Open the filing on EDGARAnthony (Tony) Cristello
Standard Motor Products, Inc. Releases 2025
Fourth Quarter and Year-End Results
- Fourth Quarter net sales of $385.1 million up 12.2%, and up 4.3% excluding Nissens
- Full year net sales of $1.79 billion, up 22.4%, with growth of 4.0% excluding Nissens
- Adjusted diluted earnings per share up 19.1% in Q4 and up 26.8% for the full year
- Adjusted EBITDA margin improved 130 bps in Q4 and 160 bps for the full year
- Guidance of low to mid-single digit sales growth with adjusted EBITDA margin of 11%-12%
New York, NY, February 26, 2026......Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three and twelve months ended December 31, 2025.
Net sales for the fourth quarter of 2025 were $385.1 million, compared to consolidated net sales of $343.4 million during the same quarter in 2024. Earnings from continuing operations for the fourth quarter of 2025 were $9.2 million or $0.41 per diluted share, compared to loss of $0.8 million or $0.04 per diluted share in the fourth quarter of 2024. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the fourth quarter of 2025 were $12.8 million or $0.56 per diluted share, compared to $10.5 million or $0.47 per diluted share in the fourth quarter of 2024.
Consolidated net sales for the twelve months ended December 31, 2025, were $1.79 billion, compared to consolidated net sales of $1.46 billion during the comparable period in 2024. Earnings from continuing operations for the twelve months ended December 31, 2025, were $79.0 million or $3.52 per diluted share, compared to $53.6 million or $2.41 per diluted share in the comparable period of 2024. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the twelve months ended December 31, 2025 and 2024 were $90.3 million or $4.02 per diluted share and $70.5 million or $3.17 per diluted share, respectively.
Mr. Eric Sills, Standard Motor Products’ Chairman and Chief Executive Officer stated, “We were very pleased with our results in the period as the strong performance we experienced throughout the year continued. Sales for the quarter were up 12.2%, and up 22.4% for the full year. Excluding the impact of Nissens Automotive, sales for the quarter and year were up 4.3% and 4.0%, respectively. Adjusted diluted earnings per share were up 19.1% for the quarter and 26.8% for the year.”
Fourth Quarter Highlights:
North American Aftermarket
- Vehicle Control sales increased 3.3% in the fourth quarter, with full-year performance of 3.0% growth. The solid results in the quarter were due to a combination of factors including favorable customer order patterns, general strength across our non-discretionary categories, and the on-going benefit from our customers’ footprint expansion activities. Customer POS remained healthy in the quarter, continuing a trend we have seen throughout the year.
- Temperature Control sales increased an impressive 5.9% in the quarter versus a challenging compare of 30% in last year’s fourth quarter and finished the year up 12.2%. This has been another very strong year for the segment, as the season for this business appears to be starting earlier and lasting longer. In addition to weather patterns that drive demand, we believe our strong brand recognition among professional installers has helped increase our customers’ share of the market.
- Both North American aftermarket segments experienced a modest sales lift from tariff passthroughs implemented in the second half of the year, tempered by some compression of gross margins from passing through tariffs at cost.
Nissens
Nissens delivered another solid quarterly performance with sales of $64.1 million. For 2025, Nissens contributed $305.4 million in sales with an adjusted EBITDA margin of 15.9%. Nissens continues to gain share in its markets driven by strong brand awareness and operational excellence, and we expect this outperformance to continue. In November, we completed our first full year of ownership, and heading into 2026 we expect to begin to realize some of the benefits from synergy and integration efforts, including a modest uplift from recently launched new product categories and expanding growth synergies through cross-selling opportunities.
Engineered Solutions
Engineered Solutions sales saw some rebound in the quarter with 6.3% growth over last year’s quarter, primarily driven by timing of orders in our powersports-related categories. For the full year, the segment posted a 3.8% decline in sales as it was impacted by cyclical softness across global end markets, but we were pleased to see sequential recovery in the second half of the year. We also made the decision to wind down certain customer programs in the quarter, for which we incurred some one-time costs. We believe the segment has seen demand stabilize and should experience more stable quarterly performance moving into 2026.
