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Mar 27, 2021
Dorman Q1 2021 Earnings Report
Reported a 12% increase in net sales and a 46% increase in diluted EPS compared to Q1 2020.
Key Takeaways
Dorman Products, Inc. reported a strong start to fiscal year 2021 with a 12% increase in net sales and a 46% increase in diluted EPS. The company's performance was driven by robust customer demand and improved operational efficiencies, despite pressures from global transportation and logistics constraints.
Net sales increased by 12% to $288.0 million compared to Q1 2020.
Diluted earnings per share (EPS) increased by 46% to $1.02 compared to Q1 2020.
Adjusted diluted EPS increased by 58% to $1.04 compared to Q1 2020.
Gross profit margin improved due to increased efficiencies and the absence of increased customer provisions.
Forward Guidance
The Company expects fiscal 2021 net sales between $1,191 million and $1,224 million, representing growth between 9%-12% over 2020 net sales. The Company also expects 2021 diluted EPS between $4.32 and $4.52, and adjusted diluted EPS* between $4.40 and $4.60.
Positive Outlook
- Expected net sales growth between 9% and 12% for fiscal year 2021.
- Anticipated diluted EPS between $4.32 and $4.52 for fiscal year 2021.
- Projected adjusted diluted EPS between $4.40 and $4.60 for fiscal year 2021.
- Expectation that automotive aftermarket industry dynamics will continue to improve as we move through 2021.
- Balance sheet and liquidity are strong, and well-positioned to execute on strategic priorities.
Challenges Ahead
- Anticipate the cost pressures from global transportation and logistics constraints to continue.
- Expect other inflationary pressures to continue.
- Guidance does not include the impact from potential future acquisitions or related financings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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