Dorman Products, Inc. Reports Fourth Quarter and Full Year 2023 Results; Issues 2024 Guidance
- Record diluted EPS and adjusted diluted EPS for Q4 2023 increased by 182% and 55% respectively compared to the prior year.
- Net sales for the quarter were $494.3 million, down 1% due to an extra week impact in the prior year, but up 3% excluding this impact.
- Generated $60 million of cash from operating activities, repaid $30 million of debt, and repurchased $15 million of its shares during the quarter.
- Achieved diluted EPS of $4.10, adjusted diluted EPS of $4.54, and record net sales of $1.93 billion for full year 2023, showing growth in net sales and EPS.
- Gross margin increased by 780 basis points year-over-year, contributing to the improved financial results.
- 2024 guidance includes expectations of 3% to 5% net sales growth, diluted EPS in the range of $4.71 to $5.01, and adjusted diluted EPS in the range of $5.40 to $5.70.
- The Company focused on reducing debt, repaying $159 million in the year, and acquiring $15 million of its stock under the share repurchase program.
- Conference call for investors scheduled on February 27, 2024, to discuss the financial results and future outlook.
- None.
Insights
The reported net sales of $494.3 million, representing a minor decline of 1% from the previous year, suggest a relatively stable revenue stream for Dorman Products, Inc. However, the adjusted growth rate of 3% when accounting for the extra week in the prior year is a more accurate indicator of the company's underlying sales performance. The significant increase in diluted EPS by 182% and adjusted diluted EPS by 55% is a robust indicator of profitability and operational efficiency, likely reflecting the company's effective cost management and margin improvement strategies.
From a financial perspective, the gross margin increase of 780 basis points is particularly noteworthy, as it implies a substantial improvement in the company's cost of goods sold or pricing power. Additionally, the aggressive debt repayment of $30 million and the share repurchase program signal a strong balance sheet and a management team that is confident in the company's intrinsic value. These actions could be interpreted as positive signals by investors, potentially influencing the stock's performance.
Considering the full year figures, the 11% increase in net sales and the 6% increase in diluted EPS year-over-year are indicative of sustained growth. However, the 5% decrease in adjusted diluted EPS compared to the prior year warrants analysis to understand the adjustments made and their implications on the company's core earnings quality.
The automotive aftermarket industry, in which Dorman operates, is sensitive to macroeconomic factors such as consumer spending, vehicle age and miles driven. The company's ability to achieve record net sales in a challenging economic environment may reflect a competitive advantage in its product offerings or market share gains. The segment results, with Light Duty showing stability, Heavy Duty experiencing a 12% decline and Specialty Vehicle increasing by 3%, provide insights into varying market conditions and customer preferences within the industry.
Dorman's guidance for 2024, projecting net sales growth of 3% to 5% and adjusted diluted EPS in the range of $5.40 to $5.70, suggests a positive outlook for the company's performance. This forward-looking statement, however, should be considered in the context of the current economic climate, with potential risks such as supply chain disruptions, inflation and interest rate changes. The company's ability to navigate these challenges will be crucial in meeting these projections.
The financial results of Dorman Products, Inc. offer a microcosmic view of the broader economic trends affecting the motor vehicle aftermarket industry. The company's substantial gross margin improvement suggests that it has effectively navigated inflationary pressures, possibly through strategic pricing or cost reductions. The repayment of debt and stock repurchases reflect a strategic allocation of capital that could be favorable in an environment of rising interest rates, as reducing leverage can minimize interest expense and enhance shareholder value.
The provided 2024 guidance, assuming a tax rate of 24%, indicates that the company has factored in the current tax environment into its future financial planning. The inclusion of recent cost reduction actions in the guidance implies a proactive approach to maintaining profitability in the face of potential economic headwinds. Investors should consider these factors when assessing the company's resilience and potential for sustained growth amid economic uncertainties.
Highlights (All comparisons are to the prior year period unless otherwise noted):
- Net sales of
$494.3 million for the quarter, down1% reflecting the impact of an extra week in the prior year period, up3% excluding this impact - Record diluted earnings per share (“EPS”) of
$1.60 for the quarter, up182% compared to$0.57 - Record adjusted diluted EPS* of
$1.57 for the quarter, up55% compared to$1.01 - Generated
$60 million of cash from operating activities; repaid$30 million of debt and repurchased$15 million of its shares during the quarter - For full year 2023, achieved diluted EPS of
$4.10 , adjusted diluted EPS* of$4.54 and record net sales of$1.93 b illion
COLMAR, Pa., Feb. 26, 2024 (GLOBE NEWSWIRE) -- Dorman Products, Inc. (the “Company” or “Dorman”) (NASDAQ: DORM), a leading supplier in the motor vehicle aftermarket industry, today announced its financial results for the fourth quarter and full year ended December 31, 2023.
