Standard Motor Products, Inc. Releases First Quarter 2026 Results and Quarterly Dividend
- Strong first quarter net sales of $451.2 million up, 9.1% from last year, with increases in all segments
- 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 % | 7,584 | 11.5 % | ||
Engineered Solutions | 1,729 | 2.3 % | 3,195 | 4.8 % | ||
All Other | (6,059) | (6,856) | ||||
Subtotal | $ 34,338 | 7.6 % | $ 30,024 | 7.3 % | ||
Restructuring | (366) | -0.1 % | (673) | -0.2 % | ||
Acquisition & Integration Expenses | (2) | — % | (5,147) | -1.2 % | ||
Other Income, Net | 123 | — % | 258 | 0.1 % | ||
Operating Income | $ 34,093 | 7.6 % | $ 24,462 | 5.9 % | ||
Standard Motor Products, Inc. | ||||||||||
Reconciliation of GAAP and Non-GAAP Measures | ||||||||||
(In thousands, except per share amounts, unaudited) | Three Months Ended | |||||||||
March 31, | ||||||||||
2026 | 2025 | |||||||||
Earnings from Continuing Operations Attributable To SMP | ||||||||||
GAAP Earnings from Continuing Operations | $ 18,321 | $ 13,705 | ||||||||
Restructuring Expenses | 366 | 673 | ||||||||
Acquisition & Integration Expenses | 2 | 5,147 | ||||||||
Income Tax Effect Related To Reconciling Items | (96) | (1,513) | ||||||||
Non-GAAP Earnings from Continuing Operations | $ 18,593 | $ 18,012 | ||||||||
Diluted Earnings Per Share from Continuing Operations Attributable to SMP | ||||||||||
GAAP Diluted Earnings Per Share from Continuing Operations | $ 0.81 | $ 0.61 | ||||||||
Restructuring Expenses | 0.01 | 0.03 | ||||||||
Acquisition & Integration Expenses | — | 0.23 | ||||||||
Income Tax Effect Related To Reconciling Items | — | (0.06) | ||||||||
Non-GAAP Diluted Earnings Per Share from Continuing Operations | $ 0.82 | $ 0.81 | ||||||||
Operating Income | ||||||||||
GAAP Operating Income | $ 34,093 | $ 24,462 | ||||||||
Restructuring Expenses | 366 | 673 | ||||||||
Acquisition & Integration Expenses | 2 | 5,147 | Last Twelve Months Ended | |||||||
Other Income, Net | (123) | (258) | March 31, | Year Ended | ||||||
Non-GAAP Operating Income | $ 34,338 | $ 30,024 | 2026 | 2025 | December 31, | |||||
EBITDA without Special Items | ||||||||||
GAAP Earnings from Continuing Operations Before Taxes | $ 25,296 | $ 18,949 | $ 116,870 | $ 79,567 | $ 110,523 | |||||
Depreciation and Amortization | 11,315 | 10,267 | 44,896 | 34,379 | 43,848 | |||||
Interest Expense | 7,518 | 7,761 | 31,096 | 19,206 | 31,339 | |||||
EBITDA | 44,129 | 36,977 | 192,862 | 133,152 | 185,710 | |||||
Restructuring Expenses | 366 | 673 | 2,273 | 8,149 | 2,580 | |||||
Acquisition & Integration Expenses | 2 | 5,147 | 3,438 | 18,623 | 8,583 | |||||
Customer Program Wind Down | — | — | 4,067 | — | 4,067 | |||||
Special Items | 368 | 5,820 | 9,778 | 26,772 | 15,230 | |||||
EBITDA without Special Items | $ 44,497 | $ 42,797 | $ 202,640 | $ 159,924 | $ 200,940 | |||||
Management believes that Non-GAAP earnings from continuing operations and Non-GAAP diluted earnings per share from continuing operations which are attributable to SMP, and Non-GAAP operating income and EBITDA without special items, 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. | ||||||||||||
Reconciliation of GAAP and Non-GAAP Measures by Segments | ||||||||||||
Three Months Ended March 31, 2026 | ||||||||||||
(In thousands, unaudited) | Vehicle | Temperature | Nissens | Engineered | All Other | Consolidated | ||||||
Operating Income | ||||||||||||
GAAP Operating Income | $ 19,613 | $ 10,843 | $ 7,873 | $ 1,822 | $ (6,058) | $ 34,093 | ||||||
Restructuring Expenses | 272 | 70 | — | 24 | — | 366 | ||||||
Acquisition & Integration Expenses | — | — | 2 | — | — | 2 | ||||||
Other (Income) Expense, Net | 319 | (320) | (5) | (117) | — | (123) | ||||||
