Dorman Q4 2023 Earnings Report
Key Takeaways
Dorman Products reported a decrease in net sales by 1% to $494.3 million, influenced by an extra week in the previous year's quarter. However, excluding this impact, net sales would have increased by 3%. The company achieved record diluted EPS of $1.60, up 182%, and adjusted diluted EPS of $1.57, a 55% increase. They also generated $60 million in cash from operating activities, repaid $30 million in debt, and repurchased $15 million of shares.
Net sales decreased by 1% to $494.3 million, but would have increased 3% excluding the impact of an extra week in the prior year.
Diluted EPS increased by 182% to a record $1.60.
Adjusted diluted EPS increased by 55% to $1.57.
Generated $60 million in cash from operating activities, repaid $30 million in debt and repurchased $15 million of its shares.
Dorman
Dorman
Forward Guidance
The Company expects 2024 full year net sales growth in the range of 3% to 5% over 2023, diluted EPS in the range of $4.71 to $5.01, and adjusted diluted EPS* in the range of $5.40 to $5.70. This guidance assumes a tax rate of 24%, includes the impact of recent cost reduction actions and excludes any potential impacts from future acquisitions and divestitures, supply chain disruptions, significant inflation and interest rate changes, and share repurchases.