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    Carolina Jolly • Gabelli Funds

    Carolina Jolly's questions to Standard Motor Products Inc (SMP) leadership

    Carolina Jolly's questions to Standard Motor Products Inc (SMP) leadership • Q1 2025

    Question

    Carolina Jolly from Gabelli & Company sought clarification on whether tariffs impacted Q1 results and asked why guidance was maintained despite the strong quarterly performance, probing for any one-time benefits.

    Answer

    CFO Nathan Iles clarified that there was no material cost impact from new tariffs in Q1's P&L, as these costs work through inventory over time. He explained that guidance was maintained because some Temperature Control pre-season orders were pulled into Q1 from Q2, and the company felt it was prudent to wait for more clarity on the overall tariff situation before making adjustments.

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    Carolina Jolly's questions to Standard Motor Products Inc (SMP) leadership • Q4 2024

    Question

    Carolina Jolly sought clarification on the mid-teens growth guidance for 2025, asking about the underlying growth drivers excluding the Nissens acquisition, particularly for the vehicle control business. She also asked if start-up costs for the Shawnee distribution center are included in the 2025 EBITDA forecast and if those costs are expected to abate in 2026.

    Answer

    CEO Eric Sills confirmed that the Nissens acquisition accounts for the majority of the guided growth. He noted that underlying trends from Q4 are continuing: the Vehicle Control market remains healthy, Temperature Control faces tough comparisons, and Engineered Solutions continues to experience softness. CFO Nathan Iles affirmed that a couple of million dollars in Shawnee start-up costs are included in the 2025 EBITDA guidance and are not adjusted out, and these costs are expected to be eliminated in 2026.

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    Carolina Jolly's questions to Standard Motor Products Inc (SMP) leadership • Q3 2024

    Question

    Carolina Jolly asked about potential market softening in Europe and whether Standard Motor Products has been able to coordinate with the Nissens Automotive team ahead of the acquisition's closing to navigate the environment.

    Answer

    Chairman and CEO Eric Sills responded that while the deal has not yet closed, limiting specific coordination, the European market dynamics are nuanced. He noted that Nissens' business, much like SMP's, is largely nondiscretionary and is over-indexed towards temperature control products, which benefited from a strong summer in Europe. He stated that more detailed information would be shared once Nissens is officially part of SMP.

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    Carolina Jolly's questions to Genuine Parts Co (GPC) leadership

    Carolina Jolly's questions to Genuine Parts Co (GPC) leadership • Q1 2025

    Question

    Carolina Jolly inquired about the size of the automotive business outside the U.S. and its potential immunity to the current tariff discussions. She also asked for a differentiation between market-driven and initiative-driven performance in the U.S. auto business.

    Answer

    CFO Herbert Nappier detailed that the APAC and European auto businesses represent about 10% and 15% of revenue, respectively, and are not expected to be directly impacted by the U.S. tariff announcements. CEO William Stengel stated that the U.S. auto market has been flattish to slightly down, and GPC has been tracking around its target of gaining about one point of market share from its strategic initiatives.

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    Carolina Jolly's questions to Snap-On Inc (SNA) leadership

    Carolina Jolly's questions to Snap-On Inc (SNA) leadership • Q3 2024

    Question

    Carolina Jolly asked for more detail on the sluggish performance within the hardware portion of the Repair Systems & Information (RS&I) business.

    Answer

    CEO Nicholas Pinchuk explained the slowdown in hardware, such as undercar equipment, is due to repair shop owners delaying large capital investments amid macroeconomic uncertainty and higher interest rates. He added that the CDK cyberattack during the quarter also likely diverted dealership attention and resources away from new equipment purchases, contributing to the headwind.

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