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14:18 Uhr
Bieterrennen: Arbeiternehmervertreter in Sorge um Jobs bei Stada

Standard Motor Products, Inc. Announces Fourth Quarter and 2016 Year End Results

Donnerstag, 16.02.2017 14:20 von

PR Newswire

NEW YORK, Feb. 16, 2017 /PRNewswire/ -- Standard Motor Products, Inc. (NYSE: SMP), an automotive replacement parts manufacturer and distributor, reported today its consolidated financial results for the three months and for the year ended December 31, 2016.

Consolidated net sales for the fourth quarter of 2016 were $229.8 million, compared to consolidated net sales of $205 million during the comparable quarter in 2015. Earnings from continuing operations for the fourth quarter of 2016 were $8.8 million or 38 cents per diluted share, compared to $5.8 million or 25 cents per diluted share in the fourth quarter of 2015. 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 2016 were $9.8 million or 42 cents per diluted share, compared to $8.1 million or 35 cents per diluted share in the fourth quarter of 2015.

Consolidated net sales for 2016 were $1,058.5 million, compared to consolidated net sales of $972 million during the comparable period in 2015.  Earnings from continuing operations for 2016 were $62.4 million or $2.70 per diluted share, compared to $48.1 million or $2.08 per diluted share in 2015.  Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the year ended December 31, 2016, and 2015 were $63.9 million or $2.77 per diluted share and $49.4 million or $2.13 per diluted share, respectively.

Mr. Eric P. Sills, Standard Motor Products' Chief Executive Officer and President stated, "We are very pleased with our 2016 results, as we set Company records for both sales and profit. For the year, net sales were up 8.9% (excluding the mid-year acquisition of General Cable's North American automotive ignition wire business, net sales were ahead 3.5%). Gross margin for the year increased from 28.9% to 30.5%, and net earnings and earnings per share were up roughly 30%.

"Engine Management sales increased 9.7% for the year (excluding the General Cable acquired business they were ahead 2.1%, in line with our low single digit forecasts). Gross margin for the year increased almost a full point, from 30.4% to 31.3%.

"Our Temperature Control division benefited from the first warm summer in three years, and net sales increased roughly 7%. Our key customers reported their POS sales increase at closer to 9%, which would indicate a healthy start to 2017. However, the key determining factor for the year will be the weather during the summer months.

"The Temperature Control division achieved a major improvement in gross margin for the year, from 21.9% to 25.6%--the result of increased volume and increased efficiency throughout the division.

"Overall, the fourth quarter came in slightly below our expectations, though we did achieve an increase in both sales and profit vs. the fourth quarter of 2015. The main shortfall was in Engine Management gross profit, which fell from 31.5% to 27.9% for the quarter.

"This reduction was primarily the result of several factors—lower sales (excluding sales from the General Cable acquired business), based on the ordering patterns of a few large accounts; higher than anticipated returns; and a drop in overhead absorption as we are in the process of relocating several manufacturing operations. We believe that the 12 month figure of 31.3% is a better indication of our current Engine Management gross margin rate.

"Turning to operations, we are quite pleased with the General Cable acquired business results to date. We have maintained the customer base and improved the shipping performance. The integration is proceeding on schedule. Sales and administration functions are essentially integrated, and distribution has been relocated to our wire distribution facility in Edwardsville, Kansas. All have resulted in significant savings. We are beginning the task of relocating the General Cable wire assembly operation from Nogales, Mexico to our existing assembly facility in Reynosa, Mexico. We plan to complete this move by the end of Q1 2018, and expect substantial synergies when the integration is complete.

"We have decided to close our electronics operation in Orlando, Florida, and consolidate it into an existing facility in Independence, Kansas. This was a difficult decision to make. We have been operating in Orlando since 1996, with an excellent work force. Unfortunately, the primary product produced in Orlando, electronic ignition modules, has not been on new vehicles for several years. With diminishing sales, it was increasingly difficult to sustain this as a stand-alone operation, and we decided it was best to merge it with our Independence facility, where we have available capacity and complementary skills.

"We anticipate the total restructuring costs at $3.7 million, with annual savings of $3 million. The move should be complete within 12 to 24 months.

