Business
Dorman Products, Inc. Reports Fourth Quarter and Fiscal 2022 Results and Issues 2023 Guidance
Highlights (All comparisons are to the prior year period unless otherwise noted): Record net sales of $501.3 million for the quarter, up 25.9%
About this update from Dorman Products, Inc.
[{"type":"text","content":"Highlights (All comparisons are to the prior year period unless otherwise noted): Record net sales of $501.3 million for the quarter, up 25.9% year-over-yearDiluted earnings per share (“EPS”) of $0.57, compared to $1.07 in Q4 2021Adjusted diluted EPS* of $1.01, compared to $1.33 in Q4 2021For fiscal 2022, achieved record net sales of $1.73 billion and diluted EPS of $3.85 and adjusted diluted EPS* of $4.76 COLMAR, Pa., Feb. 28, 2023 (GLOBE NEWSWIRE) -- Dorman Products, Inc. (the “Company” or “Dorman”) (NASDAQ:DORM), a leading supplier in the motor vehicle aftermarket industry, today announced its financial results for the fourth quarter and full year ended December 31, 2022. Financial results include the impact of an additional week in the fourth quarter. Fourth Quarter Financial ResultsThe Company reported fourth quarter 2022 net sales of $501.3 million, up 25.9% compared to net sales of $398.2 million in the fourth quarter of 2021. The sales results reflect a continuation of favorable underlying industry dynamics across all customer channels, successful new product development and penetration, the addition of SuperATV, and price increases to offset inflationary costs. The Company also benefited from having an extra week in the fourth quarter compared to last year, which it estimates impacted net sales by approximately $19 million. Net sales growth excluding SuperATV, acquired October 4, 2022, was 13.4% compared to the fourth quarter of 2021. Gross profit was $157.8 million in the fourth quarter of 2022, or 31.5% of net sales compared to $131.4 million, or 33.0% of net sales, for the same quarter last year. Adjusted gross margin* was 32.8% in the fourth quarter of 2022 compared to 34.6% in the same quarter of last year. The decline in gross margin as a percentage of net sales is primarily due to continued broad-based inflationary cost pressures, partially offset by the favorable gross margin percentage impact of the addition of SuperATV. The Company has implemented many actions over the course of 2022, and has additional actions planned for 2023, including price increases and cost-savings initiatives to offset these costs. Selling, general and administrative (“SG&A”) expenses were $125.0 million, or 24.9% of net sales, in the fourth quarter of 2022 compared to $86.3 million, or 21.7% of net sales, for the same quarter last year...