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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.
Dorman
Dorman
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.
- Guidance does not include potential impacts from any further possible government-mandated shutdowns.
- Guidance does not include any potential impact from supply chain disruptions caused by the ongoing COVID-19 pandemic.