Standard Motor Q2 Earnings Smashes Estimates

  • Standard Motor Products Inc SMP reported second-quarter FY21 sales growth of 37.97% year-on-year, to $342.08 million, beating the analyst consensus estimate of $268.56 million.
  • Engine management segment revenue rose 34.7% Y/Y, and temperature control segment sales gained 47.1%.
  • Gross profit rose 54.2% Y/Y to $99.3 million with a gross margin of 29%.
  • The operating margin was 10.8%, and operating income for the quarter rose 130.4% to $36.9 million.
  • SMP held $27.5 million in cash and equivalents as of June 30, 2021, and generated an operating cash flow of $23.2 million.
  • EPS of $1.26 beat the analyst consensus of $0.65.
  • "Going forward, we anticipate margin pressures from more normalized production levels and inflationary headwinds, though we believe that the current environment permits a pass-through of these costs," said CEO Eric Sills.
  • Price action: SMP shares are trading lower by 0.73% at $42.25 on the last check Wednesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsSmall CapBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!