earnings attributable to SMP per common share $0.77 $0.57
Diluted:
Continuing operations $0.81 $0.61
Discontinued operations (0.06) (0.05)
Net earnings attributable to SMP per common share $0.75 $0.56
Dividend declared per common share $0.33 $0.31
Weighted average number of common shares, basic 22,167,006 21,886,810
Weighted average number of common shares, diluted 22,719,732 22,319,868
Standard Motor Products, Inc.
Segment Revenues
Three Months Ended
March 31,
(in thousands, unaudited) 2026 2025
Vehicle Control
Engine Management (Ignition, Emissions and Fuel Delivery) $141,087 $118,366
Electrical and Safety 57,866 58,319
Wire Sets and Other 14,886 15,657
Total Vehicle Control 213,839 192,342
Temperature Control
AC System Components 65,198 67,191
Other Thermal Components 24,306 21,692
Total Temperature Control 89,504 88,883
Nissens Automotive
Air Conditioning 26,273 27,166
Engine Cooling 31,451 27,773
Engine Efficiency 16,643 11,243
Total Nissens Automotive 74,367 66,182
Engineered Solutions
Light Vehicle 22,920 21,404
Commercial Vehicle 22,908 18,605
Construction/Agriculture 9,504 9,408
All Other 18,980 16,555
Total Engineered Solutions 74,312 65,972
Intersegment sales (856)
Total $451,166 $413,379
Standard Motor Products, Inc.
Segment Operating Profit
Three Months Ended
March 31,
(in thousands, unaudited; percentage of net sales) 2026 2025
Gross Margin
---
Vehicle Control $68,165 31.9 % $62,161 32.3 %
Temperature Control 28,652 32.0 % 27,598 31.0 %
Nissens Automotive 32,071 43.1 % 27,838 42.1 %
Engineered Solutions 10,285 13.8 % 11,709 17.7 %
All Other
Subtotal $139,173 30.8 % $129,306 31.3 %
Acquisition Expenses - % (4,584) -1.1 %
Gross Margin $139,173 30.8 % $124,722 30.2 %
Selling, General & Administrative
---
Vehicle Control $47,962 22.4 % $43,835 22.8 %
Temperature Control 18,058 20.2 % 19,823 22.3 %
Nissens Automotive 24,200 32.5 % 20,254 30.6 %
Engineered Solutions 8,556 11.5 % 8,514 12.9 %
All Other 6,059 6,856
Subtotal $104,835 23.2 % $99,282 24.0 %
Acquisition Expenses 2 - % 563 0.1 %
Selling, General & Administrative $104,837 23.2 % $99,845 24.2 %
Operating Income
---
Vehicle Control $20,203 9.4 % $18,326 9.5 %
Temperature Control 10,594 11.8 % 7,775 8.7 %
Nissens Automotive 7,871 10.6 % 7,584 11.5 %
Engineered Solutions 1,729 2.3 % 3,195 4.8 %
All Other (6,059) (6,856)
Subtotal $34,338 7.6 % $30,024 7.3 %
Restructuring (366) -0.1 % (673) -0.2 %
Acquisition & Integration Expenses (2) - % (5,147) -1.2 %
Other Income, Net 123 - % 258 0.1 %
Operating Income $34,093 7.6 % $24,462 5.9 %
Standard Motor Products, Inc.
