SMP - Earnings call transcript Q2 2020 | Standard Motor Products, Inc.

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Operator

Good day, everyone, and welcome to today's Standard Motor Products Second Quarter Earnings Call. [Operator Instructions]. And it is now my pleasure to turn the call over to Larry Sills. Please go ahead.

Lawrence Sills

Thank you, and welcome, everyone, to our second quarter conference call, and thank you so much for attending. have Officer; President Officer; Nathan Larry Executive I Burke, CEO; and today, Sills, Operating Chief Iles, Chairman. me Eric and Sills, Jim myself, With Chief Financial review start Jim of then go the detailed we'll Nathan into our then Eric, we'll will the on will today, move detail numbers, Q&A. and for highlights of and agenda who The over review will operations, the further give key quarter, more with to then a

just give from So to let and -- begin. I'll and go but the for we'll welcome. statement, there. it forward-looking us Nathan you, then Thank

Nathan Iles

Okay. Thank you, Larry.

begin results. we to remind will When like anticipate, we we business or forward-looking you material today morning, discussing our the include use these statements. may words of Before forward-looking I'd estimate are generally be statements believe, this financial that expect, expected like regarding some and

reflected that and they to they correct. information based believe on the we will assumptions Although by these certain expectations reasonable, are you forward-looking that are cannot assure and made available statements currently prove in us we us,

statements. to the from should a could and our results read our filings Securities also now I'll that call of the over with uncertainties to actual the Exchange discussion Commission forward-looking risks You our turn and cause for differ Eric.

Eric Sills

occasion. dedication. our was our We done skill, Nathan, time, proud circumstances our you so therefore, centers, the the rose with thank Needless day. beginning, a very I'm earnings throughout I'd you. enormous and who all been like call. of people and it those to you, deemed factories and our to in Throughout we today's morning could committed quarter employees industry second the with navigate and of remain say, distribution our truly We, day appreciate all and not us up after an without continued to compassion everybody, thank good crisis. operate morning, has our unique helping this From employees, to frontline especially Well, our continued you difficult period, joining show to to this our of for us did to call essential. employees. and have start the

a assure we measures place, such, in needed his we to have Jim as effective. and had they Countless that will work which are possible. environment safer remarks, proven in thus far, very As discuss

the in reported complete has business. we company When Turning spoke were we that our you we call, on earnings to country to April, first April lockdown, to decades. and worst our XX% incoming near a our seen last were wrapping was orders quarter The month up XX%. down

told POS, We which especially were there a leading improvement, for customers' signs our also with indicator of us. always is you that

to a and pleased bounce June, to have are improvement, say levels. returned normal in begin sales that week-over-week May fact, to business We saw back. did, by

better favorable. So book. while customers' quite the entered even the us, they reduced their throughout was whole, as was their we more quarter, POS order below healthy Customer substantially that, a orders QX was trend POS favorable, than a as very was with We our XXXX, tracking April, well reported inventory. and to

you we the sheet, that was a costs pandemic and month-over-month. while We very and both conserve improvement for balance stated are we Within temperature engine to last with continued. healthy management their after entered call, On This reduce taking rebound. year POS customer trend control, cash. measures entire prudent quarter, also had the begun bottoming to that POS and sequential showed to our out, told favorable last we

situation, a that more to world industry while time, We be resilient. tends was also that be told will you entering business surely care the that we this believe difficult temporary very strongly auto the a

they core that on cut back our heavily vehicles, only our would largest announced and and growth nation, returning would and the a stock dividend plans. that the amongst hurt off a impact nondiscretionary we again, very cutbacks repairs strategy any no on and programs, on to a compensation we salaried cut to suspension that We temporary we not resume. do of As senior The our that would Board of or in our run. of Therefore, would items chose relied eventually us were of reduction lay hundreds staff. of roads have millions long-term our these did our and we Directors. for But executives not would buyback in items long

We are we pleased that decision. very made that

on them, to bombarding We them our training XXX-plus with them our call customers, kept we salespeople productive. literally award-winning while turned were example, over webinars. For on unable department XXX

equipped back base they're they are knowledge that most imaginable. with on the extensive road, the Now

