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Mar 26, 2022
Dorman Q1 2022 Earnings Report
Reported record first quarter results driven by favorable industry dynamics, new product penetration, the addition of Dayton Parts, and price increases.
Key Takeaways
Dorman Products reported a strong start to fiscal year 2022, with record net sales of $401.6 million, up 39% year-over-year. Diluted earnings per share increased to $1.11, a 9% increase compared to Q1 2021. The company is reaffirming its fiscal year 2022 guidance.
Record net sales of $401.6 million, up 39% year-over-year.
Diluted earnings per share (EPS) of $1.11, up 9% compared to $1.02 in Q1 2021.
Adjusted diluted EPS of $1.29, up 24% compared to $1.04 in Q1 2021.
Reaffirming fiscal 2022 guidance of net sales growth of 19% to 22%, diluted EPS of $4.94 to $5.14, and adjusted diluted EPS of $5.35 to $5.55.
Forward Guidance
The Company is reaffirming its full-year 2022 guidance, detailed in the table below, which includes the impact of the Dayton Parts acquisition but excludes any potential impacts from future acquisitions or further possible government-mandated shutdowns or supply chain disruptions.
Positive Outlook
- Net Sales Growth vs 2021 $1,600 - $1,640 million
- Net Sales Growth vs 2021 19% - 22%
- Diluted EPS Growth vs 2021 $4.94 - $5.14
- Diluted EPS Growth vs 2021 20% - 25%
- Adjusted Diluted EPS Growth vs 2021 $5.35 - $5.55
Challenges Ahead
- Tax Rate Estimate 22.5%
- anticipates continued inflationary cost pressures from global transportation and logistics constraints
- labor availability
- higher commodity, interest rate, and wage rate costs
Historical Earnings Impact
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Avg. Return Before/After Earnings
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