Dorman Products, Inc. Reports Fourth Quarter and Full Year 2024 Results; Issues 2025 Guidance

Core Insights - Dorman Products, Inc. reported strong financial results for Q4 and full year 2024, with net sales increasing by 8% in Q4 and 4.1% for the full year, driven by performance in Light Duty and Specialty Vehicle segments [3][5][9]. Financial Performance - Q4 2024 net sales reached $533.8 million, up from$494.3 million in Q4 2023, marking an 8% increase [5][10]. - Full year 2024 net sales totaled $2,009.2 million, compared to$1,929.8 million in 2023, reflecting a 4.1% growth [9][10]. - Gross profit for Q4 2024 was $221.7 million, representing 41.5$806.4 million, or 40.1% of net sales, up from 35.5% in the prior year [11][12]. Earnings Metrics - Diluted EPS for Q4 2024 was $1.77, an 11$1.60 in Q4 2023, while adjusted diluted EPS rose 40% to $2.20 [8][10]. - Full year diluted EPS was$6.14, a 50% increase from $4.10 in 2023, with adjusted diluted EPS at$7.13, up 57% from $4.54 [12][10]. Segment Performance - In Q4 2024, Light Duty segment sales were$427.4 million, up 11% from $385.9 million in Q4 2023, with a profit margin increase of 350 basis points [8]. - Heavy Duty segment sales decreased by 8$52.9 million, with a profit margin decline of 470 basis points [8]. - Specialty Vehicle segment sales increased by 5% to $53.5 million, with a profit margin decrease of 350 basis points [8]. Cash Flow and Capital Management - Cash from operating activities for 2024 was$231 million, enabling the company to reduce debt by $94 million and repurchase$78 million in common stock [4][10]. - The company reported a significant increase in cash flow, with Q4 cash from operating activities at $71 million, compared to$59.6 million in Q4 2023 [27]. 2025 Guidance - Dorman Products expects net sales growth of 3% to 5% for 2025, with diluted EPS projected between $7.00 and$7.30, and adjusted diluted EPS between $7.55 and$7.85 [5][14].