Profitability & Balance Sheet
Adjusted EBITDA for the quarter increased to $37.4 million, an improvement of 130 bps to 9.7% of net sales. On a year-to-date basis, adjusted EBITDA increased to $200.9 million, showing an improvement of 160 bps to 11.2% of net sales, exceeding our guidance of 10.5% - 11%. The increases were driven by strong performance in our North American and Nissens aftermarket businesses. Nissens contributed $6.5 million and $48.5 million of adjusted EBITDA in the fourth quarter and full year, respectively.
From a balance sheet perspective, our cash flows and borrowings were in line with expectations. Total net debt at quarter-end stood at $546.7 million, primarily reflecting additional borrowings related to our Nissens acquisition and seasonal working capital build. Our debt leverage stood at 2.7x at the end of the quarter and we continue to target reducing debt levels to 2.0x adjusted EBITDA by the end of 2026.
2026 Guidance
Our outlook for the full year of 2026 includes an 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 while always the most volatile, a more stable performance in Engineered Solutions. Further, we expect Adjusted EBITDA will be in a range of 11.0%-12.0% that should be aided by initiatives we have underway to drive ongoing profitability gains. As we lap the implementation of tariff-related pricing, we expect a slight increase in sales from higher pricing, but some continued margin compression from pass-through at our cost.
This guidance is based on tariffs in place before the recent Supreme Court ruling on IEEPA tariffs and the announcement of new Section 122 tariffs, and any impact thereof. We will continue to monitor the shifting tariff landscape, and plan to implement changes as necessary.
Dividends
The Board of Directors has approved an increase in its quarterly common stock dividend from thirty-one cents per share to thirty-three cents per share, payable on March 2, 2026, to shareholders of record on February 16, 2026.
Closing Remarks
In closing, Mr. Sills commented, “Our North American and Nissens aftermarket businesses led the way in this year’s strong performance. The global aftermarket continues to be resilient and demand for our products remains strong, driven by the quality, brand recognition and high levels of customer service we provide. We are optimistic heading into 2026 and think we are well positioned to capitalize on favorable trends to drive growth and increased shareholder value. 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, February 26, 2026. This call will be webcast and can be accessed on our website at www.smpcorp.com and clicking on the SMP Q4'25 Earnings Call Webcast link. Investors may also listen to the call by dialing 800-343-4849 (domestic) or 203-518-9848 (international). The conference call ID code is SMP4Q2025. 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 800-934-2123 (domestic) or 402-220-1137 (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.
Consolidated Statements of Operations
| Three Months Ended December 31, | Twelve Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| (In thousands, except share and per share data) | (Unaudited) | | |
| Net sales | $385,090 | | $343,352 | | $1,791,158 | | $1,463,849 | |
| Cost of sales | 263,087 | | 242,366 | | 1,231,750 | | 1,040,528 | |
| Gross profit | 122,003 | | 100,986 | | 559,408 | | 423,321 | |
