Standard Motor Products, Inc. (NYSE:SMP) Q2 2023 Results Conference Call August 2, 2023 11:00 AM ET
Company Participants
Tony Cristello - VP, IR
Eric Sills - President and CEO
Jim Burke - COO
Nathan Iles - CFO
Conference Call Participants
Bret Jordan - Jefferies
Daniel Imbro - Stephens
Robert Smith - Center for Performance Investing
Operator
Good day, everyone, and welcome to the Standard Motor Products Second Quarter 2023 Earnings Call and Webcast. [Operator Instructions] Please note today's call will be recorded, and I will be standing by should you need any assistance.
It is now my pleasure to turn the conference over to Tony Cristello, Vice President of Investor Relations. Please go ahead.
Tony Cristello
Thank you, and good morning, everyone, and thank you for joining us on Standard Motor Products Second Quarter 2023 Earnings Conference Call. I'm Tony Cristello, Vice President of Investor Relations. And with me today are Larry Sills -- Eric Sills, President and CEO; Jim Burke, Chief Operating Officer; and Nathan Iles, Chief Financial Officer. On our call today, Eric will give an overview of our performance in the quarter, Jim will comment on our new distribution and supply chain efforts, and Nathan will then discuss our financial results with an update on our annual guidance. Eric will provide some concluding remarks and open up the call for Q&A.
Before we begin this morning, I'd like to remind you that some of the material that we'll be discussing today may include forward-looking statements regarding our business and expected financial results. When we use words like anticipate, believe, estimate or expect, these are generally forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they are based on information currently available to us and certain assumptions made by us, and we cannot assure you that they will prove correct.
You should also read our filings with the Securities and Exchange Commission for a discussion of the risks and uncertainties that could cause our actual results to differ from our forward-looking statements.
I'll now turn the call over to Eric Sills, our CEO.
Eric Sills
Well, thank you, Tony, and good morning, everyone, and welcome to our Second Quarter Earnings Call. Overall, our revenues were down slightly in the quarter, while we remain essentially flat year-to-date. Importantly, there were certain short-term factors influencing sales softness in the quarter, which we believe will be overcome in time. First, the quarter was unseasonably cool, especially as compared to 2022, and this had an adverse effect on our air conditioning business. And second, one of our largest aftermarket customers declared bankruptcy in January, and we essentially sold them nothing throughout the entire first half.