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 %
