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Jun 26, 2021
Dorman Q2 2021 Earnings Report
Reported record quarterly sales and EPS growth.
Key Takeaways
Dorman Products reported a record quarterly net sales of $310.6 million, a 33% increase compared to Q2 2020. Diluted earnings per share (EPS) was $0.99, compared to $0.43 in Q2 2020, and adjusted diluted EPS was $1.10, compared to $0.47 in the same quarter last year.
Record net sales of $310.6 million, up 33% compared to Q2 2020, driven by organic growth across all channels and the absence of prior year shut-downs.
Diluted EPS of $0.99, significantly higher than $0.43 in Q2 2020.
Adjusted diluted EPS of $1.10, compared to $0.47 in Q2 2020.
Gross margin expanded due to fixed cost leverage, improved efficiencies, and the absence of COVID-19 related costs, despite higher freight costs.
Dorman
Dorman
Forward Guidance
The Company confirms its previously issued 2021 guidance, which excludes any impact from the pending Dayton Parts acquisition.
Positive Outlook
- Maintaining outlook reflects expectations for performance.
- Visibility into the remainder of the year.
- Automotive aftermarket industry dynamics will remain strong.
- Balance sheet and liquidity remain strong.
- Well-positioned to continue to execute on strategic priorities.
Challenges Ahead
- Transitory costs continue to drive heightened volatility.
- Inflationary pressures continue to drive heightened volatility.
- Freight inflation costs will be a headwind.
- Material inflation costs will be a headwind.
- Industry-wide logistical pressures on the global supply chain network impacted fulfillment levels.