| Selling, general and administrative expenses | 99,906 | | 95,282 | | 420,659 | | 335,104 | |
| Restructuring and integration expenses | 543 | | 1,894 | | 2,580 | | 7,668 | |
| Other income, net | 19 | | 70 | | 338 | | 75 | |
| Operating income | 21,573 | | 3,880 | | 136,507 | | 80,624 | |
| Other non-operating income (expense), net | (502) | | 1,730 | | 5,355 | | 6,877 | |
| Interest expense | 7,889 | | 5,548 | | 31,339 | | 13,512 | |
| Earnings from continuing operations before income taxes | 13,182 | | 62 | | 110,523 | | 73,989 | |
| Provision for income taxes | 3,750 | | 667 | | 30,617 | | 19,385 | |
| Earnings (loss) from continuing operations | 9,432 | | (605) | | 79,906 | | 54,604 | |
| Loss from discontinued operations, net of income taxes | (1,329) | | (1,401) | | (37,698) | | (26,128) | |
| Net earnings (loss) | 8,103 | | (2,006) | | 42,208 | | 28,476 | |
| Net earnings attributable to noncontrolling interest | 241 | | 191 | | 873 | | 976 | |
| Net earnings (loss) attributable to SMP | $7,862 | | $(2,197) | | $41,335 | | $27,500 | |
| Net earnings (loss) attributable to SMP | | | | |
| Continuing operations | $9,191 | | $(796) | | $79,033 | | $53,628 | |
| Discontinued operations | (1,329) | | (1,401) | | (37,698) | | (26,128) | |
| Net earnings (loss) attributable to SMP | $7,862 | | $(2,197) | | $41,335 | | $27,500 | |
| Per common share data | | | | |
| Basic: | | | | |
| Continuing operations | $0.42 | | $(0.04) | | $3.59 | | $2.46 | |
| Discontinued operations | (0.06) | | (0.06) | | (1.71) | | (1.20) | |
| Net earnings (loss) attributable to SMP per common share | $0.36 | | $(0.10) | | $1.88 | | $1.26 | |
| Diluted: | | | | |
| Continuing operations | $0.41 | | $(0.04) | | $3.52 | | $2.41 | |
| Discontinued operations | (0.06) | | (0.06) | | (1.68) | | (1.17) | |
| Net earnings (loss) attributable to SMP per common share | $0.35 | | $(0.10) | | $1.84 | | $1.24 | |
| Dividend declared per common share | $0.31 | | $0.29 | | $1.24 | | $1.16 | |
| Weighted average number of common shares, basic | | 22,080,526 | | 21,798,092 | | 21,986,301 | | 21,801,141 |
| Weighted average number of common shares, diluted | | 22,669,246 | | 22,286,577 | | 22,483,591 | | 22,237,060 |
Segment Revenues
| Three Months Ended December 31, | Twelve Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | | 2024 |
|---|
| (in thousands) | (Unaudited) | | | |
| Vehicle Control | | | | | |
| Engine Management (Ignition, Emissions and Fuel Delivery) | $118,184 | | $114,414 | | $486,203 | | | $467,460 | |
| Electrical and Safety | 63,599 | | 56,589 | | 241,938 | | | 229,361 | |
| Wire Sets and Other | 11,886 | | 16,415 | | 57,251 | | | 65,739 | |
| Total Vehicle Control | 193,669 | | 187,418 | | 785,392 | | | 762,560 | |
| Temperature Control | | | | | |
| AC System Components | 30,780 | | 29,298 | | 316,781 | | | 274,926 | |
| Other Thermal Components | 30,682 | | 28,716 | | 109,586 | | | 105,162 | |
| Total Temperature Control | 61,462 | | 58,014 | | 426,367 | | | 380,088 | |
| Nissens Automotive | | | | | |
| Air Conditioning | 22,711 | | 9,214 | | 126,727 | | | 9,214 | |
| Engine Cooling | 31,366 | | 19,287 | | 126,389 | | | 19,287 | |
| Engine Efficiency | 10,044 | | 7,244 | | 52,261 | | | 7,244 | |
| Total Nissens Automotive | 64,121 | | 35,745 | | 305,377 | | 305,377 | 35,745 | |
| Engineered Solutions | | | | | |