We also reduce for to spending chose on new equipment projects tooling. and not capital

remained projects Our continued. engaged engineers throughout, all highly our pipeline and of has

quarter temperature wrap by been a In Finally, entered third and up the I would talking substantially, hot our show continued the which a control in picked up Market favorable Business things shape. thing demographics it is business. also we The to longer-term bright. good good to like has quite the bit summer, near term, has for a about future. always tailwinds. remains

are crisis, is with strong. business the has high track, out as are on remain far staffed does cases back unemployment. in for granted. we We COVID nation from our the of and the relationships talent But take best nothing with customers gotten Therefore, industry, very the our while

as turn it than have it. that, as business to care I And and we stronger crisis, the with will emerge we We And years. from a Burke. were XXX such, know our to Jim company entered will operate that we we we over will the same with when last for this continue prudence

James Burke

operations, our cost and conservation. employee you, Okay. a overview reductions facility, and addressing on provide cash update will Eric. I general of and Thank chain safety, our efforts and health supply

first and remains, the our from pandemic, across the our this XX safety of health of was, First, facilities. onset priority employees X,XXX-plus and

cleaning, our PPE, to home. of for at remote work social for facility and office temperature shifts stringent and daily including checks facilities, mandatory before weekly use up very modifications staggered stepped implemented work from protective staff protocols move have and functions entry, We deep distancing barriers, cleaning

In addition, most our held meetings employees positive We to with scheduled our informed. tracing. communicate electronic hall alerts totally to transparent regular keep contact we importantly, video fully cases employees, and town any were with

As dedication business, to vehicles our and essential heroes, our an these thank through customers very frontline SMP essential in employees We manufacturing their times. and keep challenging rolling. distribution, for work these to

challenges in Next, have rebound meeting April perspective, materials Overall, in very vendors our helpful and XX% been our May and from XX% from to levels a shape, POS a as needs. in volume supply June. significant I to in our will initial reductions review chain reasonable we are customer

so a can However, business our as quickly fashion distribute rebounded and products working on fast that demands. customer as build match to our timely we we are to

are up. labor weekends We and overtime to and with new temporary adding staff, hires keep working to agency addition in

no Control mild our it current in And light, is business. Volume throughout that are have at should summer XXXX business, has Temperature U.S. Control third a ordering Looking we was we picked hot following year, a very surprise quarter ordering on Temperature based solid experiencing up the June. our season. patterns, a This preseason summer. in

spending defer year. But in reduce Executive reviewed in Cost or body half were T&E, expense, this eliminate hires, Lastly, to efforts Director expenses organization the related throughout implemented will excluding reductions advertising, already fees, all in the show we spending XXXX our salary, pandemic. engineering to this to strategy. the compensation discussed I addition, thoroughly first first Eric on pay. light in lost in during of professional support our to touch new of discretionary reductions volumes and make

significantly were half based reductions for these the provisions on results. plan our addition, pay impact year. incentive through the on to pandemics' reduced of balance In the We maintain first

safe. incremental lessons of and longer-term look want entered difficult these learn well-seasoned we heroes, unprecedented do and and We Partially closing, to facilities times and thank We everyone's these sheet our balance offsetting will with environment. cooperation team. our a learned savings efforts for management all times. for pandemic in employees employees, this savings again these during business COVID expenses our frontline a some also keep during as In especially to this new healthy to are I assess

team date, outlook. this you bright you I'll exit long-term with Thank now pleased performance our ultimately to our our laser-focused are turn healthy, towards attention. future your a We Nathan. to for with remains pandemic to and the assure over call

Nathan Iles

Jim. right. you, Thank All

P&L, in net last year. the QX $XXX.X $XX.X million sales at consolidated down million versus XX.X% were XXXX Looking QX or

Our million first million, half down $XXX.X were consolidated net or $XX.X sales XX.X%.

on from and Pollak sales $XXX.X X, April of Pollak incremental include reminder, our cable By $XX first in or X net million sales million, excluding sales were and we XXXX, in acquired down a management segment, engine QX, from $X.X business As months XX.X%. million. Stoneridge wire sales, the the

the sales, million in million sales And $XXX.X X.X%. $XX.X net were half net greatest general quarter or Pollak slowdown in incremental $XX.X $XX.X management the and wire levels months COVID-XX were of million million, were before first $X.X primarily the of XXXX as Eric June, The QX the the or X for without pandemic, sales, $XX and management down engine the engine impacted and or XXXX months, economic April for down sales sales of were the impact million, to line with seen down X down lower first month the were in million the due $XX earlier. the pandemic, for primarily QX sales were same sales sales noted followed For and the $X.X $XX XX.X%. Net XX.X%, to the Control million, and half, in during of in and by or XX.X%. month rebound a pattern quarter May, across Temperature the first down were segment. million months with Wire million, due the cable XX.X%. or

