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Apr 01, 2023
Dorman Q1 2023 Earnings Report
Dorman's first quarter performance in 2023 reflected a solid start, marked by a 16% increase in net sales and strategic advancements amidst inventory normalization and inflationary pressures.
Key Takeaways
Dorman Products reported a 16% increase in net sales to $466.7 million for Q1 2023. EPS decreased to $0.18 from $1.11 year-over-year, while adjusted EPS was $0.56 compared to $1.29. The company confirms its full-year 2023 guidance.
Net sales increased by 16% to $466.7 million, driven by SuperATV acquisition, new product launches, and price increases.
Diluted EPS decreased to $0.18, while adjusted diluted EPS was $0.56.
Gross margin declined due to the sell-through of high-cost inventory purchased in 2022.
The company confirms its full-year 2023 guidance with net sales expected between $1.95 billion and $2.00 billion.
Dorman
Dorman
Forward Guidance
The Company confirms its full-year 2023 guidance, which includes the impact of the SuperATV acquisition but excludes any potential impacts from future acquisitions, additional supply chain disruptions, significant interest rate increases, or share repurchases.
Positive Outlook
- Net Sales: $1.95B - $2.00B
- Growth vs. 2022: 12.5% - 15.4%
- Diluted EPS: $4.35 - $4.55
- Growth vs. 2022: 13.0% - 18.2%
- Adjusted Diluted EPS: $5.15 - $5.35
Challenges Ahead
- Excludes any potential impacts from future acquisitions
- Excludes additional supply chain disruptions
- Excludes significant interest rate increases
- Excludes share repurchases
- Tax Rate Estimate 24%