| Light Vehicle | 19,726 | | 20,772 | | 84,887 | | | 91,548 | |
| Commercial Vehicle | 19,687 | | 20,155 | | 81,239 | | | 89,171 | |
| Construction/Agriculture | 7,763 | | 8,201 | | 35,618 | | | 35,832 | |
| All Other | 18,886 | | 13,047 | | 72,740 | | | 68,905 | |
| Total Engineered Solutions | 66,062 | | 62,175 | | 274,484 | | | 285,456 | |
| Other | (224) | | - | | (462) | | | - | |
| Total | $385,090 | | $343,352 | | $1,791,158 | | | $1,463,849 | |
| Three Months Ended December 31, | Twelve Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Standard Motor Products, Inc. |
| Segment Operating Profit |
| (in thousands; percentage of net sales) | (Unaudited) | | | | |
| Gross Margin | | | | | | | | |
| Vehicle Control | $62,130 | | 32.1% | | $59,565 | 31.8% | | $247,105 | | 31.5% | | $244,085 | 32.0% | |
| Temperature Control | 22,914 | | 37.3% | | 19,171 | 33.0% | | 144,821 | | 34.0% | | 117,792 | 31.0% | |
| Nissens Automotive | 27,160 | | 42.4% | | 14,590 | 40.8% | | 126,640 | | 41.5% | | 14,590 | 40.8% | |
| Engineered Solutions | | 11,879 | 18.0% | | 10,725 | 17.2% | | | 49,132 | 17.9% | | 49,919 | 17.5% | |
| All Other | - | | | - | | - | | | - | |
| Subtotal | $124,083 | | 32.2% | | $104,051 | 30.3% | | $567,698 | | 31.7% | | $426,386 | 29.1% | |
| Acquisition & Integration Expenses | - | | - % | | (3,065) | -0.9% | | (6,210) | | -0.3% | | (3,065) | -0.2% | |
| Customer Program Wind Down | (2,080) | | -0.5% | | - | - % | | (2,080) | | -0.1% | | - | - % | |
| Gross Margin | $122,003 | | 31.7% | | $100,986 | 29.4% | | $559,408 | | 31.2% | | $423,321 | 28.9% | |
| Selling, General & Administrative | | | | | | | | |
| Vehicle Control | $45,209 | | 23.3% | | $42,402 | 22.6% | | $178,885 | | 22.8% | | $172,525 | 22.6% | |
| Temperature Control | 15,660 | | 25.5% | | 15,369 | 26.5% | | 83,519 | | 19.6% | | 82,010 | 21.6% | |
| Nissens Automotive | 23,575 | | 36.8% | | 14,205 | 39.7% | | 91,832 | | 30.1% | | 14,205 | 39.7% | |
| Engineered Solutions | 8,384 | | 12.7% | | 8,832 | 14.2% | | 34,370 | | 12.5% | | 34,323 | 12.0% | |
| All Other | 4,854 | | | 5,467 | | 27,693 | | | 21,630 | |
| Subtotal | $97,682 | | 25.4% | | $86,275 | 25.1% | | $416,299 | | 23.2% | | $324,693 | 22.2% | |
| Acquisition & Integration Expenses | 237 | | 0.1% | | 9,007 | 2.6% | | 2,373 | | 0.1% | | 10,411 | 0.7% | |
| Customer Program Wind Down | 1,987 | | 0.5% | | - | - % | | 1,987 | | 0.1% | | - | - % | |
| Selling, General & Administrative | $99,906 | | 25.9% | | $95,282 | 27.8% | | $420,659 | | 23.5% | | $335,104 | 22.9% | |
| Operating Income | | | | | | | | |
| Vehicle Control | $16,921 | | 8.7% | | $17,163 | 9.2% | | $68,220 | | 8.7% | | $71,560 | 9.4% | |
| Temperature Control | 7,254 | | 11.8% | | 3,802 | 6.6% | | 61,302 | | 14.4% | | 35,782 | 9.4% | |
| Nissens Automotive | 3,585 | | 5.6% | | 385 | 1.1% | | 34,808 | | 11.4% | | 385 | 1.1% | |
| Engineered Solutions | | 3,495 | 5.3% | | 1,893 | 3.0% | | | 14,762 | 5.4% | | 15,596 | 5.5% | |
| All Other | (4,854) | | | (5,467) | | (27,693) | | | (21,630) | |
| Subtotal | $26,401 | | 6.9% | | $17,776 | 5.2% | | $151,399 | | 8.5% | | $101,693 | 6.9% | |
| Restructuring | (543) | | -0.1% | | (1,894) | -0.6% | | (2,580) | | -0.1% | | (7,668) | -0.5% | |
| Acquisition & Integration Expenses | (237) | | -0.1% | | (12,072) | -3.5% | | (8,583) | | -0.5% | | (13,476) | -0.9% | |
