Dorman(US:DORM)2025-05-05 20:06Financial Performance - Total net sales for Q1 2025 were $507.7 million, an increase of 8.3% compared to $468.7 million in Q1 2024[5] - Diluted EPS for Q1 2025 was $1.87, up 78% from $1.05 in the same quarter last year; adjusted diluted EPS was $2.02, a 54% increase from $1.31[7] - Gross profit for Q1 2025 was $207.7 million, representing 40.9% of net sales, compared to 38.7% in Q1 2024[5] - The company reported a net income of $57.5 million for Q1 2025, compared to $32.8 million in Q1 2024[20] - Adjusted net income for the three months ended March 29, 2025, was $62.1 million, compared to $40.8 million for the same period in 2024, representing a 52.0% increase[26] - Diluted earnings per share (GAAP) increased to $1.87 for the three months ended March 29, 2025, from $1.05 in the same period of 2024, reflecting an increase of 77.0%[26] - Gross profit (GAAP) for the three months ended March 29, 2025, was $207.7 million, with a gross margin of 40.9%, compared to $181.4 million and 38.7% in the same period of 2024[27] - SG&A expenses (GAAP) were $127.6 million for the three months ended March 29, 2025, representing 25.1% of net sales, compared to $127.0 million and 27.1% in the same period of 2024[28] Segment Performance - Light Duty segment net sales increased by 14% to $408.8 million, while Heavy Duty and Specialty Vehicle segments saw declines of 11% and 9%, respectively[9] Guidance and Projections - The company reaffirms its full-year 2025 guidance, projecting net sales growth of 3% to 5% and diluted EPS between $7.00 and $7.30[11] - The company expects diluted earnings per share (GAAP) for fiscal 2025 to be in the range of $7.00 to $7.30, with adjusted diluted earnings per share (Non-GAAP) projected between $7.55 and $7.85[35] - The weighted average diluted shares outstanding for fiscal 2025 is estimated to be 30.8 million[35] Cash Flow and Debt Management - Cash generated from operating activities was $51 million; the company repaid $20 million of debt and repurchased $12 million of its shares[8] Asset Management - Total assets as of March 29, 2025, were $2.43 billion, slightly up from $2.42 billion at the end of 2024[22] Cost Management - SG&A expenses were $127.6 million, or 25.1% of net sales, down from 27.1% in the same quarter last year[6] - The company incurred $5.5 million in pretax acquisition-related intangible asset amortization for both the three months ended March 29, 2025, and March 30, 2024[29] - The company reported a pretax reduction in workforce costs of $0.1 million for the three months ended March 29, 2025, significantly lower than $4.6 million in the same period of 2024[32] - Tax adjustments related to non-GAAP items totaled $(1.5) million for the three months ended March 29, 2025, compared to $(2.5) million for the same period in 2024[33] Supply Chain and Economic Strategy - The company has diversified its supply chain and strengthened its balance sheet to navigate economic challenges, including the impact of tariffs[4]