Benzinga | Aug 4, 2021 03:55PM EDT

Standard Motor Q2 Earnings Smashes Estimates

* Standard Motor Products Inc (NYSE:SMP) reported second-quarter FY21 sales growth of 37.97% year-on-year, to $342.08 million, beating the analyst consensus estimate of $268.56 million.

* Engine management segment revenue rose 34.7% Y/Y, and temperature control segment sales gained 47.1%.

* Gross profit rose 54.2% Y/Y to $99.3 million with a gross margin of 29%.

* The operating margin was 10.8%, and operating income for the quarter rose 130.4% to $36.9 million.

* SMP held $27.5 million in cash and equivalents as of June 30, 2021, and generated an operating cash flow of $23.2 million.

* EPS of $1.26 beat the analyst consensus of $0.65.

* "Going forward, we anticipate margin pressures from more normalized production levels and inflationary headwinds, though we believe that the current environment permits a pass-through of these costs," said CEO Eric Sills.

* Price action: SMP shares are trading lower by 0.73% at $42.25 on the last check Wednesday.