XML 13 R2.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]    
Net sales [1] $ 331,403 $ 328,028
Cost of sales 241,881 236,761
Gross profit 89,522 91,267
Selling, general and administrative expenses 74,733 69,633
Restructuring and integration expenses 192 [2] 912
Other income, net 22 24
Operating income 14,619 20,746
Other non-operating income, net 819 225
Interest expense 2,067 3,862
Earnings from continuing operations before income taxes 13,371 17,109
Provision for income taxes 3,342 4,372
Earnings from continuing operations 10,029 12,737
Loss from discontinued operations, net of income taxes (1,039) (780)
Net earnings 8,990 11,957
Net earnings attributable to noncontrolling interest 166 39
Net earnings attributable to SMP [3] 8,824 11,918
Net earnings attributable to SMP    
Earnings from continuing operations 9,863 12,698
Discontinued operations (1,039) (780)
Net earnings attributable to SMP [3] $ 8,824 $ 11,918
Net earnings per common share - Basic:    
Earnings from continuing operations (in dollars per share) $ 0.45 $ 0.59
Discontinued operations (in dollars per share) (0.05) (0.04)
Net earnings per common share - Basic (in dollars per share) 0.4 0.55
Net earnings per common share - Diluted:    
Earnings from continuing operations (in dollars per share) 0.44 0.57
Discontinued operations (in dollars per share) (0.05) (0.03)
Net earnings per common share - Diluted (in dollars per share) 0.39 0.54
Dividend declared per share (in dollars per share) $ 0.29 $ 0.29
Average number of common shares (in shares) 21,923,830 21,609,618
Average number of common shares and dilutive common shares (in shares) 22,372,543 22,097,750
[1] There are no intersegment sales among our Vehicle Control, Temperature Control and Engineered Solutions operating segments.
[2] Restructuring and integration expenses incurred during the three months ended March 31, 2024 consist of $101,000 in our Vehicle Control segment, $58,000 in our Temperature Control segment and $33,000 in our Engineered Solutions segment.
[3] Throughout this Form 10-Q, “SMP” refers to Standard Motor Products, Inc. and subsidiaries.