NEW YORK - Standard Motor Products, Inc. (NYSE: NYSE:SMP), a leading independent manufacturer and distributor in the automotive aftermarket with a market capitalization of $674 million and annual revenue of $1.4 billion, has announced the release of 2,367 new part numbers in 2024. According to InvestingPro data, the company maintains strong profitability with a 28.6% gross margin and has demonstrated steady revenue growth of 2.6% over the last twelve months. This significant expansion includes parts for a variety of vehicle systems and spans across late-model import and domestic vehicles, encompassing advanced internal combustion engines (ICE), hybrids, and electric vehicles.
The company's dedication to ICE technology is highlighted by the introduction of ten new Direct Injection High-Pressure Fuel Pumps, designed to serve 2.5 million vehicles, and new Fuel Pump Kits specifically for GM cars and SUVs. Additionally, 31 new Gasoline Direct Injection (GDI) and Multi-Port Fuel Injection (MFI) Fuel Injectors have been added to the Standard® lineup.
Turbocharger offerings have also been enhanced with several new Turbocharger Kits and related components, including Intercoolers and Wastegate Solenoids. Oil Filter Housing Assemblies and Kits have been introduced for an array of brands such as Chrysler, Ford (NYSE:F), and BMW (ETR:BMWG).
Emission control systems, which are growing in complexity, have seen substantial additions to Standard's product range. This includes Canister Purge Solenoids and Valves, over 30 EGR Tubes, Engine Crankcase Breather Hoses, and Fuel Vapor Canisters for a range of popular vehicles.
Standard® has also increased its presence in powertrain-neutral categories, with 72 ABS Speed Sensors, 53 new Park Assist Cameras, and 76 Park Assist Sensors added this year. These parts cater to millions of late-model vehicles, and the company has also released new Electronic Parking Brake Actuators for various models, including the 2023-19 Mazda 3 and 2024-23 Ford Heavy Duty trucks.
The Four Seasons® brand, part of SMP's offerings, has introduced new Hose Assemblies and Compressors for numerous vehicles, including the Hyundai (OTC:HYMTF) Elantra. Expanding into the hybrid and electric vehicle market, new Electric Coolant Pumps have been added for select Lexus and Toyota (NYSE:TM) models. The Air Door Actuator program has also grown, providing coverage for additional vehicle brands.
Jack Ramsey, Senior Vice President of Sales and Marketing at SMP, expressed pride in the company's 2024 expansion and reaffirmed its commitment to quality and comprehensive coverage to meet distributor expectations. The company's strong financial health is evident in its ability to maintain dividend payments for 15 consecutive years, with a current dividend yield of 3.67%. InvestingPro analysis indicates that SMP is currently trading below its Fair Value, suggesting potential upside opportunity. For deeper insights into SMP's valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, along with additional ProTips and advanced financial metrics.
All new parts are listed in the company's catalogs available on StandardBrand.com and 4S.com, as well as through electronic catalog providers. This release is based on a press release statement from Standard Motor Products, Inc. With liquid assets exceeding short-term obligations and a healthy current ratio of 2.25, SMP demonstrates strong financial stability. Investors seeking detailed analysis of SMP's market position and growth potential can explore the full range of financial metrics and expert insights available through InvestingPro's comprehensive research platform.
In other recent news, Standard Motor Products, Inc. reported a 3.3% increase in revenue during its Third Quarter 2024 Earnings Call, alongside an over 15% year-over-year rise in adjusted diluted EPS. These recent developments reflect a consolidated bottom line benefiting from sales growth and margin improvement. Additionally, the company has announced the completion of regulatory approval for its acquisition of Nissens Automotive, which is expected to enhance growth and operational synergies.
Sales in the Vehicle Control segment increased by 5%, Temperature Control by 1.9%, and Engineered Solutions by 0.8%. To fund the acquisition and support growth, a new 5-year, $750 million credit facility has been secured. The company expects low to mid-single-digit sales growth for 2024, with adjusted EBITDA projected between 9% and 9.5%.
However, there are challenges ahead with softer production schedules and uncertainties impacting future forecasts. Despite these challenges, Standard Motor Products has demonstrated resilience with steady growth across its segments. As the company integrates with Nissens, stakeholders will be watching closely for the realized synergies and contributions to the company's performance.
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