Dorman Q4 2021 Earnings Report
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.