Dorman Q3 2021 Earnings Report
Key Takeaways
Dorman Products, Inc. reported a 16% increase in net sales to $348.4 million compared to Q3 2020, driven by robust customer demand and the acquisition of Dayton Parts. Diluted EPS was $1.04, slightly lower than the $1.06 reported in Q3 2020. The company experienced inflationary impacts due to global transportation and logistics constraints, which affected gross margin percentage.
Net sales reached a record $348.4 million, a 16% increase compared to Q3 2020.
Diluted earnings per share (EPS) were $1.04, compared to $1.06 in Q3 2020.
Adjusted diluted EPS was $1.18, compared to $1.14 in Q3 2020.
Completed the acquisition of Dayton Parts, accelerating the company’s heavy-duty growth strategy.
Dorman
Dorman
Forward Guidance
The Company has revised its previous guidance of full year net sales growth to now be from 19% - 22%, while its full year adjusted diluted EPS* guidance remains unchanged, at $4.56 - $4.80 per diluted share.
Positive Outlook
- Expectation of continued strength in customer demand
- Anticipated impact of pass-through pricing actions
- Balance sheet and liquidity remain strong
- Well positioned to continue to execute on our strategic priorities
- Actions in place to help offset freight and material inflation costs
Challenges Ahead
- Freight and material inflation costs will be a headwind
- Potential impacts from future acquisitions
- Possible government-mandated shutdowns
- Supply chain disruptions caused by the ongoing COVID-19 pandemic
- Tight labor market and disrupted sourcing and logistical network that have increased costs and impacted fulfillment levels