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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]        
Net sales [1] $ 389,829 $ 353,075 $ 721,232 $ 681,103
Cost of sales 278,382 251,806 520,263 488,567
Gross profit 111,447 101,269 200,969 192,536
Selling, general and administrative expenses 83,885 73,843 158,618 143,476
Restructuring and integration expenses 2,559 294 2,751 1,206
Other income (expense), net (17) 46 5 70
Operating income 24,986 27,178 39,605 47,924
Other non-operating income, net 2,199 802 3,018 1,027
Interest expense 2,752 3,283 4,819 7,145
Earnings from continuing operations before taxes 24,433 24,697 37,804 41,806
Provision for income taxes 6,109 6,289 9,451 10,661
Earnings from continuing operations 18,324 18,408 28,353 31,145
Loss from discontinued operations, net of income taxes (917) (9,221) (1,956) (10,001)
Net earnings 17,407 9,187 26,397 21,144
Net earnings attributable to noncontrolling interest 344 50 510 89
Net earnings attributable to SMP [2] 17,063 9,137 25,887 21,055
Net earnings (loss) attributable to SMP        
Continuing operations 17,980 18,358 27,843 31,056
Discontinued operations (917) (9,221) (1,956) (10,001)
Net earnings attributable to SMP [2] $ 17,063 $ 9,137 $ 25,887 $ 21,055
Basic:        
Continuing operations (in dollars per share) $ 0.83 $ 0.85 $ 1.27 $ 1.43
Discontinued operations (in dollars per share) (0.05) (0.43) (0.09) (0.46)
Net earnings attributable to SMP per common share (in dollars per share) 0.78 0.42 1.18 0.97
Diluted:        
Continuing operations (in dollars per share) 0.81 0.83 1.25 1.4
Discontinued operations (in dollars per share) (0.04) (0.42) (0.09) (0.45)
Net earnings attributable to SMP per common share (in dollars per share) 0.77 0.41 1.16 0.95
Dividend declared per common share (in dollars per share) $ 0.29 $ 0.29 $ 0.58 $ 0.58
Weighted average number of common shares, basic (in shares) 21,767,526 21,689,067 21,845,678 21,649,562
Weighted average number of common shares, diluted (in shares) 22,185,536 22,183,489 22,277,590 22,139,708
[1] There are no intersegment sales among our Vehicle Control, Temperature Control and Engineered Solutions operating segments.
[2] Throughout this Form 10-Q, “SMP” refers to Standard Motor Products, Inc. and subsidiaries.