While sales XXXX very by did preseason for in that recur impacted in the XXXX. were months high orders mainly first not X

segment. from preseason As indicative vary for the year will we've control the out of how not typically timing of orders can temp turn before, the and said are year-to-year,

came volumes. $XX.X unfavorable year. at from impacted Consolidated points for X.X and production QX down volumes and X due by versus last Margins at XXXX in lower cost was points. from were QX the the months gross Our XX.X%, first Temperature year, second XXXX, to margin XX.X% X.X down QX X.X segment, of down consolidated versus management first points in points points. X.X for XX% XX.X%. And last was for year, XX.X% absorption gross in $XX.X 'XX million first both XX.X% last last in divisions versus XX.X% lower last XX.X% control points X.X to XX.X%, QX year. down margin margin it SG&A By engine XX.X% down it XX.X%. X.X X to QX half, year. it the months, was from down the quarter XXXX expenses sales And gross And sales was of million, was in down were was

$XXX.X net For was first million by sales at to 'XX impact the in put versus as response half, slowdown of the XX.X% caused SG&A the plans spending pandemic. of down million, economic a place reduction $XX.X cost

restructuring before $XX income, net XXXX. QX operating down in and months, integration sales, And X.X consolidated million from points net of the X other expenses was from Our last of or was X.X% for X.X XXXX, first year. X.X% income and points sales, QX down net

management decrease income, As operating profit performance partly engine was earnings share of and due $X.XX last lower expenses we the year. $X.XX versus segments, both on SG&A The share across company. quarter XXXX. in note lower XXXX per by diluted quarter sales diluted in in $X.XX the the earnings X and of months offset our for our of GAAP And control temp operating first to resulted second first half, non-GAAP the $X.XX reconciliation to per for versus our in

during and, quarter the $XX The $XXX.X balance at the we accounts our Looking in were the very 'XX the in month up receivable particular, strong the in December experienced million at up sales quarter the and million levels down production quarter The receivable from of June the we Accounts sharp Inventory June sales lower timing XXXX. in after sheet. $X.X $XX.X last year-end June. reflects million, end now from from sales increase recovery of the million the April June XXXX customer in of $XXX.X XXXX. lower million, from from June to having at reflects million both in primarily December and year finished in orders. decrease response levels down $XX.X experienced and

the used million X first cash the of the driven sales working during Our cash quarter. XXXX statement lower from was by months X increase level months lower of cash a inventory production of during mainly helped from capital, cash in XXXX changes operations generated use in The in cash $XX.X of in a last to compared first reflects balances by the flow of and year. as use an $XXX,XXX resulting timing of

of to $X months and Financing in which expenditures, our X paid of business continued higher million used used $X.X was repurchases stock, of Financing XXXX. both which million in financing $X.X of for operating as first million included fund quarter the and invest $X.X used included of capital and of common dividends well $XX.X activities. first million our of of increased million than occurred cash the XXXX. borrowings our X activities the during investing the During as to requirements other we first months, also our activities

want make I beginning precautionary position cash we we our our of about quarter, ample further second activities. talk the to increase Lastly, took a little the measures and several had At liquidity. borrowing sure to

of the we a partners. banks of measures, drawdown from made lending these support of with revolving million $XX and part our facility credit our As

quarter, an flow our $XX in repay and see have remind revolver, warrant. is sales to conditions the us improvement To second agreement repay business higher and in to an as began we million ability led the asset-based to everyone, may business our and we credit the improvement borrow during As drawdown. cash the

liquidity, finished second we million the revolving As and million available continue under hand of and have $XXX our $XX on to with facility. cash such, we credit ample quarter

for the up mentioned. place. over made we conservation still open your And while turn questions. Thank months will call and the to the ahead, revolver, Eric on remain Finally, you And about measures the Jim attention. our your repayment in as remain cash I now other our we for to it moderator cautious

Operator

And Instructions]. question Stephens comes first from Imbro Daniel Inc. from our [Operator

Daniel Imbro

start Congrats on to SG&A want control, expense the Then, impressive cost XX%. quarter. the side, on I really down

really driven that rates the any those bps the then to XX of receivables XQ out of much the and finance there leverage Can you the parse guys into of help how look of an us controls I by so impact of way said how Is the was quarter the each impressive versus in think And cost lower past, helping have half, removal? of XQ? you the continued you about was it's help out, in the there. how much you fixed, parse some back XX% program. costs as to mentioned factors

