$SMP
STANDARD MOTOR PRODUCTS, INC.
CIK:0000093389|SEC Filings
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2026 |
Jun. 30, 2025 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net earnings | $ 47,929 | $ 38,278 |
| Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 22,915 | 21,192 |
| Amortization of deferred financing cost | 549 | 637 |
| Increase to allowance for expected credit losses | 113 | 2,041 |
| Increase to inventory reserves | 2,164 | 3,907 |
| Equity income from joint ventures | (1,809) | (2,139) |
| Employee stock ownership plan allocation | 1,644 | 1,350 |
| Stock-based compensation | 6,474 | 3,301 |
| Decrease in deferred income taxes | 421 | 504 |
| Loss on discontinued operations, net of tax | 2,578 | 2,197 |
| Change in assets and liabilities: | ||
| Increase in accounts receivable | (129,028) | (108,180) |
| Decrease (increase) in inventories | 37,755 | (3,217) |
| (Increase) decrease in prepaid expenses and other current assets | (493) | 5,816 |
| Increase in accounts payable | 13,385 | 17,068 |
| Increase in sundry payables and accrued expenses | 62,616 | 15,863 |
| Net change in other assets and liabilities | (8,947) | (4,521) |
| Net cash provided by (used in) operating activities | 58,266 | (5,903) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Capital expenditures | (14,949) | (19,295) |
| Other investing activities | 420 | 2,972 |
| Net cash used in investing activities | (14,529) | (16,323) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Repayments of term loans | (8,142) | (7,821) |
| Net (repayments) borrowings under revolving credit facilities | (11,278) | 52,668 |
| Net (repayments) borrowings of other debt and lease obligations | (4,623) | 1,021 |
| Purchase of treasury stock | (283) | 0 |
| Increase in overdraft balances | 163 | 348 |
| Dividends paid | (14,668) | (13,592) |
| Dividends paid to noncontrolling interest | (624) | 0 |
| Net cash (used in) provided by financing activities | (39,455) | 32,624 |
| Effect of exchange rate changes on cash | 2,316 | 3,968 |
| Net increase in cash | 6,598 | 14,366 |
| CASH at beginning of period | 72,031 | 44,426 |
| CASH at end of period | 78,629 | 58,792 |
| Cash paid during the period for: | ||
| Interest | 14,633 | 16,943 |
| Income taxes | $ 11,771 | $ 9,237 |
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2026 |
Dec. 31, 2025 |
|---|---|---|
| CURRENT ASSETS: | ||
| Cash | $ 78,629 | $ 72,031 |
| Accounts receivable, less allowances for discounts and expected credit losses of $10,539 and $10,043 for 2026 and 2025, respectively | 358,378 | 232,020 |
| Inventories | 684,166 | 727,922 |
| Prepaid expenses and other current assets | 21,087 | 18,477 |
| Total current assets | 1,142,260 | 1,050,450 |
| Property, plant and equipment, net of accumulated depreciation of $304,925 and $300,283 for 2026 and 2025, respectively | 187,003 | 188,562 |
| Operating lease right-of-use assets | 97,857 | 105,178 |
| Goodwill | 252,603 | 256,159 |
| Customer relationships intangibles, net | 198,889 | 212,056 |
| Other intangibles, net | 96,083 | 99,102 |
| Deferred income taxes | 24,034 | 25,384 |
| Investments in unconsolidated affiliates | 27,315 | 26,310 |
| Other assets | 34,626 | 32,040 |
| Total assets | 2,060,670 | 1,995,241 |
| CURRENT LIABILITIES: | ||
| Current portion of revolving credit facility | 34,579 | 30,000 |
| Current portion of term loan and other debt | 20,048 | 21,988 |
| Accounts payable | 182,298 | 169,089 |
| Sundry payables and accrued expenses | 103,791 | 92,054 |
| Accrued customer returns | 74,931 | 49,554 |
| Accrued rebates | 115,712 | 84,494 |
| Payroll and commissions | 38,797 | 46,135 |
| Total current liabilities | 570,156 | 493,314 |
| Long-term debt | 534,200 | 566,727 |
| Noncurrent operating lease liabilities | 87,248 | 93,381 |
| Accrued asbestos liabilities | 104,285 | 112,625 |
| Other accrued liabilities | 32,448 | 30,932 |
| Total liabilities | 1,328,337 | 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 |
| Capital in excess of par value | 100,965 | 99,005 |
| Retained earnings | 622,284 | 589,448 |
| Accumulated other comprehensive income | 9,569 | 17,857 |
| Treasury stock – at cost (1,598,589 shares and 1,790,097 shares in 2026 and 2025, respectively) | (62,965) | (70,483) |
| Total SMP stockholders’ equity | 717,725 | 683,699 |
| Noncontrolling interest | 14,608 | 14,563 |
| Total stockholders’ equity | 732,333 | 698,262 |
| Total liabilities and stockholders’ equity | $ 2,060,670 | $ 1,995,241 |