Dorman Products Inc

Latest Results (14.08.2024):

Net Sales Growth

Dorman Products Inc. reported net sales of $503.0 million for the second quarter of 2024, marking a 4.7% increase compared to $480.6 million in the same quarter of 2023. This growth was primarily driven by the Light Duty segment, which saw high-single digit growth due to positive industry fundamentals and new product introductions.

EPS Increase

For the second quarter of 2024, Dorman Products Inc. achieved a diluted earnings per share (EPS) of $1.53, representing a significant 47% increase from $1.04 in the second quarter of 2023. Adjusted diluted EPS also saw a substantial rise, reaching $1.67, up 65% from $1.01 in the same period last year.

Cash Flow and Debt Repayment

During the second quarter of 2024, Dorman Products Inc. generated $63 million in cash from operating activities. The company utilized this cash flow to invest $12 million in capital expenditures, repay $15 million in debt, and repurchase $25 million of its shares, demonstrating a strong financial position and commitment to shareholder returns.

Segment Performance

In the second quarter of 2024, Dorman Products Inc.'s Light Duty segment reported net sales of $385.4 million, a 9% increase from the previous year. However, the Heavy Duty and Specialty Vehicle segments experienced declines, with net sales of $61.2 million and $56.4 million, respectively, reflecting sector-specific challenges.

Updated Full-Year Guidance

Based on the strong performance in the first half of 2024, Dorman Products Inc. has raised its full-year earnings guidance. The company now expects diluted EPS to be in the range of $5.32 to $5.52 and adjusted diluted EPS to be between $6.00 and $6.20, indicating a significant increase from the prior guidance.