Business
Dorman Products, Inc. Reports Fourth Quarter and Fiscal 2021 Results
Highlights: Record net sales of $398.2 million for the quarter, up 32% year-over-year.Diluted earnings per share (“EPS”) of $1.07, compared to $1.11 in Q4
About this update from Dorman Products, Inc.
[{"type":"text","content":"Highlights: Record net sales of $398.2 million for the quarter, up 32% year-over-year.Diluted earnings per share (“EPS”) of $1.07, compared to $1.11 in Q4 2020.Adjusted diluted EPS* of $1.33 compared to $1.19 in Q4 2020.For fiscal 2021, achieved record net sales, diluted EPS and adjusted diluted EPS*.For fiscal 2022, the Company expects net sales growth of 19%-22%, diluted EPS of $4.94 to $5.14, and adjusted diluted EPS* of $5.35 to $5.55. COLMAR, Pa., Feb. 22, 2022 (GLOBE NEWSWIRE) -- Dorman Products, Inc. (the “Company” or “Dorman”) (NASDAQ:DORM), a leading supplier in the automotive aftermarket industry, today announced its financial results for the fourth quarter ended December 25, 2021. Fourth Quarter Financial ResultsDorman reported quarterly net sales in the fourth quarter of 2021 of $398.2 million, up 32% compared to net sales of $301.2 million in the fourth quarter of 2020. The strong net sales performance in the quarter reflected robust customer demand across all of the Company’s customer channels and was underpinned by a full quarter impact of recently acquired Dayton Parts. Year-over-year net sales growth, excluding Dayton Parts, was 15% compared to the fourth quarter of 2020, and 45% compared to the fourth quarter of 2019. Gross profit was $131.4 million in the fourth quarter of 2021, or 33.0% of net sales, compared to $111.4 million, or 37.0% of net sales for the same quarter last year. Adjusted gross margin* was 34.6% in the fourth quarter of 2021 compared to 37.0% in the same quarter last year. Dayton Parts had a 90bps dilutive impact on adjusted gross margin* in the fourth quarter. During the quarter, we continued to experience broad-based inflationary cost impacts due to global transportation and logistics constraints as well as material commodity and wage rate pressures. Dorman implemented cost-saving initiatives and price increases to offset the inflationary cost increases experienced during the year that maintained gross profit dollars, but resulted in a lower gross margin percentage. Selling, general and administrative (“SG&A”) expenses were $86.3 million, or 21.7% of net sales, in the fourth quarter of 2021 compared to $65.5 million, or 21.7% of net sales, in the same quarter last year. Adjusted SG&A expenses* were $82.3 million, or 20.7% of net sales, in the fourth quarter of 2021 compared to $62.3 millio...