Core Insights - Dorman Products, Inc. has announced the release of hundreds of new aftermarket components and assemblies, expanding its catalog to over 133,000 SKUs, which includes several aftermarket exclusives [1][3] - The new products are designed to provide better repair solutions than original equipment manufacturer (OEM) parts, creating millions of repair opportunities for parts distributors, retailers, and repair shops [1][3] Product Innovations - New Dorman® OE FIX™ products include an exhaust manifold repair clamp for General Motors and Isuzu vehicles, a durable transmission gearshift bracket for Dodge and Ram trucks, and a flexible stainless steel fuel line for select Chevrolet, Pontiac, and Buick vehicles [1][2] - Additional innovations include a loaded brake backing plate for Ford vehicles, turbocharger inlet duct and charge air cooler pipe for Ram trucks, and precision-engineered exhaust manifold kits for Ford Transit vans [2] - The new product solutions collectively offer over 18 million new repair opportunities for repair professionals and vehicle owners [3] Company Overview - Dorman Products has been providing aftermarket replacement products for over 100 years, focusing on solutions that save time and money while increasing convenience and reliability [4][5] - The company is headquartered in the United States and offers a diverse catalog of products covering various vehicle types, from chassis to complex electronics [5]

COLMAR, Pa., Oct. 10, 2024 (GLOBE NEWSWIRE) -- Dorman Products, Inc. (the "Company" or "Dorman") (NASDAQ: DORM) today announced the Company will report its financial results for the third quarter ended September 28, 2024 after the closing of the Nasdaq Stock Market on October 31, 2024. The Company also announced that it is scheduled to conduct a conference call and webcast of its third quarter 2024 financial results on November 1, 2024 at 8 a.m. ET. The conference call can be accessed by dialing (888) 440-4 ...

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Core Viewpoint - Dorman Products (NASDAQ:DORM) reported strong 2Q24 results with a 4.7% year-over-year increase in net sales, primarily driven by the light duty segment, which grew by 9% year-over-year, while the specialty vehicle and heavy duty segments faced challenges. The company’s outlook remains positive due to increasing vehicle miles traveled and a record-high average vehicle age, supporting demand for aftermarket parts [2][33]. Financial Performance - Dorman Products reported net sales of $503 million in 2Q24, up from $480.6 million in the previous year, marking a 4.7% increase [4]. - The adjusted gross profit margin expanded from 35% to 40%, while the adjusted operating margin increased to 15.6% and the adjusted net income margin rose from 6.6% to 10.3% [5][33]. - Adjusted diluted EPS increased from $1.01 to $1.67, representing a year-over-year growth of approximately 65.3% [24]. Segment Performance - The light duty segment accounted for 77% of total net sales, with sales increasing by 9% year-over-year to $385.4 million [12][25]. - The heavy duty segment saw a decline of 11% year-over-year, with net sales of $61.2 million, attributed to a challenging freight industry [20][26]. - The specialty vehicle segment experienced a modest decline of 2%, with net sales of $56.4 million, impacted by high interest rates and economic uncertainty [22][27]. Market Trends - Total vehicle miles traveled are nearing pre-pandemic levels, which is expected to drive demand for vehicle repairs and aftermarket parts [28][33]. - The average age of vehicles in the U.S. has reached a record high of 12.6 years, which is anticipated to support the aftermarket industry as older vehicles typically require more repairs [30][33]. - The number of vehicles aged between 8 and 13 years remains robust, further bolstering demand for Dorman's products [29][30]. Growth Outlook - Dorman Products raised its guidance for full-year 2024, forecasting net sales growth between 3% to 5% and adjusted diluted EPS guidance increased to a range of $6.00 to $6.20 [31]. - The company’s forward revenue growth rate is projected at 6.50%, significantly outperforming peers' median of 1.55% [31]. - The target share price for Dorman Products has been adjusted to $108.33 based on its strong performance and favorable market conditions [31].

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Financial Data and Key Metrics Changes - Consolidated net sales increased by 5% year-over-year to $503 million, with adjusted operating margin improving by 430 basis points [5][16] - Adjusted diluted EPS rose by 65% compared to the same period last year, reaching $1.67 [6][17] - Free cash flow was $51 million, used to repay $15 million of debt and repurchase $25 million of shares [6][21] Business Segment Data and Key Metrics Changes - Light Duty segment net sales were $385 million, a 9% increase year-over-year, with operating margin improving by 550 basis points to 17.1% [17][18] - Heavy Duty segment net sales decreased by 11% to $61 million, with operating margin at 4.4%, down 50 basis points year-over-year but up 440 basis points sequentially [18][19] - Specialty Vehicle segment net sales were $56 million, a 2% decrease year-over-year, but operating margin increased by 100 basis points to 17.8% [19][20] Market Data and Key Metrics Changes - The Light Duty market showed positive trends with increased vehicle miles traveled and a growing number of older vehicles [6][7] - Heavy Duty market remains soft, expected to continue through early 2025, while Specialty Vehicle market faces challenges but is capturing share [8][23] Company Strategy and Development Direction - The company is focused on innovation and automation to enhance operational efficiency and meet customer demands [12][14] - Investments in new product development and automation are expected to yield significant cost savings and operational benefits [14][24] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term demand for vehicles and parts, anticipating a rebound as economic volatility stabilizes [11][24] - The company raised its full-year earnings guidance, expecting consolidated net sales growth of 3% to 5% and adjusted diluted EPS of $6 to $6.20 [22][24] Other Important Information - The company has invested $14 million in capital for automation and operational improvements, expecting annualized net savings of approximately $8 million [14][15] - The net debt was reduced to $500 million, with a net leverage ratio of 1.44 times adjusted EBITDA [21] Q&A Session Summary Question: Insights on POS growth in Light Duty - Management noted broad-based growth across categories, with a solid quarter driven by new product launches, including 1,700 SKUs, 30% of which were new to the aftermarket [26][27] Question: Expected operating margins for Heavy Duty and Specialty - Management expects Light Duty and Specialty Vehicle margins in the high teens, while Heavy Duty margins are projected in the mid-to-high teens [28] Question: Core SKU performance in Light Duty - Most growth is attributed to new products, with the market growth estimated in the low single-digit range [29] Question: Specialty Vehicle market conditions - The Specialty Vehicle business has been flat, but inventory levels are normalizing, which may help future sales [30][31] Question: Impact of new vehicle sales on Specialty Vehicle sales - A significant portion of sales occurs within the first two years of a new vehicle sale, indicating that drops in new vehicle sales impact the business [32]

DORMAN PRODUCTS, INC. Q2 2024 EARNINGS PRESENTATION AUGUST 2, 2024 Forward-Looking Statements & Non-GAAP Financial Measures Forward-Looking Statements This presentationcontains "forward-looking statements" wthin the meaning of the Private Securities Litigation Reform Act of 1995. All statements of historical facts, may b forward-looking statements. Words such as "may." "will, " should," "ikely," "probably," "anticipates," "expects," "intends," "plans, ""projects," "believes," "views," "sest expressions are ...

Dorman Products (DORM) came out with quarterly earnings of $1.67 per share, beating the Zacks Consensus Estimate of $1.19 per share. This compares to earnings of $1.01 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 40.34%. A quarter ago, it was expected that this distributor of parts to automotive retailers would post earnings of $0.82 per share when it actually produced earnings of $1.31, delivering a surprise of 59.76%. Ov ...