Non-GAAP Operating Income | $ 20,204 | $ 10,593 | $ 7,870 | $ 1,729 | $ (6,058) | $ 34,338 | ||||||
EBITDA without Special Items | ||||||||||||
GAAP Earnings from Continuing Operations Before Taxes | $ 17,877 | $ 10,393 | $ 1,361 | $ 1,937 | $ (6,272) | $ 25,296 | ||||||
Depreciation and Amortization | 4,297 | 808 | 3,266 | 2,594 | 350 | 11,315 | ||||||
Interest Expense | 1,864 | 738 | 4,647 | 567 | (298) | 7,518 | ||||||
EBITDA | 24,038 | 11,939 | 9,274 | 5,098 | (6,220) | 44,129 | ||||||
Restructuring Expenses | 272 | 70 | — | 24 | — | 366 | ||||||
Acquisition & Integration Expenses | — | — | 2 | — | — | 2 | ||||||
Special Items | 272 | 70 | 2 | 24 | — | 368 | ||||||
EBITDA without Special Items | $ 24,310 | $ 12,009 | $ 9,276 | $ 5,122 | $ (6,220) | $ 44,497 | ||||||
% of Net Sales | 11.4 % | 13.4 % | 12.5 % | 6.9 % | 9.9 % | |||||||
Three Months Ended March 31, 2025 | ||||||||||||
(In thousands, unaudited) | Vehicle | Temperature | Nissens | Engineered | All Other | Consolidated | ||||||
Operating Income | ||||||||||||
GAAP Operating Income | $ 17,782 | $ 7,900 | $ 2,587 | $ 3,176 | $ (6,983) | $ 24,462 | ||||||
Restructuring Expenses | 526 | 136 | — | 20 | (9) | 673 | ||||||
Acquisition & Integration Expenses | — | — | 5,011 | — | 136 | 5,147 | ||||||
Other Income, Net | 18 | (261) | (14) | (1) | — | (258) | ||||||
Non-GAAP Operating Income | $ 18,326 | $ 7,775 | $ 7,584 | $ 3,195 | $ (6,856) | $ 30,024 | ||||||
EBITDA without Special Items | ||||||||||||
GAAP Earnings from Continuing Operations Before Taxes | $ 17,046 | $ 7,948 | $ (2,151) | $ 3,431 | $ (7,325) | $ 18,949 | ||||||
Depreciation And Amortization | 3,669 | 778 | 2,987 | 2,500 | 333 | 10,267 | ||||||
Interest Expense | 1,007 | 539 | 5,620 | 459 | 136 | 7,761 | ||||||
EBITDA | 21,722 | 9,265 | 6,456 | 6,390 | (6,856) | 36,977 | ||||||
Restructuring Expenses | 526 | 136 | — | 20 | (9) | 673 | ||||||
Acquisition & Integration Expenses | — | — | 5,011 | — | 136 | 5,147 | ||||||
Special Items | 526 | 136 | 5,011 | 20 | 127 | 5,820 | ||||||
EBITDA without Special Items | $ 22,248 | $ 9,401 | $ 11,467 | $ 6,410 | $ (6,729) | $ 42,797 | ||||||
% of Net Sales | 11.6 % | 10.6 % | 17.3 % | 9.7 % | 10.4 % | |||||||
Management believes that Non-GAAP operating income and EBITDA without special items, 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. | |||||
Consolidated Balance Sheets | |||||
(In thousands, except share and per share data) | March 31, | March 31, | December 31, | ||
ASSETS | (Unaudited) | (Unaudited) | |||
CURRENT ASSETS: | |||||
Cash | $ 59,207 | $ 50,276 | $ 72,031 | ||
Accounts receivable, less allowances for discounts and expected credit losses of $10,159 for 2026 and $7,157 and $10,043 for March and December 2025, respectively | 312,961 | 280,795 | 232,020 | ||
Inventories | 726,308 | 658,728 | 727,922 | ||
Prepaid expenses and other current assets | 21,069 | 26,282 | 18,477 | ||
Total current assets | 1,119,545 | 1,016,081 | 1,050,450 | ||
Property, plant and equipment, net of accumulated depreciation of $299,761 for 2026 and $279,885 and $300,283 for March and December 2025, respectively | 186,442 | 174,636 | 188,562 | ||
Operating lease right-of-use assets | 102,003 | 112,022 | 105,178 | ||
Goodwill | 253,626 | 246,115 | 256,159 | ||
Customer relationships intangibles, net | 204,526 | 212,378 | 212,056 | ||
Other intangibles, net | 97,303 | 93,087 | 99,102 | ||
Deferred income taxes | 25,599 | 14,064 | 25,384 | ||
Investments in unconsolidated affiliates | 26,685 | 26,013 | 26,310 | ||
Other assets | 32,570 | 31,695 | 32,040 | ||
Total assets | $ 2,048,299 | $ 1,926,091 | $ 1,995,241 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
CURRENT LIABILITIES: | |||||
Current portion of revolving credit facility | $ 30,000 | $ 4,350 | $ 30,000 | ||