| Customer Program Wind Down | (4,067) | | -1.1% | | - | - % | | (4,067) | | -0.2% | | - | - % | |
| Other Income, Net | 19 | | - % | | 70 | - % | | 338 | | - % | | 75 | - % | |
| Operating Income | $21,573 | | 5.6% | | $3,880 | 1.1% | | $136,507 | | 7.6% | | $80,624 | 5.5% | |
| Three Months Ended December 31, | Twelve Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| Standard Motor Products, Inc. |
| Reconciliation of GAAP and Non-GAAP Measures |
| (In thousands, except per share amounts; unaudited) | (Unaudited) | | |
| Earnings from Continuing Operations Attributable To SMP | | | | |
| GAAP Earnings (Loss) from Continuing Operations | $9,191 | | $(796) | | $79,033 | | $53,628 | |
| Restructuring Expenses | 543 | | 1,894 | | 2,580 | | 7,668 | |
| Acquisition & Integration Expenses | 237 | | 13,041 | | 8,583 | | 15,245 | |
| Customer Program Wind Down | 4,067 | | - | | 4,067 | | - | |
| Certain Tax Credits And Production Deductions Finalized In Period | - | | - | | - | | (380) | |
| Income Tax Effect Related To Reconciling Items | (1,260) | | (3,631) | | (3,960) | | (5,705) | |
| Non-GAAP Earnings from Continuing Operations | $12,778 | | $10,508 | | $90,303 | | $70,456 | |
| Diluted Earnings Per Share from Continuing Operations Attributable to SMP | | | | |
| GAAP Diluted Earnings (Loss) Per Share from Continuing Operations | $0.41 | | $(0.04) | | $3.52 | | $2.41 | |
| Restructuring Expenses | 0.02 | | 0.08 | | 0.11 | | 0.34 | |
| Acquisition & Integration Expenses | 0.01 | | 0.59 | | 0.38 | | 0.69 | |
| Customer Program Wind Down | 0.18 | | - | | 0.18 | | - | |
| Certain Tax Credits And Production Deductions Finalized In Period | - | | - | | - | | (0.02) | |
| Income Tax Effect Related To Reconciling Items | (0.06) | | (0.16) | | (0.17) | | (0.25) | |
| Non-GAAP Diluted Earnings Per Share from Continuing Operations | $0.56 | | $0.47 | | $4.02 | | $3.17 | |
| Operating Income | | | | |
| GAAP Operating Income | $21,573 | | $3,880 | | $136,507 | | $80,624 | |
| Restructuring Expenses | 543 | | 1,894 | | 2,580 | | 7,668 | |
| Acquisition & Integration Expenses | 237 | | 12,072 | | 8,583 | | 13,476 | |
| Customer Program Wind Down | 4,067 | | - | | 4,067 | | - | |
| Other Income, Net | (19) | | (70) | | (338) | | (75) | |
| Non-GAAP Operating Income | $26,401 | | $17,776 | | $151,399 | | $101,693 | |
| EBITDA without Special Items | | | | |
| GAAP Earnings from Continuing Operations Before Taxes | $13,182 | | $62 | | $110,523 | | $73,989 | |
| Depreciation and Amortization | 11,455 | | 9,405 | | 43,848 | | 31,413 | |
| Interest Expense | 7,889 | | 5,548 | | 31,339 | | 13,512 | |
| EBITDA | 32,526 | | 15,015 | | 185,710 | | 118,914 | |
| Restructuring Expenses | 543 | | 1,894 | | 2,580 | | 7,668 | |
| Acquisition & Integration Expenses | 237 | | 12,072 | | 8,583 | | 13,476 | |
| Customer Program Wind Down | 4,067 | | - | | 4,067 | | - | |
| Special Items | 4,847 | | 13,966 | | 15,230 | | 21,144 | |
| EBITDA without Special Items | $37,373 | | $28,981 | | $200,940 | | $140,058 | |
| 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. |
| Three Months Ended December 31, 2025 |
|---|
| Standard Motor Products, Inc. |
| Reconciliation of GAAP and Non-GAAP Measures by Segments |
| (In thousands, unaudited) | Vehicle Control | Temperature Control | Nissens Automotive | Engineered Solutions | All Other | Consolidated |
| Operating Income | | | | | | |
