The increasing age of vehicles is a boon for the Zacks Automotive Replacement Parts industry. However, the overall outlook of the industry remains subdued due to high raw material costs, unfavorable currency exchanges and logistical challenges that impact profit margins. Additionally, the shift toward electric and self-driving vehicles necessitates realignment of business models. To thrive, companies must develop comprehensive strategies to capitalize on evolving market trends while managing high operationa ...

Marketing: Steve Gisondi, Vice President of Marketing sgisondi@dormanproducts.com Investor Relations: David Hession, Senior Vice President, Chief Financial Officer dhession@dormanproducts.com About Dorman Products Dorman gives repair professionals, enthusiasts, and owners greater freedom to fix motor vehicles. For over one hundred years, we have been driving new repair solutions, releasing tens of thousands of aftermarket replacement products engineered to save time and money, and increase convenience and r ...

Core Insights - Dorman Products, Inc. has opened a new drive shaft manufacturing facility in Virginia Beach, VA, significantly expanding its production capacity in response to increased demand in the automotive drive shaft market [1][2] - The new facility spans 100,000 square feet, which is five times larger than the previous site, and is equipped with advanced technology for efficient production and shipping of drive shafts [2][3] - This expansion increases Dorman's USA-based manufacturing footprint to over one million square feet nationwide, highlighting the company's commitment to domestic manufacturing and job creation [5] Company Overview - Dorman Products specializes in providing aftermarket replacement products for motor vehicles, with a history of over 100 years in the industry [7][8] - The company offers a diverse catalog of products, including components for cars, trucks, and specialty vehicles, covering various aspects from chassis to electronics [8] Manufacturing Capabilities - The new plant features advanced computer-controlled machine tools, robotic welding, and testing equipment, enhancing Dorman's ability to produce high-quality drive shafts efficiently [3] - A dedicated area for custom packaging ensures that the balance achieved during testing is maintained during shipping, which is crucial for safety-critical components like drive shafts [4]

COLMAR, Pa., June 12, 2024 (GLOBE NEWSWIRE) -- Dorman Products, Inc. (NASDAQ:DORM) is proud to announce the grand opening of a new drive shaft manufacturing facility in Virginia Beach, VA (USA). A ribbon cutting ceremony to celebrate the launch of the expansive factory at 464 Progress Lane is scheduled for Wednesday, June 12th. The facility joins existing Dorman sites in Reno, NV and Portland, TN that also design, manufacture and distribute the company's 3,600+ precision steel and aluminum driveshafts and r ...

Industry Insights - The average age of U.S. vehicles reached a record 12.6 years in 2024, marking a two-month increase from 2023 and the seventh consecutive year of rising vehicle age [1] - The aging vehicle population is driving increased demand for repairs and maintenance, creating opportunities for companies in the aftermarket and vehicle service industries [2] - Advancements in technology and the high cost of new vehicles, with an average selling price exceeding $45,000, are significant factors contributing to vehicle longevity [4][5] - The U.S. vehicle fleet reached 286 million vehicles in operation in January 2024, a 2 million increase from 2023, with a notable shift in age distribution due to supply chain disruptions [6][7] Company Highlights - **Rush Enterprises (RUSHA)**: A leading provider in the commercial vehicle industry, Rush has seen healthy growth in aftermarket demand, particularly in the public sector and waste management. The company has increased its payout seven times in the last five years, with an average annualized growth rate of 30.4% [8][9] - **Dorman Products (DORM)**: Dorman focuses on the motor vehicle aftermarket, consistently expanding its product line. The acquisition of Super ATV has enhanced its prospects, and the company maintains a manageable debt-to-capitalization ratio of 29% [10][11] - **Genuine Parts (GPC)**: GPC has strengthened its position through the acquisition of Motor Parts & Equipment Corporation and has improved supply chain efficiency. The company has a dividend-aristocratic status, approving a $4 per share annual dividend for 2024, marking its 68th consecutive annual increase [12][13]

