Q1 2024 Standard Motor Products Inc Earnings Call Transcript
Key Points
- Record first quarter sales achieved, demonstrating strong top-line performance.
- Sales in the Engineered Solutions segment increased by 4.5%, hitting a single-quarter record.
- Successful initial shipments from the new state-of-the-art distribution center in Shawnee, Kansas.
- Maintained gross margins in the aftermarket segment despite inflationary pressures.
- Continued strong demand for products across all categories in the Vehicle Controls segment.
- Profitability lagged behind due to ongoing inflationary pressures affecting costs.
- Increased SG&A expenses due to elevated expenses tied to receivables and factoring programs.
- Decrease in profitability in the Engineered Solutions segment due to product cost inflation and wage increases.
- Temporary increase in spending related to the new distribution center impacting short-term financials.
- Challenges in achieving pricing adjustments with customers to offset cost inflation.
Good morning, everyone. Welcome to today's Standard Motor Products First Quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. (Operator Instructions) Also, today's call is being recorded, and I will be standing by if anyone should need any assistance.
Now I'd like to turn the call over to Mr. Tony Cristello, Vice President of Investor Relations. Please go ahead, sir.
Thank you, Bo, and good morning, everyone. Thank you for joining us on Standard Motor Products First Quarter 2024 earnings conference call. With me today are Larry Sills, Chairman Emeritus, Eric Sills, Chairman and Chief Executive Officer; Jim Burke, Chief Operating Officer; and Nathan Iles, Chief Financial Officer. On our call today. Eric will give an overview of our performance in the quarter, and Nathan will then discuss our financial results. Eric will then provide some concluding remarks and
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