| GAAP Operating Income (Loss) | | $16,339 | | $7,315 | | $3,468 | | $(587) | $(4,962) | | $21,573 |
| Restructuring Expenses | | 531 | | - | | - | | 13 | (1) | | 543 |
| Acquisition & Integration Expenses | | - | | - | | 129 | | - | 108 | | 237 |
| Customer Program Wind Down | | - | | - | | - | | 4,067 | - | | 4,067 |
| Other (Income) Expense, Net | | 52 | | (61) | | (14) | | 4 | - | | (19) |
| Non-GAAP Operating Income (Loss) | | $16,922 | | $7,254 | | $3,583 | | $3,497 | $(4,855) | | $26,401 |
| EBITDA without Special Items | | | | | | |
| GAAP Earnings (Loss) from Continuing Operations Before Taxes | | $15,292 | | $6,466 | | $(2,658) | | $(882) | $(5,036) | | $13,182 |
| Depreciation and Amortization | | 4,265 | | 938 | | 3,290 | | 2,587 | 375 | | 11,455 |
| Interest Expense | | 1,365 | | 581 | | 5,705 | | 554 | (316) | | 7,889 |
| EBITDA | | 20,922 | | 7,985 | | 6,337 | | 2,259 | (4,977) | | 32,526 |
| Restructuring Expenses | | 531 | | - | | - | | 13 | (1) | | 543 |
| Acquisition & Integration Expenses | | - | | - | | 129 | | - | 108 | | 237 |
| Customer Program Wind Down | | - | | - | | - | | 4,067 | - | | 4,067 |
| Special Items | | 531 | | - | | 129 | | 4,080 | 107 | | 4,847 |
| EBITDA without Special Items | | $21,453 | | $7,985 | | $6,466 | $6,339 | | $(4,870) | | $37,373 |
| % of Net Sales | 11.1% | | 13.0% | | 10.1% | | 9.6% | | | 9.7% | |
| Three Months Ended December 31, 2024 |
| (In thousands, unaudited) | Vehicle Control | Temperature Control | Nissens Automotive | Engineered Solutions | All Other | Consolidated |
| Operating Income | | | | | | |
| GAAP Operating Income (Loss) | | $15,621 | | $3,635 | $(2,768) | | | $1,766 | $(14,374) | | $3,880 |
| Restructuring Expenses | | 1,536 | | 169 | - | | | 189 | - | | 1,894 |
| Acquisition & Integration Expenses | | - | | - | 3,165 | | | - | 8,907 | | 12,072 |
| Other (Income) Expense, Net | | 6 | | (2) | (12) | | | (62) | - | | (70) |
| Non-GAAP Operating Income (Loss) | | $17,163 | | $3,802 | $385 | | | $1,893 | $(5,467) | | $17,776 |
| EBITDA without Special Items | | | | | | |
| GAAP Earnings (Loss) from Continuing Operations Before Taxes | | $14,893 | | $4,216 | $(6,087) | | | $2,184 | $(15,144) | | $62 |
| Depreciation And Amortization | | 3,860 | | 827 | 1,943 | | | 2,368 | 407 | | 9,405 |
| Interest Expense | | 484 | | 312 | 4,147 | | | 560 | 45 | | 5,548 |
| EBITDA | | 19,237 | | 5,355 | 3 | | | 5,112 | (14,692) | | 15,015 |
| Restructuring Expenses | | 1,536 | | 169 | - | | | 189 | - | | 1,894 |
| Acquisition & Integration Expenses | | - | | - | 3,165 | | | - | 8,907 | | 12,072 |
| Special Items | | 1,536 | | 169 | 3,165 | | | 189 | 8,907 | | 13,966 |
| EBITDA without Special Items | | $20,773 | $5,524 | | $3,168 | | | $5,301 | $(5,785) | | $28,981 |
| % of Net Sales | 11.1% | | 9.5% | | 8.9% | | 8.5% | | | 8.4% | |
| 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. |
| Twelve Months Ended December 31, 2025 |
|---|
| Standard Motor Products, Inc. |
| Reconciliation of GAAP and Non-GAAP Measures by Segments |
| (In thousands; unaudited) | Vehicle Control | Temperature Control | Nissens Automotive | Engineered Solutions | All Other | Consolidated |
| Operating Income | | | | | | |
| GAAP Operating Income (Loss) | | $65,796 | | $61,485 | | $26,900 | | $10,598 | $(28,272) | | $136,507 |
| Restructuring Expenses | | 2,271 | | 190 | | - | | 118 | 1 | | 2,580 |
