Business
Dorman Products, Inc. Reports Second Quarter 2022 Results
Highlights (All comparisons to the prior year period unless otherwise noted): Record quarterly net sales of $417.4 million, up 34% compared to $310.6 million
About this update from Dorman Products, Inc.
[{"type":"text","content":"Highlights (All comparisons to the prior year period unless otherwise noted): Record quarterly net sales of $417.4 million, up 34% compared to $310.6 million Diluted earnings per share (“EPS”) of $1.20, up 21% compared to $0.99Adjusted diluted EPS* of $1.29, up 17% compared to $1.10Adjusting fiscal 2022 guidance to diluted EPS of $4.50 to $4.70 and adjusted diluted EPS* of $5.00 to $5.20, reflecting higher interest rates, while maintaining net sales growth guidance of 19% to 22%Share repurchase program increased to $600 million and extended through December 31, 2024 COLMAR, Pa., July 25, 2022 (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 second quarter ended June 25, 2022. Second Quarter Financial ResultsThe Company reported second quarter 2022 net sales of $417.4 million, up 34% compared to net sales of $310.6 million in the second quarter of 2021. The record results reflect a continuation of favorable underlying industry dynamics across all customer channels, increased new product penetration, the addition of Dayton Parts, and price increases to offset rising supply chain costs, wage pressures and commodity inflation. Net sales growth excluding Dayton Parts was 13% compared to the second quarter of 2021. Gross profit was $141.5 million in the second quarter of 2022, or 33.9% of net sales, compared to $110.1 million, or 35.5% of net sales for the same quarter last year. Adjusted gross margin* was 34.0% in the second quarter of 2022 compared to 35.5% in the same quarter last year. The addition of Dayton Parts had a 110bps dilutive impact on adjusted gross margin* in the second quarter. During the quarter, the Company continued to experience broad-based cost pressures due to global supply chain constraints as well as commodity and wage rate inflation. Dorman continues to implement cost-savings initiatives and price increases to offset the inflationary cost pressures experienced during the quarter that maintained gross profit dollars but resulted in a lower gross margin percentage. Selling, general and administrative (“SG&A”) expenses were $92.1 million, or 22.1% of net sales, in the second quarter of 2022 compared to $69.5 million, or 22.4% of net sales, for the same quarter last year....