Industry Overview - The average age of U.S. vehicles reached a record 12.4 years in 2024, marking a two-month increase from 2023 and the seventh consecutive year of rising vehicle age [1] - The aging vehicle population is driving increased demand for repairs and maintenance, creating opportunities for companies in the aftermarket and vehicle service industries [2] Factors Driving Vehicle Longevity - Advancements in technology have improved vehicle quality, allowing cars to last longer [3] - The high cost of new vehicles, with an average selling price exceeding $45,000, is causing consumers to delay new purchases and extend the lifespan of their current vehicles [4] - Uncertainty regarding the future of electric vehicles (EVs) is leading consumers to hold onto their existing cars longer [4] Key Insights from S&P Global Mobility Report - Over 110 million vehicles, nearly 38% of the fleet, are entering the prime range for aftermarket service (6-14 years old), expected to grow to 40% by 2028 [5] - The U.S. vehicle fleet reached 286 million vehicles in operation, a 2 million increase from 2023, with a notable shift in age distribution [6] - Vehicles aged 6-14 years and older will account for about 70% of the fleet over the next five years, boosting aftermarket service opportunities [7] Company Analysis Rush Enterprises - A leading provider of solutions to the commercial vehicle industry, Rush Enterprises has over 150 locations and experienced healthy growth in aftermarket demand [8] - The company has increased its payout seven times in the last five years, with an average annualized growth rate of 30.4% [8] - Rush Enterprises holds a Zacks Rank 1 (Strong Buy) with positive EPS estimate revisions [9] Dorman Products - Dorman is a key player in the motor vehicle aftermarket, focusing on replacement and upgrade parts, with a strong balance sheet and manageable debt-to-capitalization ratio of 29% [10] - The company is witnessing northbound estimate revisions for sales and EPS, indicating growth potential [11] Genuine Parts - Genuine Parts has strengthened its position through acquisitions and efforts to improve supply chain efficiency, with a dividend increase representing its 68th consecutive annual increase [12] - The company is also experiencing positive estimate revisions for sales and EPS, indicating growth prospects [13]

COLMAR, Pa., May 15, 2024 (GLOBE NEWSWIRE) -- Dorman Products, Inc. (NASDAQ:DORM) is announcing today the release of hundreds of new aftermarket automotive components and assemblies. The new products add to an expansive catalog of more than 120,000 SKUs, a depth and diversity of coverage offering millions of new sales and repair opportunities for customers throughout North America. Noteworthy among the hundreds of releases are ten Dorman® OE FIX™ innovations, adding to this flagship line of parts designed t ...

David Hession - CFO Kevin Olsen - CEO Dorman Products, Inc. (NASDAQ:DORM) Q1 2024 Earnings Conference Call May 7, 2024 8:00 AM ET Conference Call Participants Operator I'd now like to turn the conference over to David Hession, Dorman's Chief Financial Officer. Thank you, sir. Please go ahead. Thank you. Good morning and welcome to Dorman's first quarter 2024 earnings conference call. I'm joined today by Kevin Olsen, our Chief Executive Officer. First, Kevin will provide a business update. Then I will review ...

Exhibit 99.1 Dorman Products, Inc. Reports First Quarter 2024 Results Highlights (All comparisons are to the prior year period unless otherwise noted): COLMAR, PA (May 7, 2024) – Dorman Products, Inc. (the "Company" or "Dorman") (NASDAQ: DORM), a leading supplier in the motor vehicle aftermarket industry, today announced its financial results for the first quarter ended March 30, 2024. Kevin Olsen, Dorman's President and Chief Executive Officer, stated, "We're pleased with our first quarter results and the ...

COLMAR, Pa., April 16, 2024 (GLOBE NEWSWIRE) -- Dorman Products, Inc. (the "Company" or "Dorman") (NASDAQ:DORM) today announced the Company will report its financial results for the first quarter ended March 30, 2024 before the opening of the Nasdaq Stock Market on May 7, 2024. The Company also announced that it is scheduled to conduct a conference call and webcast of its first quarter 2024 financial results on May 7, 2024 at 8 a.m. ET. The conference call can be accessed by dialing (888) 440-4182 within th ...