Dorman Q1 2022 Earnings Report
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.
Dorman
Dorman
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
- especially in the second half of 2022