Standard Motor sees FY24 revenue growth low-to mid-single digits

FY24 consensus $1.4B. “Regarding our sales and profit expectations for the full year of 2024, and excluding any impact from the Nissens acquisition, we anticipate sales growth will be in the low- to mid-single digits, up from prior projections, and Adjusted EBITDA will be in a range of 9.0-9.5%, consistent with what we noted previously. We expect to incur roughly $3-4 million of additional start-up costs in 2024 as compared to 2023 for our new distribution center in Shawnee, KS, related to increased rent as well as duplicate expenses as we transition away from our Edwardsville, KS distribution center.” In closing, CEO Sills commented “As we look towards the second half of the year, we are encouraged with the demand seen so far across all our segments. Aftermarket fundamentals remain positive, and our Engineered Solutions business is performing well. Lastly, we are excited about our planned acquisition of Nissens that expands our geographic presence, and provides a meaningful global growth platform for many years to come. We want to thank all our employees for our current success and helping us achieve our goals for the future.”