Dorman Q1 net sales up 16% to $466.7M; GAAP EPS plunges to $0.18 from $1.11

Dorman Products, Inc.

2023-Q1 EPS reported $0.18 revenue$466,738,000

Q1 net sales $466.7M (+16% YoY); GAAP diluted EPS $0.18 vs $1.11; adjusted diluted EPS $0.56 vs $1.29.
Gross margin fell to 31.0% from 33.2% on high-cost inventory sell-through; adjusted gross margin 32.4% vs 34.1%.
SG&A rose to 27.1% of sales from 21.5% due to SuperATV, higher interest on receivables factoring, and $4M in charges.
Net interest expense jumped to $12.0M from $1.2M due to SuperATV acquisition debt and higher rates.
Confirms FY2023 guidance: net sales $1.95B-$2.00B, diluted EPS $4.35-$4.55, adjusted diluted EPS $5.15-$5.35.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Dorman Products, Inc. reported fiscal year 2023 results: revenue $1.95 billion to $2.00 billion, EPS $4.35 to $4.55 per diluted share. Guidance reaffirmed.

Period: fiscal year 2023
Revenue: $1.95 billion to $2.00 billion
EPS: $4.35 to $4.55 per diluted share
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

The Company confirms its previous full-year 2023 guidance of net sales of $1.95 billion to $2.00 billion, diluted EPS of $4.35 to $4.55, and adjusted diluted EPS* of $5.15 to $5.35

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Dorman Products, Inc. reported the first fiscal quarter ended April 1, 2023 results: revenue $466.7 million, net income $5.7 million, EPS $0.18 per diluted share. Guidance reaffirmed.

Period: the first fiscal quarter ended April 1, 2023
Revenue: $466.7 million
Net income: $5.7 million
EPS: $0.18 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

First Quarter Financial Results The Company reported first quarter 2023 net sales of $466.7 million, up 16% compared to net sales of $401.6 million in the first quarter of 2022. The sales results reflect the addition of SuperATV, successful new product launches and price increases to offset inflationary costs. Net sales growth excluding acquisitions was approximately 3.5% c ompared to the first quarter of 2022 a nd 23% to the first quarter of 2021. Gross profit was $144.5 million in the first quarter of 2023, or 31.0% o f net sales, compared to $133.2 million, or 33.2% of net sales, for the same quarter last year. Adjusted gross margin* wa s 32.4% in the first quarter of 2023 compared to 34.1% in the same quarter last year. The decline in gross margin as a percentage of net sales is primarily due to the sell-through of high-cost inventory purchased in 2022 that was impacted by inflationary costs, partially offset by the favorable impacts of pricing actions and the addition of SuperATV,

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Source: SEC EDGAR

accession 0001628280-23-014744

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