Reconciliation of GAAP and Non-GAAP Measures
(In thousands, except per share amounts, unaudited) Three Months Ended
March 31,
2026 2025
Earnings from Continuing Operations Attributable To SMP
---
GAAP Earnings from Continuing Operations $18,321 $13,705
Restructuring Expenses 366 673
Acquisition & Integration Expenses 2 5,147
Income Tax Effect Related To Reconciling Items (96) (1,513)
Non-GAAP Earnings from Continuing Operations $18,593 $18,012
Diluted Earnings Per Share from Continuing Operations Attributable to SMP
---
GAAP Diluted Earnings Per Share from Continuing Operations $0.81 $0.61
Restructuring Expenses 0.01 0.03
Acquisition & Integration Expenses 0.23
Income Tax Effect Related To Reconciling Items (0.06)
Non-GAAP Diluted Earnings Per Share from Continuing Operations $0.82 $0.81
Operating Income
---
GAAP Operating Income $34,093 $24,462
Restructuring Expenses 366 673
Acquisition & Integration Expenses 2 5,147 Last Twelve Months Ended
Other Income, Net (123) (258) March 31, Year Ended
Non-GAAP Operating Income $34,338 $30,024 2026 2025 December 31,
2025
EBITDA without Special Items
---
GAAP Earnings from Continuing Operations Before Taxes $25,296 $18,949 $116,870 $79,567 $110,523
Depreciation and Amortization 11,315 10,267 44,896 34,379 43,848
Interest Expense 7,518 7,761 31,096 19,206 31,339
EBITDA 44,129 36,977 192,862 133,152 185,710
Restructuring Expenses 366 673 2,273 8,149 2,580
Acquisition & Integration Expenses 2 5,147 3,438 18,623 8,583
Customer Program Wind Down 4,067 4,067
Special Items 368 5,820 9,778 26,772 15,230
EBITDA without Special Items $44,497 $42,797 $202,640 $159,924 $200,940
Management believes that Non-GAAP earnings from continuing operations and Non-GAAP diluted earnings per share from continuing operations which are attributable to SMP, and Non-GAAP operating income and EBITDA without special items, each of which are Non-GAAP measurements and are adjusted for special items, are meaningful to investors because they provide a view of the company with respect to ongoing operating results. Special
items represent significant charges or credits that are important to an understanding of the company's overall operating results in the periods presented. Such Non-GAAP measurements are not recognized in accordance with generally accepted accounting principles and should not be viewed as an alternative to GAAP measures of performance.
Standard Motor Products, Inc.
Reconciliation of GAAP and Non-GAAP Measures by Segments
Three Months Ended March 31, 2026
(In thousands, unaudited) Vehicle Temperature Nissens Engineered All Other Consolidated
Control Control Automotive Solutions
Operating Income
GAAP Operating Income $19,613 $10,843 $7,873 $1,822 $(6,058) $34,093
Restructuring Expenses 272 70 24 366
Acquisition & Integration Expenses 2 2
Other (Income) Expense, Net 319 (320) (5) (117) (123)
Non-GAAP Operating Income $20,204 $10,593 $7,870 $1,729 $(6,058) $34,338
EBITDA without Special Items
GAAP Earnings from Continuing Operations Before Taxes $17,877 $10,393 $1,361 $1,937 $(6,272) $25,296
Depreciation and Amortization 4,297 808 3,266 2,594 350 11,315
Interest Expense 1,864 738 4,647 567 (298) 7,518
EBITDA 24,038 11,939 9,274 5,098 (6,220) 44,129
Restructuring Expenses 272 70 24 366
Acquisition & Integration Expenses 2 2
Special Items 272 70 2 24 368
EBITDA without Special Items $24,310 $12,009 $9,276 $5,122 $(6,220) $44,497
% of Net Sales 11.4 % 13.4 % 12.5 % 6.9 % 9.9 %
Three Months Ended March 31, 2025
(In thousands, unaudited) Vehicle Temperature Nissens Engineered All Other Consolidated
Control Control Automotive Solutions
Operating Income
GAAP Operating Income $17,782 $7,900 $2,587 $3,176 $(6,983) $24,462
Restructuring Expenses 526 136 20 (9) 673
Acquisition & Integration Expenses 5,011 136 5,147
Other Income, Net 18 (261) (14) (1) (258)
Non-GAAP Operating Income $18,326 $7,775 $7,584 $3,195 $(6,856) $30,024
EBITDA without Special Items
GAAP Earnings from Continuing Operations Before Taxes $17,046 $7,948 $(2,151) $3,431 $(7,325) $18,949
Depreciation And Amortization 3,669 778 2,987 2,500 333 10,267
Interest Expense 1,007 539 5,620 459 136 7,761
EBITDA 21,722 9,265 6,456 6,390 (6,856) 36,977
Restructuring Expenses 526 136 20 (9) 673
Acquisition & Integration Expenses 5,011 136 5,147
Special Items 526 136 5,011 20 127 5,820
EBITDA without Special Items $22,248 $9,401 $11,467 $6,410 $(6,729) $42,797
% of Net Sales 11.6 % 10.6 % 17.3 % 9.7 % 10.4 %
Management believes that Non-GAAP operating income and EBITDA without special items, each of which are Non-GAAP measurements and are adjusted for special items, are meaningful to investors because they provide a view of the company with respect to ongoing operating results. Special items represent significant charges or credits that are important to an understanding of the company's overall operating results in the periods
presented. Such Non-GAAP measurements are not recognized in accordance with generally accepted accounting principles and should not be viewed as an alternative to GAAP measures of performance.
