Business
Dorman Products, Inc. Reports Second Quarter 2024 Results; Raises Full Year 2024 Earnings Guidance
Highlights (All comparisons are to the prior year period unless otherwise noted): Net sales of $503.0 million, up 4.7% compared to $480.6 millionDiluted
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 $503.0 million, up 4.7% compared to $480.6 millionDiluted earnings per share (“EPS”) of $1.53, up 47% compared to $1.04Adjusted diluted EPS* of $1.67, up 65% compared to $1.01Generated $63 million of cash from operating activities; repaid $15 million of debt and repurchased $25 million of its sharesRaises its full-year earnings guidance for 2024 COLMAR, Pa., Aug. 01, 2024 (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 29, 2024. Kevin Olsen, Dorman’s President and Chief Executive Officer, stated, “We are pleased with our results in the second quarter, achieving a significant increase in EPS over the prior year. Net sales growth was led by our Light Duty segment with high-single digit growth driven by continuing positive industry fundamentals and our new product introductions. This growth was partially offset by declines in our Heavy Duty and Specialty Vehicle segments, which were negatively impacted by continued sector softness in those businesses. “Given our strong results through the first six months and positive outlook for our overall business for the remainder of the year, we are raising our earnings guidance for 2024. We now expect diluted EPS to be in the range of $5.32 to $5.52 and adjusted diluted EPS* to be in the range of $6.00 to $6.20, a significant increase from our prior guidance. “We are confident that our growth and innovation strategy, coupled with the dedication and hard work of our Contributors, will enable us to continue driving momentum for our customers and other stakeholders.” Second Quarter Financial ResultsThe Company reported second quarter 2024 net sales of $503.0 million, up 4.7% compared to net sales of $480.6 million in the second quarter of 2023. Gross profit was $199.4 million in the second quarter of 2024, or 39.6% of net sales, compared to $163.5 million, or 34.0% of net sales, for the same quarter last year. Adjusted gross margin* was 39.6% in the second quarter of 2024 compared to 35.1% in the same quarter last year. Selling, general and administrative (“SG&A”) expenses were $126.9 million, or 25.2% of net sales, in the second qua...