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Dec 25, 2021
Dorman Q4 2021 Earnings Report
Dorman's Q4 2021 results were reported, featuring record net sales and adjusted diluted EPS.
Key Takeaways
Dorman Products, Inc. reported record net sales of $398.2 million for the fourth quarter of 2021, a 32% increase year-over-year. Diluted earnings per share were $1.07, while adjusted diluted EPS reached $1.33. The company's performance was driven by robust customer demand and the inclusion of Dayton Parts.
Net sales reached a record $398.2 million, up 32% year-over-year.
Diluted earnings per share were $1.07, compared to $1.11 in Q4 2020.
Adjusted diluted EPS was $1.33, compared to $1.19 in Q4 2020.
Dayton Parts acquisition had a full quarter impact.
Dorman
Dorman
Forward Guidance
The Company expects full-year 2022 net sales from $1,600 million to $1,640 million, representing growth of 19% - 22% over 2021 net sales. The Company also expects 2022 diluted EPS of $4.94 to $5.14, reflecting an increase of 20% - 25% year-over-year, and adjusted diluted EPS* of $5.35 to $5.55, reflecting an increase of 15% - 20% year-over-year.
Positive Outlook
- Aftermarket industry dynamics will remain strong throughout the year.
- Balance sheet and liquidity remain strong
- Well-positioned to continue to execute on strategic priorities
- Expect to execute further pricing and cost improvement actions, if necessary, to protect gross margin dollars.
- The Company expects full-year 2022 net sales from $1,600 million to $1,640 million, representing growth of 19% - 22% over 2021 net sales.
Challenges Ahead
- Continued inflationary cost pressures from global transportation and logistics constraints
- Labor availability issues
- Higher commodity costs
- Higher wage rate costs
- Anticipate continued inflationary cost pressures from global transportation and logistics constraints, labor availability, and higher commodity and wage rate costs.