Standard Motor Products, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share data) March 31, March 31, December 31,
2026 2025 2025
ASSETS (Unaudited) (Unaudited)
CURRENT ASSETS:
Cash $59,207 $50,276 $72,031
Accounts receivable, less allowances for discounts and expected credit losses of $10,159 for 2026 and $7,157 and $10,043 for March and December 2025, respectively 312,961 280,795 232,020
Inventories 726,308 658,728 727,922
Prepaid expenses and other current assets 21,069 26,282 18,477
Total current assets 1,119,545 1,016,081 1,050,450
Property, plant and equipment, net of accumulated depreciation of $299,761 for 2026 and $279,885 and $300,283 for March and December 2025, respectively 186,442 174,636 188,562
Operating lease right-of-use assets 102,003 112,022 105,178
Goodwill 253,626 246,115 256,159
Customer relationships intangibles, net 204,526 212,378 212,056
Other intangibles, net 97,303 93,087 99,102
Deferred income taxes 25,599 14,064 25,384
Investments in unconsolidated affiliates 26,685 26,013 26,310
Other assets 32,570 31,695 32,040
Total assets $2,048,299 $1,926,091 $1,995,241
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current portion of revolving credit facility $30,000 $4,350 $30,000
Current portion of term loan and other debt 19,370 18,876 21,988
Accounts payable 179,524 151,206 169,089
Sundry payables and accrued expenses 98,246 92,758 92,054
Accrued customer returns 63,710 66,087 49,554
Accrued rebates 75,924 73,050 84,494
Payroll and commissions 34,298 31,050 46,135
Total current liabilities 501,072 437,377 493,314
Long-term debt 609,250 627,329 566,727
Noncurrent operating lease liabilities 90,345 99,885 93,381
Accrued asbestos liabilities 109,783 29,135 112,625
Other accrued liabilities 30,270 79,928 30,932
Total liabilities 1,340,720 1,273,654 1,296,979
Commitments and contingencies
Stockholders' equity:
Common stock - par value $2.00 per share (Authorized - 30,000,000 shares; issued 23,936,036 shares) 47,872 47,872 47,872
Capital in excess of par value 101,104 99,547 99,005
Retained earnings 599,276 581,174 589,448
Accumulated other comprehensive income 11,664 (13,655) 17,857
Treasury stock - at cost (1,690,616 shares in 2026 and 1,955,013 and 1,790,097 shares in March and December 2025, respectively) (66,589) (76,977) (70,483)
Total SMP stockholders' equity 693,327 637,961 683,699
Noncontrolling interest 14,252 14,476 14,563
Total stockholders' equity 707,579 652,437 698,262
Total liabilities and stockholders' equity $2,048,299 $1,926,091 $1,995,241
Standard Motor Products, Inc.
Consolidated Statements of Cash Flows
(In thousands, unaudited) Three Months Ended
March 31,
2026 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $17,285 $12,741
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization 11,315 10,267
Amortization of deferred financing cost 278 327
(Decrease) increase to allowance for expected credit losses (124) 1,614
Increase to inventory reserves 901 1,843
Equity income from joint ventures (669) (1,084)
Employee stock ownership plan allocation 822 675
Stock-based compensation 2,989 1,550
Increase in deferred income taxes (980) (16)
Loss on discontinued operations, net of tax 1,185 1,139
Change in assets and liabilities:
Increase in accounts receivable (82,541) (68,882)
Increase in inventories (1,966) (14,576)
(Increase) decrease in prepaid expenses and other current assets (104) 1,438
Increase in accounts payable 11,419 957
Increase (decrease) in sundry payables and accrued expenses 1,524 (3,185)
Net change in other assets and liabilities (3,263) (5,028)
Net cash used in operating activities (41,929) (60,220)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (6,740) (9,132)
Other investing activities 33 2,923
Net cash used in investing activities (6,707) (6,209)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of term loans (3,938) (3,853)
Net borrowings under revolving credit facilities 51,437 80,962
Net (repayments) borrowings of other debt and lease obligations (3,531) 1,985
Purchase of treasury stock (283)
Increase in overdraft balances 93 191
Dividends paid (7,308) (6,777)
Dividends paid to noncontrolling interest (624)
Net cash provided by financing activities 35,846 72,508
Effect of exchange rate changes on cash (34) (229)
Net (decrease) increase in cash (12,824) 5,850
CASH at beginning of period 72,031 44,426
CASH at end of period $59,207 $50,276
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SOURCE Standard Motor Products, Inc.
Anthony (Tony) Cristello, Standard Motor Products, Inc., (972) 316-8107, investors@smpcorp.com