"With our roughly $98 million cash generated from operations, we were able to fund our General Cable ignition wire acquisition for $67 million as well as our capital expenditures and dividends with only a slight increase of $7 million in debt. Our total debt outstanding at year-end was $55 million leaving us with ample liquidity to fund our cash needs going forward.

"As announced previously, we are increasing our quarterly dividend from 17 cents to 19 cents payable on March 1, 2017. This represents our eighth consecutive year of dividend increases.

"In a separate release today, we announced that our Board of Directors has authorized the purchase of up to $20 million of our common stock under a new stock repurchase program.

"In total, we are pleased with our results for 2016 and thank all of our dedicated team members for their accomplishments. We look to build on these accomplishments in 2017."

Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Thursday, February 16, 2017.  The dial-in number is 800-895-0198 (domestic) or 785-424-1053 (international). The playback number is 800-839-4973 (domestic) or 402-220-2685 (international). The conference ID # is STANDARD.

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































(In thousands, except per share amounts)















































THREE MONTHS ENDED




TWELVE MONTHS ENDED





DECEMBER 31,




DECEMBER 31,





2016



2015




2016



2015





(Unaudited)




(Unaudited)



NET SALES


$       229,799



$       204,967




$   1,058,482



$       971,975


















COST OF SALES


163,028



142,181




735,995



690,987


















GROSS PROFIT


66,771



62,786




322,487



280,988


















SELLING, GENERAL & ADMINISTRATIVE EXPENSES


52,625



53,446




221,658



206,287



RESTRUCTURING AND INTEGRATION EXPENSES (INCOME)


1,830



(85)




3,957



(134)



OTHER INCOME , NET


314



251




1,195



1,025


















OPERATING INCOME 


12,630



9,676




98,067



75,860


















OTHER NON-OPERATING INCOME (EXPENSE), NET


1,253



(384)




2,059



(220)


















INTEREST EXPENSE


350



299




1,556



1,537


















EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES


13,533



8,993




98,570



74,103


















PROVISION FOR INCOME TAXES


4,694



3,214




36,158



25,983


















EARNINGS FROM CONTINUING OPERATIONS


8,839



5,779




62,412



48,120


















LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES


(487)



(553)




(1,982)



(2,102)


















NET EARNINGS 


$           8,352



$           5,226




$         60,430



$         46,018





























































































NET EARNINGS PER COMMON SHARE:






























   BASIC EARNINGS FROM CONTINUING OPERATIONS


$             0.39



$             0.26




$             2.75



$             2.11



   DISCONTINUED OPERATION


(0.02)



(0.03)




(0.09)



(0.09)



   NET EARNINGS PER COMMON SHARE - BASIC


$             0.37



$             0.23




$             2.66



$             2.02

































   DILUTED EARNINGS FROM CONTINUING OPERATIONS


$             0.38



$             0.25




$             2.70



$             2.08



   DISCONTINUED OPERATION


(0.02)



(0.02)




(0.08)



(0.09)



   NET EARNINGS PER COMMON SHARE - DILUTED


$             0.36



$             0.23




$             2.62



$             1.99

































WEIGHTED AVERAGE NUMBER OF COMMON SHARES


22,825,109



22,651,279




22,722,517



22,811,862



WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES


23,201,501



23,001,238




23,082,578



23,142,394


















 

 

STANDARD MOTOR PRODUCTS, INC.

Segment Revenues and Operating Income



























(In thousands)









































THREE MONTHS ENDED



TWELVE MONTHS ENDED




DECEMBER 31,



DECEMBER 31,




2016



2015



2016



2015




(unaudited)



(unaudited)