Eric Sills

Yes.

other cost the obviously, too we've dip said, say, is in detail SG&A receivable factoring range you other I'd of bucket. variable the costs, in much into that bigger levels in the without are as past, impact Daniel, So getting mentioned fixed, XX% sales XX% that really factoring on are, our to and there about costs part and the the the rates things, quarter. the in the variable,

the this experiencing. sort If is of result that that lower before, efforts thrown incentives due number well XX% the see we're other have to you any in that as mentioned to fixed Jim look in that out at savings compensation cost we've of that of P&L the this you results year difference as reduction just really sort going we're XX%, the

Daniel Imbro

so Obviously, facilities? Europe of how manufacturing are update Poland mentioned I this you you state, then, of on meet to And helpful. is chain running would supply Eric, an constraints? good are That's obviously, different during progressing? think Can kind demand. better, into capacity comment, And hear trying any to your in it. Got update of in parts in us I where doing the like a you -- kind guys guys

James Burke

Yes, facilities -- for speaking carved and Burke. Jim the is this Poland. Stephen, specifically all out of for our Okay. in you general then

with we with last can different sales imagine, to a to volume. it understand today. that April, what going from a we and match now. were was story totally was trying in It's looking different At to how you long and story production back As it's happening orders, where March are point, totally

demand. are We throughout It's Eric pointed picked sequentially month-to-month. -- to second working out, up as demand has meet the quarter,

at of the All now. full-scale our facilities running are moment

We match up had for our cases We're always facilities all are tracing there disruptions of our within the bit that. Thankfully, And some any you -- the operations. pleased globally OE, U.S. area COVID to and have specifically, -- doing there with have well. there, business keeps with very experiencing But reduced is incidence are in the we Poland, COVID-like a quite OES. Poland. aftermarket, with contact that of we in for in demand. some both

doing that is So business quite well.

Daniel Imbro

touched me, your you in. could smaller one here? if the cash opportunities additional as some paid that M&A seeing maybe are you balance guys competitors of should And thinking last the are any you for Nathan, I market, on struggling? about it are give flexibility. deployment sheet, out squeeze you you in there that debt, down How And

Nathan Iles

Yes.

Daniel, that as one of to hand covers M&A our over I'll he efforts. Jim, think I most

James Burke

again, okay, Yes. And Stephen. Right.

down draw and we paid on debt, that. to we the flexibility have So the

As an standpoint, on place, formal From there. Nathan in basis. we a explained have earlier, opportunities that's M&A that's evaluating team regular a

while So in we there. still Many opportunities, tightened during bit them have that with seemed are developing the to available things up stay relationships over pandemic, of a little time wind we abreast. there between

we're So integrated. pleased would say with Pollak fully that I

going And we'll point We continue evaluate and this still dealing that. announce. to look forward. we're something, if at with the and opportunities COVID anything, But now, as incidents

imminent, would say. nothing So I

Operator

next from question our CL Stember from King. comes And Scott

Scott Stember

if dimensionalize in we Just was be very exit heard well POS for good what in Eric, Congrats as that? idea said correct, could as you run an I June, quarter. on the running an give us orders How retail, I Could was up. you that you that to kind rate? third of running a think looking quarter. on of

Eric Sills

Sure.

type us, my from back-to-normal prepared I Let your I versus the me term used the they're I they're of normal was customer levels. think, in in -- metrics, ordering to, exited statement we separate what question, ordering So and us? quarter sell-through roughly from flat if the two understood what different terms

of coming is with from indications orders what quarter that strong we quarter. out the coming us. saw some so what very good the But again, into they're third purchasing of And

them to versus can we're an wire you basically And level wire of well, do-it-yourself the and bit within they previous their breakdown and breakout giving also, able to the exceeding slightly divisions. interesting And you actually a to as and we a X the outperformed flat year's the phenomenon couch POS to in influence, all information a say as we move well. that say between engine. And customers, as bit digits. to important in double little up from necessarily you -- see from was and get engine, work or digits. of areas and percentage you really of it terms that believe down but older we everybody. enough shift a was is to it at in think double directional, engine of seeing think we did our product we're cable, representative hearing always year-to-date. our this, DIY, give what revenues that were a the Nathan Wire is POS, The it's that to I can't you're towards just of in but brings get we the tends all which it's run their that this is I In was you seeing big with as technologies of see But management, sell-throughs, that don't categories that's discussing POS and June that, been retailers of some bit said, with. April X this that

the which, wire interesting Control, with to is wire But seen temporary think in older is and that's Temperature an the technologies, have included. dynamic X% outperforming. which nature category, actually look you seasonal historically, the has category. X%, situation. been cable, this down we've So that a at of We

has of was do April largely really to hot. May So terms June in and still irrelevant. It the with quarter, are June and

trend in that And so in their up were -- double does into third sales continue definitely the digits, and quarter.

