Dorman Products, Inc. Reports Third Quarter 2024 Results; Raises Full Year 2024 Earnings Guidance

Core Insights - Dorman Products, Inc. reported net sales of $503.8 million for Q3 2024, reflecting a 3.2% increase from $488.2 million in Q3 2023 [1][4] - The diluted earnings per share (EPS) rose to $1.80, a 41% increase compared to $1.28 in the same quarter last year [1][7] - The company has updated its full-year guidance for 2024, expecting net sales growth of 3.5% to 4.5% and diluted EPS in the range of $6.15 to $6.25 [3][10] Financial Performance - Gross profit for Q3 2024 was $203.8 million, representing 40.5% of net sales, up from $183.2 million or 37.5% of net sales in Q3 2023 [5] - Selling, general and administrative (SG&A) expenses were $124.5 million, or 24.7% of net sales, compared to $119.0 million, or 24.4% of net sales in the same quarter last year [6] - The company generated $44 million in cash from operating activities during the quarter [7] Segment Performance - Light Duty segment net sales increased to $393.6 million, up 5% from $374.7 million in Q3 2023, with a segment profit margin improvement of 290 basis points [8] - Heavy Duty segment net sales decreased by 5% to $59.6 million, while the Specialty Vehicle segment remained flat at $50.6 million [8][9] Share Repurchase and Guidance - Dorman repurchased $27 million of its shares and announced a new share repurchase authorization for up to $500 million [1][12] - The updated guidance for 2024 includes an increase in diluted EPS expectations to $6.15 to $6.25, up from the previous range of $5.32 to $5.52 [10][3] Cash Flow and Capital Expenditures - The company invested $9 million in capital expenditures during the quarter [7] - Cash provided by operating activities for the nine months ended September 28, 2024, was $159.6 million, compared to $149.1 million for the same period in 2023 [24]