Revenues













Engine Management


$       185,228



$       167,579



$       765,539



$       698,021


Temperature Control


42,652



36,046



283,740



264,478


All Other


1,919



1,342



9,203



9,476




$         229,799



$         204,967



$      1,058,482



$         971,975















Gross Margin













Engine Management


$         51,754

27.9%


$         52,794

31.5%


$       239,710

31.3%


$       212,021

30.4%

Temperature Control


12,100

28.4%


7,539

20.9%


72,547

25.6%


57,977

21.9%

All Other


2,917



2,453



10,230



10,990




$           66,771

29.1%


$           62,786

30.6%


$         322,487

30.5%


$         280,988

28.9%














Selling, General & Administrative













Engine Management


$         33,682

18.2%


$         30,349

18.1%


$       136,590

17.8%


$       121,404

17.4%

Temperature Control


10,845

25.4%


11,159

31.0%


52,623

18.5%


50,780

19.2%

All Other


8,098



8,424



32,445



30,589




$           52,625

22.9%


$           49,932

24.4%


$         221,658

20.9%


$         202,773

20.9%

Customer Bankruptcy Charge


-

0.0%


3,514

1.7%


-

0.0%


3,514

0.4%



$           52,625

22.9%


$           53,446

26.1%


$         221,658

20.9%


$         206,287

21.2%



























Operating Income













Engine Management


$         18,072

9.8%


$         22,445

13.4%


$       103,120

13.5%


$         90,617

13.0%

Temperature Control


1,255

2.9%


(3,620)

-10.0%


19,924

7.0%


7,197

2.7%

All Other


(5,181)



(5,971)



(22,215)



(19,599)




14,146

6.2%


12,854

6.3%


100,829

9.5%


78,215

8.0%

Restructuring & Integration


(1,830)

-0.8%


85

0.0%


(3,957)

-0.4%


134

0.0%

Customer Bankruptcy Charge


-

0.0%


(3,514)

-1.7%


-

0.0%


(3,514)

-0.4%

Other Income, Net


314

0.1%


251

0.1%


1,195

0.1%


1,025

0.1%



$           12,630

5.5%


$             9,676

4.7%


$           98,067

9.3%


$           75,860

7.8%

 

 

STANDARD MOTOR PRODUCTS, INC.

Reconciliation of GAAP and Non-GAAP Measures









































(In thousands, except per share amounts)












THREE MONTHS ENDED



TWELVE MONTHS ENDED



DECEMBER 31,



DECEMBER 31,



2016


2015



2016


2015


(Unaudited)


(Unaudited)

EARNINGS FROM CONTINUING OPERATIONS




















GAAP EARNINGS FROM CONTINUING OPERATIONS


$              8,839


$              5,779



$            62,412


$            48,120











RESTRUCTURING AND INTEGRATION EXPENSES (INCOME)


1,830


(85)



3,957


(134)

CUSTOMER BANKRUPTCY CHARGE


-


3,514



-


3,514

CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD


-


-



(235)


(571)

GAIN FROM SALE OF BUILDINGS


(262)


(262)



(1,048)


(1,048)

DEFERRED FINANCING FEE WRITE-OFF 


-


773



-


773

INCOME TAX EFFECT RELATED TO RECONCILING ITEMS


(628)


(1,576)



(1,164)


(1,243)

NON-GAAP EARNINGS FROM CONTINUING OPERATIONS


$              9,779


$              8,143



$            63,922


$            49,411





















DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS




















GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS


$               0.38


$               0.25



$               2.70


$               2.08











RESTRUCTURING AND INTEGRATION EXPENSES (INCOME)


0.08


-



0.17


(0.01)

CUSTOMER BANKRUPTCY CHARGE


-


0.15



-


0.15

CERTAIN TAX CREDITS AND PRODUCTION DEDUCTIONS FINALIZED IN PERIOD


-


-



(0.01)


(0.03)

GAIN FROM SALE OF BUILDINGS


(0.01)


(0.01)



(0.04)


(0.04)

DEFERRED FINANCING FEE WRITE-OFF 


-


0.03



-


0.03

INCOME TAX EFFECT RELATED TO RECONCILING ITEMS


(0.03)


(0.07)



(0.05)


(0.05)











NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS


$               0.42


$               0.35



$               2.77


$               2.13





















OPERATING INCOME




















GAAP OPERATING INCOME


$            12,630


$              9,676



$            98,067


$            75,860











RESTRUCTURING AND INTEGRATION EXPENSES (INCOME)


1,830


(85)



3,957


(134)

CUSTOMER BANKRUPTCY CHARGE


-


3,514



-


3,514

OTHER INCOME, NET


(314)