Scott Stember

talking And POS? Temperature June when talking in just Engine double we're Management to you're for make Control, sure and digits

Eric Sills

is correct. That POS.

Scott Stember

And Got gross moving the All on to it. right. margins. Okay.

hit gross but up -- problem does You with restart seems did have, some very gross some Again, and extraneous demand. these of to us margin maybe Last keep a through you margin can tell a us How like having updated that you I you're your hard of time, was good very, you up that? guess, targets. gave revamping play have in this to how or but to it give is ramping means mention that, this is us go and I fast, business and targets? quarter, could business

James Burke

the this Jim in Scott, facilities Burke. jump is I'll there impacts it as there.

and And also. temp pretty We're to business, where there, said heads. and we step possible, facilities be hire agency to manufacturing looking trying steam. up picked as add actually we're So well running with are employees full has able to up our

had say, margins Temperature we're the that and and Our the pleased quarter. -- the within second I'll within Control, margins, we're with very we performance

at we're and on So Management. at Engine Management Engine XX.X% staying

going Going target -- to to there level, XX% the forward, be over year. was our next into XX% back over

Temperature talked pretty picking that We as down to balance that will expect strong are year these We facilities manufacturing progressively we full volume We've the Control, numbers, the the held very we're XX.X% move of and XX.X%, had be are had good. running forward the there. dropping for improve running, demand. is -- steam where our and about up believe up. on facilities

in there. absorption should much better we doing So be

going that So 'XX yet off temperature more play this we important XXXX What's numbers. all is, into within beat we look engine XX% where and plus is and those and to XX%, long out range. range. back still XX%, XX% to the does management control, XX% of is move this Are envision getting pandemic? And with everything again, think

Scott Stember

just Got I one if could question. last ask And it.

that come online? when of to gone are about remainder that Is talked for some a guys point, timeline you management will back year? of You planning at for this quarter cost Or the in cuts compensation. the in there the the be of

Eric Sills

throughout we're cost with -- take the controls that, his remarks, the terms so in of got to Jim. discretionary going We that belt-tightening Jim that in year. to I'll continue spoke

going going to the not going but to be do I be to guess, we're to would continue hurt types we're continue to word, the those anything cost As frugal, of on business, say, control. that's we

relates the Director and As comp of year executive balance well. announced, to will continue that it for comp, as the as

big these, other and on. the we have cash -- the stock spoke the don't of I which to, the a The timeline numbers, suspension dividend temporary and buyback, set

it We to it our continue on that look do a Board. discuss those we time we're and at a to will basis, evaluate going with continuous specific have say but We we renew programs. that not

Operator

comes next Jefferies. our Jordan Bret from And question from

Bret Jordan

the about of a On have DIY a this your of wire sort more comment DIFM being DIY mix category. goes I quarter? guess, to feeling percentage versus do of what you in anecdotally,

Eric Sills

as It's wherever to somewhat calls. that Brett, I that who do-it-yourself been great of once And retailers older the lose be so I But question, of a shift. some of categories certainly a end wish those that in you. or you're certainly going a somewhat We same shift. some customers technologies it been some for has a and has think consumer we We answer suggest their indicators, is. hearing the their things saying visibility capability. think there there's modest I our purchase think the in large of had just temporary the more do ready It's to

Bret Jordan

Right.

is either as pick back And see the that for charged anything the then, quarter, of available on programs or how shock books payable see availability did rates today you as your guess, up? Okay. I during you guess, factoring order far as the factoring the programs? And programs, obviously, I in

Nathan Iles

customers financing report didn't mentioned. see We supply really nothing that any is to Nathan. support that Brett, continued programs in those front. the you really to Yes, factoring so program both programs, and this on The banks chain changes the to

Bret Jordan

the you've quarter? seen was -- acquisition. last in heavy-duty businesses I profile expanded one versus parts parts of guess, some Okay. vehicle And then demand the heavy-duty the with you've How the question. in into -- the passenger

