Business
Dorman Products, Inc. Reports Second Quarter 2023 Results
Highlights (All comparisons are to the prior year period unless otherwise noted): Net sales of $480.6 million, up 15%Diluted earnings per share (“EPS”) of
About this update from Dorman Products, Inc.
[{"type":"text","content":"Highlights (All comparisons are to the prior year period unless otherwise noted): Net sales of $480.6 million, up 15%Diluted earnings per share (“EPS”) of $1.04, compared to $1.20Adjusted diluted EPS* of $1.01, compared to $1.29Generated $67 million of cash from operating activities; repaid $52 million of debtThe Company confirms its full-year 2023 guidance of net sales of $1.95 billion to $2.00 billion, diluted EPS of $4.35 to $4.55, and adjusted diluted EPS* of $5.15 to $5.35 COLMAR, Pa., Aug. 01, 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 second quarter ended July 1, 2023. Second Quarter Financial ResultsThe Company reported second quarter 2023 net sales of $480.6 million, up 15% compared to net sales of $417.4 million in the second quarter of 2022. The sales growth was primarily driven by the addition of SuperATV, along with price increases to offset inflation and the introduction of new products to the market. Net sales growth excluding acquisitions was 1% compared to the second quarter of 2022, and 16% compared to the second quarter of 2021. Gross profit was $163.5 million in the second quarter of 2023, or 34.0% of net sales, compared to $141.5 million, or 33.9% of net sales, for the same quarter last year. Adjusted gross margin* was 35.1% in the second quarter of 2023 compared to 34.0% in the same quarter last year. The 110-basis-point increase in adjusted gross margin* is primarily due to the recognition of sales of lower-cost inventory, price increases and the addition of SuperATV, which has a higher gross margin percentage than the Company average. In addition, adjusted gross margin* increased 270 basis points compared to the first quarter of 2023. Selling, general and administrative (“SG&A”) expenses were $108.3 million, or 22.5% of net sales, in the second quarter of 2023 compared to $92.1 million, or 22.1% of net sales, for the same quarter last year. Adjusted SG&A expenses* were $114.4 million, or 23.8% of net sales, in the second quarter of 2023 compared to $88.7 million, or 21.3% of net sales, in the same quarter last year. The increase in adjusted SG&A expenses* as a percentage of net sales was due primarily to the addition of SuperATV, which has higher SG&A e...