(251)



(1,195)


(1,025)











NON-GAAP OPERATING INCOME


$            14,146


$            12,854



$          100,829


$            78,215































MANAGEMENT BELIEVES THAT EARNINGS FROM CONTINUING OPERATIONS, DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS, AND OPERATING INCOME, 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  31,




December  31,



2016




2015



(Unaudited)












ASSETS









CASH


$            19,796




$            18,800








ACCOUNTS RECEIVABLE, GROSS


139,055




128,099

ALLOWANCE FOR DOUBTFUL ACCOUNTS


4,425




4,246

ACCOUNTS RECEIVABLE, NET


134,630




123,853








INVENTORIES


312,477




285,793

OTHER CURRENT ASSETS


47,945




51,294








TOTAL CURRENT ASSETS


514,848




479,740








PROPERTY, PLANT AND EQUIPMENT, NET


78,499




68,882

GOODWILL AND OTHER INTANGIBLES, NET


131,287




84,267

OTHER ASSETS


44,063




48,175








TOTAL ASSETS


$          768,697




$          681,064















LIABILITIES AND STOCKHOLDERS' EQUITY
















NOTES PAYABLE


$            54,812




$            47,427

CURRENT PORTION OF LONG TERM DEBT


43




16

ACCOUNTS PAYABLE


83,878




72,711

ACCRUED CUSTOMER RETURNS


40,176




38,812

OTHER CURRENT LIABILITIES


104,932




84,950








TOTAL CURRENT LIABILITIES


283,841




243,916








LONG-TERM DEBT


120




62

ACCRUED ASBESTOS LIABILITIES


31,328




32,185

OTHER LIABILITIES


12,380




12,922








 TOTAL LIABILITIES 


327,669




289,085








 TOTAL STOCKHOLDERS' EQUITY 


441,028




391,979








 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 


$          768,697




$          681,064










-




-

 

 

STANDARD MOTOR PRODUCTS, INC.

Condensed Consolidated Statements of Cash Flows




















(In thousands)



















TWELVE MONTHS ENDED



DECEMBER 31,



2016



2015



(Unaudited)








CASH FLOWS FROM OPERATING ACTIVITIES












NET EARNINGS 

$        60,430



$        46,018


ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH






PROVIDED BY OPERATING ACTIVITIES:






DEPRECIATION AND AMORTIZATION

20,457



17,637


OTHER

11,505



10,874


CHANGE IN ASSETS AND LIABILITIES:






ACCOUNTS RECEIVABLE

(8,826)



(1,996)


INVENTORY 

(20,155)



(12,503)


ACCOUNTS PAYABLE

7,345



1,882


SUNDRY PAYABLES AND ACCRUED EXPENSES

20,990



1,874


OTHER

6,059



1,385


NET CASH PROVIDED BY OPERATING ACTIVITIES

97,805



65,171














CASH FLOWS FROM INVESTING ACTIVITIES












ACQUISITIONS OF AND INVESTMENTS IN BUSINESSES

(67,289)



-


CAPITAL EXPENDITURES

(20,921)



(18,047)


OTHER INVESTING ACTIVITIES

192



36


NET CASH USED IN INVESTING ACTIVITIES 

(88,018)



(18,011)














CASH FLOWS FROM FINANCING ACTIVITIES












NET CHANGE IN DEBT

7,473



(9,301)


PURCHASE OF TREASURY STOCK

(377)



(19,623)


DIVIDENDS PAID

(15,447)



(13,697)


OTHER FINANCING ACTIVITIES

595



1,466


NET CASH USED IN FINANCING ACTIVITIES

(7,756)



(41,155)














EFFECT OF EXCHANGE RATE CHANGES ON CASH

(1,035)



(933)


NET INCREASE IN CASH AND CASH EQUIVALENTS

996



5,072


CASH AND CASH EQUIVALENTS at beginning of Period

18,800



13,728


CASH AND CASH EQUIVALENTS at end of Period

$        19,796



$        18,800













 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/standard-motor-products-inc-announces-fourth-quarter-and-2016-year-end-results-300408524.html

SOURCE Standard Motor Products, Inc.