Eric Sills

Yes, emphasis Pollak, The an in additional us. which somewhat us XX that for recently. for obviously, biggest has brought become volume being that of million space of hit,

it OE in versus portion about lot aftermarket same is general, break seeing into the bouncing same it that now is two a you're from production the a hearing suffer portion is to of you're It heavy-duty portion. got have back. components, OE which back. did lot Tier of of but X rebounding, the cut trajectory the the and things definitely The OE it that of You but OE players, types followed the

we're April relatively aftermarket seeing the repair where had in was aftermarket, the of of and the that rapid significant some a retraction lot general a rebound. dynamics then And same

So really, have it our much say, to I guess had -- answered as the could I if if core of trajectory I lot business. quicker a same it

Operator

question our Robert Center for from And the comes next Smith Investing. from Performance

Robert Smith

quarter, commend any the electric been your been on on workforce. questions of my couple Most Are area I Congratulations more. just launching all a have there and for you you've done initiatives behalf that I of of answered. or have vehicles? you've the considering in

Eric Sills

recent technology announcement, in provide. companies, was entered year, venture of last great vehicles, a the And a towards were young manufacturer in company electric electric like that a compressors company great small was they for of that lacking a And which, main Robert. a we the China -- Standard end is into relatively question, could one the of a CYJ and with joint It's company, that great promise. things horsepower but called

safety So that we're our you aftermarket as foray even be look was, items that most into I believe, But U.S., categories. to our the vehicle the at and here they other in all electronic market, vehicle. vehicle, but active they vehicle We're products. powertrain electric controls devices supplying to be the that may electric for are programs new significant over within the bringing of for the not

to advantage shift ourselves to at positioning some going point be do eventually take while a vehicles, see, towards it. So we're we there's electric of

Robert Smith

of initial you're So well? effort Or is going going are going? other you that to to explore where the as opportunities bedrock an be

Eric Sills

been an on replacement so we U.S. those explore. other South out within certainly, what injection eye still In plant, here years, some the several Asia, young, heavy-duty. an And energy for especially the area parts, to failing population because the Greenville, of are we've compressed electric is We'll, but small coming will is not what be. on keeping would our pretty and continue it need that program of parts good last eye that the is it And it's gas natural relatively system to traction, alternative categories. the categories to in relates to in as continues get keep really product Carolina vehicle fall vehicles, logical our we're emphasizing our which

again, how the business are is of see we a to we related engine, while combustion so to And lot can automotive looking technology. with our conventional evolve

Robert Smith

you that's about Do comments been as such, and with going States have China, on China back encouraging. United and between any forth? that's the Yes, everything

Eric Sills

great always a kind on geopolitical Robert. U.S. question, of count tensions and certainly, ask I can attention questions, obviously, of some close China. new We're paying the strategic between to good the to Also you and

need Chinese there now, products so a footprint the Right that having over of sure American And for to for market. pretty the what we to strategic should but for intent we anything it here abreast, footprint sell we're stay brings low-cost there, committed our back North into heavily also both make happen. at fast-growing to aftermarket, the

it that be it, our we paying this at but linked process. while believe we're close slow that long, So so two with we tensions, an think comfortable the unwinding point, attention countries We'll will ever keep that do are eye that strategy. on very to we're those happen a should

Robert Smith

That's suggestion. the of my if bring can. as you strong continues suggestion that the possibly you the the have reconsider would finally, year, what business soon as you to recommendation year just is for paying dividend. year, I really the to recover during the And it been. And about dividend had question consider the of an dividend reinstitute to toward And extra the you a end my rates general the up the remainder suspension of that

Eric Sills

Okay. Well, we hear you.

James Burke

Jim and but you to would Robert, and reviewed have year. the Burke, And always temporary, progress our the this And we is our outlook to we year with the for and we will we attempts -- Board throughout said of will continue this to full balance continue there. the it monitor be it obviously, suggestion. full thank we monitor that again, as be the we

Robert Smith

enough to strong happen. is sheet make balance the that that believe didn't I Yes,

Operator

this does And that there it questions appear phone no time. over the are at further

Nathan Iles

today. everybody Okay. summer. conference Thank for we the the thank Enjoy to With joining our balance that, of want you. call

Eric Sills

very everybody. you much, Thank

Operator

conclude does Thank your you participation. today's for program. This

disconnect time. may any You at

Standard Motor Products (SMP) 2 Aug 202020 Q2 Earnings call transcript