Standard Motor Products Inc (SMP)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	388,826	382,539	376,931	336,655	331,800
Revenue	US$ in thousands	2,674,000	2,675,860	2,595,400	2,254,610	2,270,140
Gross profit margin		14.54%	14.30%	14.52%	14.93%	14.62%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $388,826K ÷ $2,674,000K
= 14.54%

Standard Motor Products, Inc.'s gross profit margin has exhibited some fluctuations over the past five years. In 2023, the gross profit margin stood at 28.63%, showing a slight increase compared to the previous year's 27.89%. However, it remains lower than the margins observed in 2021 (29.02%) and 2020 (29.83%). The company's gross margin appears to have stabilized around the high 20% range since 2019 when it was 29.16%, indicating consistent management of production costs and pricing strategies.

Overall, while there have been some fluctuations in Standard Motor Products, Inc.'s gross profit margin over the years, the company has generally maintained a healthy margin, demonstrating its ability to effectively manage its production costs and pricing to generate profits from its core operations. It is important for the company to continue monitoring and optimizing its gross profit margin to ensure long-term financial health and sustainability.