Standard Motor Products Reports Impressive Fourth Quarter and Full Year Financial Results
New York, NY – Standard Motor Products, Inc. (SMP), a leading automotive parts manufacturer and distributor, recently announced its financial results for the fourth quarter and full year ended December 31, 2024. The company reported significant growth in net sales and earnings.
Fourth Quarter Financial Performance
The company’s net sales for the fourth quarter of 2024 reached $343.4 million, representing an impressive increase of 18.1% compared to the same quarter in 2023. After excluding the sales contribution of the Nissens acquisition, which was closed in November 2024 and added $35.7 million in sales during the quarter, the organic growth was 5.8%.
Full Year Financial Performance
For the full year, Standard Motor Products reported net sales of $1.46 billion, up 7.8% compared to the previous year. Excluding the sales from the Nissens acquisition, the organic growth was 5.1%. The company’s full year adjusted EBITDA was 9.6%, and adjusted diluted earnings per share came in at $0.47 for the quarter and $3.17 for the full year, respectively. These figures represent a substantial increase of 27.0% and 8.6% compared to the same periods in 2023.
Impact on Consumers
The strong financial performance of Standard Motor Products could lead to several positive outcomes for consumers. With increased revenue and earnings, the company may be able to invest more in research and development, resulting in innovative new products and improved customer service. Additionally, the company may be in a better position to weather economic downturns and supply chain disruptions, ensuring a consistent supply of automotive parts for consumers.
Impact on the World
On a larger scale, Standard Motor Products’ financial success is a positive sign for the global automotive industry. The company’s growth could lead to increased competition and innovation, driving down prices and improving the quality and availability of automotive parts. Additionally, the company’s financial strength could help stabilize the industry during economic downturns, maintaining the flow of essential parts to manufacturers and consumers.
Conclusion
Standard Motor Products’ impressive fourth quarter and full year financial results demonstrate the company’s resilience and growth in the face of economic and industry challenges. The company’s strong performance is expected to benefit consumers through improved products, services, and industry stability. As the automotive industry continues to evolve, Standard Motor Products’ commitment to innovation and growth is a promising sign for the future.
- Standard Motor Products reported net sales of $343.4 million in Q4 2024, up 18.1% YoY
- Excluding Nissens acquisition sales, organic growth was 5.8%
- Full year net sales reached $1.46 billion, up 7.8% YoY
- Excluding Nissens acquisition sales, organic growth was 5.1%
- Full year adjusted EBITDA was 9.6%
- Adjusted diluted EPS was $0.47 in Q4 2024 and $3.17 for the full year
- Strong financial performance expected to benefit consumers through improved products, services, and industry stability