Current portion of term loan and other debt | 19,370 | 18,876 | 21,988 | ||
Accounts payable | 179,524 | 151,206 | 169,089 | ||
Sundry payables and accrued expenses | 98,246 | 92,758 | 92,054 | ||
Accrued customer returns | 63,710 | 66,087 | 49,554 | ||
Accrued rebates | 75,924 | 73,050 | 84,494 | ||
Payroll and commissions | 34,298 | 31,050 | 46,135 | ||
Total current liabilities | 501,072 | 437,377 | 493,314 | ||
Long-term debt | 609,250 | 627,329 | 566,727 | ||
Noncurrent operating lease liabilities | 90,345 | 99,885 | 93,381 | ||
Accrued asbestos liabilities | 109,783 | 29,135 | 112,625 | ||
Other accrued liabilities | 30,270 | 79,928 | 30,932 | ||
Total liabilities | 1,340,720 | 1,273,654 | 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 | 47,872 | ||
Capital in excess of par value | 101,104 | 99,547 | 99,005 | ||
Retained earnings | 599,276 | 581,174 | 589,448 | ||
Accumulated other comprehensive income | 11,664 | (13,655) | 17,857 | ||
Treasury stock – at cost (1,690,616 shares in 2026 and 1,955,013 and 1,790,097 shares in March and December 2025, respectively) | (66,589) | (76,977) | (70,483) | ||
Total SMP stockholders' equity | 693,327 | 637,961 | 683,699 | ||
Noncontrolling interest | 14,252 | 14,476 | 14,563 | ||
Total stockholders' equity | 707,579 | 652,437 | 698,262 | ||
Total liabilities and stockholders' equity | $ 2,048,299 | $ 1,926,091 | $ 1,995,241 | ||
Standard Motor Products, Inc. | |||
Consolidated Statements of Cash Flows | |||
(In thousands, unaudited) | Three Months Ended | ||
2026 | 2025 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net earnings | $ 17,285 | $ 12,741 | |
Adjustments to reconcile net earnings to net cash used in operating activities: | |||
Depreciation and amortization | 11,315 | 10,267 | |
Amortization of deferred financing cost | 278 | 327 | |
(Decrease) increase to allowance for expected credit losses | (124) | 1,614 | |
Increase to inventory reserves | 901 | 1,843 | |
Equity income from joint ventures | (669) | (1,084) | |
Employee stock ownership plan allocation | 822 | 675 | |
Stock-based compensation | 2,989 | 1,550 | |
Increase in deferred income taxes | (980) | (16) | |
Loss on discontinued operations, net of tax | 1,185 | 1,139 | |
Change in assets and liabilities: | |||
Increase in accounts receivable | (82,541) | (68,882) | |
Increase in inventories | (1,966) | (14,576) | |
(Increase) decrease in prepaid expenses and other current assets | (104) | 1,438 | |
Increase in accounts payable | 11,419 | 957 | |
Increase (decrease) in sundry payables and accrued expenses | 1,524 | (3,185) | |
Net change in other assets and liabilities | (3,263) | (5,028) | |
Net cash used in operating activities | (41,929) | (60,220) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (6,740) | (9,132) | |
Other investing activities | 33 | 2,923 | |
Net cash used in investing activities | (6,707) | (6,209) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of term loans | (3,938) | (3,853) | |
Net borrowings under revolving credit facilities | 51,437 | 80,962 | |
Net (repayments) borrowings of other debt and lease obligations | (3,531) | 1,985 | |
Purchase of treasury stock | (283) | — | |
Increase in overdraft balances | 93 | 191 | |
Dividends paid | (7,308) | (6,777) | |
Dividends paid to noncontrolling interest | (624) | — | |
Net cash provided by financing activities | 35,846 | 72,508 | |
Effect of exchange rate changes on cash | (34) | (229) | |
Net (decrease) increase in cash | (12,824) | 5,850 | |
CASH at beginning of period | 72,031 | 44,426 | |
CASH at end of period | $ 59,207 | $ 50,276 | |
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SOURCE Standard Motor Products, Inc.