| Acquisition & Integration Expenses | | - | | - | | 8,006 | | - | 577 | | 8,583 |
| Customer Program Wind Down | | - | | - | | - | | 4,067 | - | | 4,067 |
| Other (Income) Expense, Net | | 154 | | (373) | | (99) | | (20) | - | | (338) |
| Non-GAAP Operating Income (Loss) | | $68,221 | | $61,302 | | $34,807 | | $14,763 | $(27,694) | | $151,399 |
| EBITDA without Special Items | | | | | | |
| GAAP Earnings (Loss) from Continuing Operations Before Taxes | | $62,040 | | $61,139 | | $5,384 | | $10,776 | $(28,816) | | $110,523 |
| Depreciation and Amortization | | 16,178 | | 3,285 | | 12,935 | | 10,088 | 1,362 | | 43,848 |
| Interest Expense | | 5,185 | | 2,469 | | 22,160 | | 2,071 | (546) | | 31,339 |
| EBITDA | | 83,403 | | 66,893 | | 40,479 | | 22,935 | (28,000) | | 185,710 |
| Restructuring Expenses | | 2,271 | | 190 | | - | | 118 | 1 | | 2,580 |
| Acquisition & Integration Expenses | | - | | - | | 8,006 | | - | 577 | | 8,583 |
| Customer Program Wind Down | | - | | - | | - | | 4,067 | - | | 4,067 |
| Special Items | | 2,271 | | 190 | | 8,006 | | 4,185 | 578 | | 15,230 |
| EBITDA without Special Items | | $85,674 | | $67,083 | | $48,485 | $27,120 | | $(27,422) | | $200,940 |
| % of Net Sales | 10.9% | | 15.7% | | 15.9% | | 9.9% | | | 11.2% | |
| Twelve Months Ended December 31, 2024 |
| (In thousands; unaudited) | Vehicle Control | Temperature Control | Nissens Automotive | Engineered Solutions | All Other | Consolidated |
| Operating Income | | | | | | |
| GAAP Operating Income (Loss) | | $67,306 | | $34,937 | $(2,768) | | | $14,820 | $(33,671) | | $80,624 |
| Restructuring and Integration Expenses | | 4,248 | | 847 | - | | | 843 | 1,730 | | 7,668 |
| Acquisition Expenses | | - | | - | 3,165 | | | - | 10,311 | | 13,476 |
| Other Income (Expense), Net | | 6 | | (2) | (12) | | | (67) | - | | (75) |
| Non-GAAP Operating Income | | $71,560 | | $35,782 | $385 | | | $15,596 | $(21,630) | | $101,693 |
| EBITDA without Special Items | | | | | | |
| GAAP Earnings (Loss) from Continuing Operations Before Taxes | | $61,119 | | $36,612 | $(6,087) | | | $16,666 | $(34,321) | | $73,989 |
| Depreciation And Amortization | | 14,841 | | 3,307 | 1,943 | | | 9,608 | 1,714 | | 31,413 |
| Interest Expense | | 5,976 | | 2,360 | 4,147 | | | 2,364 | (1,335) | | 13,512 |
| EBITDA | | 81,936 | | 42,279 | 3 | | | 28,638 | (33,942) | | 118,914 |
| Restructuring and Integration Expenses | | 4,248 | | 847 | - | | | 843 | 1,730 | | 7,668 |
| Acquisition Expenses | | - | | - | 3,165 | | | - | 10,311 | | 13,476 |
| Special Items | | 4,248 | | 847 | 3,165 | | | 843 | 12,041 | | 21,144 |
| EBITDA without Special Items | | $86,184 | $43,126 | | $3,168 | | | $29,481 | $(21,901) | | $140,058 |
| % of Net Sales | 11.3% | | 11.3% | | 8.9% | | 10.3% | | | 9.6% | |
| 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. |
| Condensed Consolidated Balance Sheets |
| (In thousands) | December 2025 | December 2024 |
| ASSETS |
| Cash | $72,031 | | $44,426 | |
| Accounts Receivable, Gross | 242,063 | | 216,191 | |
| Allowance For Expected Credit Losses and Discounts | 10,043 | | 5,472 | |
| Accounts Receivable, Net | 232,020 | | 210,719 | |
| Inventories | 712,151 | | 624,913 | |
| Unreturned Customer Inventory | 15,771 | | 16,163 | |
| Other Current Assets | 18,477 | | 25,703 | |
| Total Current Assets | 1,050,450 | | 921,924 | |
| Property, Plant And Equipment, Net | 188,562 | | 168,735 | |
| Operating Lease Right-of-use Assets | 105,178 | | 109,899 | |
| Goodwill | 256,159 | | 241,418 | |
| Customer Relationships Intangibles, Net | | 212,056 | 210,430 | |
| Other Intangibles, Net | 99,102 | | 90,540 | |
| Deferred Income Taxes | 25,384 | | 13,199 | |
| Investments In Unconsolidated Affiliates | 26,310 | | 24,842 | |
| Other Assets | 32,040 | | 33,139 | |
| Total Assets | $1,995,241 | | $1,814,126 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY |
| Current Portion Of Revolving Credit Facility | $30,000 | | $10,800 | |
| Current Portion Of Term Loan And Other Debt | 21,988 | | 16,317 | |
| Accounts Payable | 169,089 | | 148,009 | |
| Sundry Payables And Accrued Expenses | 79,526 | | 84,936 | |
| Accrued Customer Returns | 49,554 | | 46,471 | |
| Accrued Core Liability | 12,528 | | 12,807 | |
| Accrued Rebates | 84,494 | | 76,168 | |
| Payroll And Commissions | 46,135 | | 40,964 | |
| Total Current Liabilities | 493,314 | | 436,472 | |
| Long-term Debt | 566,727 | | 535,197 | |
| Noncurrent Operating Lease Liabilities | 93,381 | | 98,214 | |
| Accrued Asbestos Liabilities | 112,625 | | 84,568 | |
| Other Accrued Liabilities | 30,932 | | 29,593 | |
| Total Liabilities | | 1,296,979 | | 1,184,044 |
| Total SMP Stockholders' Equity | 683,699 | | 615,745 | |
| Noncontrolling Interest | 14,563 | | 14,337 | |
| Total Stockholders' Equity | | 698,262 | | 630,082 |
| Total Liabilities And Stockholders' Equity | $1,995,241 | | $1,814,126 | |
| Twelve Months Ended |
|---|
| December 31, |
|---|
| Standard Motor Products, Inc. |
| Condensed Consolidated Statements of Cash Flows |
| (In thousands) | | 2025 | | 2024 |
| Cash Flows From Operating Activities | | |
| Net Earnings | $42,208 | | $28,476 | |
| Adjustments To Reconcile Net Earnings To Net Cash Used In Operating Activities: | | |
| Depreciation And Amortization | 43,848 | | 31,413 | |
| Loss From Discontinued Operations, Net Of Taxes | 37,698 | | 26,128 | |
| Other | 14,918 | | 2,212 | |
| Change In Assets And Liabilities: | | |
| Accounts Receivable | (16,767) | | (8,753) | |
| Inventory | (81,629) | | (36,883) | |
| Accounts Payable | 14,601 | | 8,166 | |
| Prepaid Expenses And Other Current Assets | 6,655 | | 856 | |
| Sundry Payables And Accrued Expenses | (6,110) | | 24,170 | |
| Other | 2,018 | | 908 | |
| Net Cash Provided by Operating Activities | 57,440 | | 76,693 | |
| Cash Flows From Investing Activities | | |
| Acquisitions of Businesses, Net of Cash Acquired | - | | (372,491) | |
| Capital Expenditures | (38,724) | | (44,018) | |
| Other Investing Activities | 3,060 | | (2,174) | |
| Net Cash Used in Investing Activities | (35,664) | | (418,683) | |
| Cash Flows From Financing Activities | | |
| Net Change In Debt | 27,725 | | 392,630 | |
| Purchase Of Treasury Stock | - | | (10,428) | |
| Dividends Paid | (27,272) | | (25,341) | |
| Dividends Paid to Noncontrolling Interest | (785) | | (2,347) | |
| Payments Of Debt Issuance Costs | - | | (5,133) | |
| Other Financing Activities | 63 | | 166 | |
| Net Cash Provided by (Used In) Investing Activities | (269) | | 349,547 | |
| Effect Of Exchange Rate Changes On Cash | 6,098 | | 4,343 | |
| Net Increase In Cash | 27,605 | | 11,900 | |
| Cash At Beginning Of Period | 44,426 | | 32,526 | |
| Cash At End Of Period | $72,031 | | $44,426 | |
Contacts
For more information, contact:
(972) 316-8107 investors@smpcorp.com