Kevin Olsen, Dorman’s President and Chief Executive Officer, stated, “We delivered record profits and robust cash flow in the fourth quarter. These results were driven by the continued improvement of our gross margin, which increased 780 basis points year-over-year. As a result, we achieved fourth quarter adjusted diluted EPS* of
“In addition, we had another quarter of healthy cash flow, with cash from operations of
“These results were only made possible by the effort of our incredible group of Contributors who continue to work tirelessly to drive innovation for both our customers and installers.”
Fourth Quarter Financial Results
The Company reported fourth quarter 2023 net sales of
Gross profit was
Selling, general and administrative (“SG&A”) expenses were
Diluted EPS was
Segment results were as follows:
| Net Sales | Segment Profit Margin | |||||||||||||||
| ($ in millions) | Q4 2023 | Q4 2022 | Change | Q4 2023 | Q4 2022 | Change | ||||||||||
| Light Duty | $ | 385.9 | $ | 386.2 | -0 | % | 16.6 | % | 9.4 | % | 720 bps | |||||
| Heavy Duty | $ | 57.4 | $ | 65.4 | -12 | % | 6.8 | % | 9.6 | % | -280 bps | |||||
| Specialty Vehicle | $ | 51.0 | $ | 49.6 | 3 | % | 15.7 | % | 17.2 | % | -150 bps | |||||
Full Year Financial Results
The Company reported full year 2023 net sales of
Gross profit was
SG&A expenses were
Diluted EPS was
Segment results were as follows:
| Net Sales | Segment Profit Margin | |||||||||||||||
| ($ in millions) | FY 2023 | FY 2022 | Change | FY 2023 | FY 2022 | Change | ||||||||||
| Light Duty | $ | 1,462.5 | $ | 1,425.9 | 3 | % | 12.8 | % | 11.9 | % | 90 bps | |||||
| Heavy Duty | $ | 256.9 | $ | 258.2 | -1 | % | 5.6 | % | 11.5 | % | -590 bps | |||||
| Specialty Vehicle1 | $ | 210.4 | $ | 49.6 | 324 | % | 15.0 | % | 17.2 | % | -220 bps | |||||
| 1 FY 2022 results reflect partial period from date of acquisition on October 4, 2022. | ||||||||||||||||
2024 Guidance
The Company expects 2024 full year net sales growth in the range of
Conference Call and Webcast
The Company will hold a conference call for investors on Tuesday, February 27, 2024 beginning at 8:00 a.m. Eastern time. The conference call may be accessed by dialing (888) 440-4182 within the U.S. or +1 (646) 960-0653 outside the U.S. When prompted, enter the conference ID number 1698878. A live audio webcast along with the accompanying presentation materials can be accessed on the Company’s website at investors.dormanproducts.com under the subheading “News and Events.” A replay of the webcast will be available on the Investor section of the Company’s website after the call.
About Dorman Products
Dorman gives professionals, enthusiasts and owners greater freedom to fix motor vehicles. For over 100 years, we have been driving new solutions, releasing tens of thousands of aftermarket replacement products engineered to save time and money and increase convenience and reliability.
Founded and headquartered in the United States, we are a pioneering global organization offering an always-evolving catalog of products, covering cars, trucks and specialty vehicles, from chassis to body, from underhood to undercarriage, and from hardware to complex electronics.
*Non-GAAP Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains Non-GAAP financial measures. The reasons why we believe these measures provide useful information to investors and a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these Non-GAAP measures are included in the supplemental schedules attached.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date such statements were made. Such forward-looking statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors (many of which are outside of our control). Such risks, uncertainties and other factors relate to, among other things: competition in and the evolution of the motor vehicle aftermarket industry; changes in our relationships with, or the loss of, any customers or suppliers; our ability to develop, market and sell new and existing products; our ability to anticipate and meet customer demand; our ability to purchase necessary materials from our suppliers and the impacts of any related logistics constraints; widespread public health pandemics; political and regulatory matters, such as changes in trade policy, the imposition of tariffs and climate regulation; our ability to protect our information security systems and defend against cyberattacks; our ability to protect our intellectual property and defend against any claims of infringement; and financial and economic factors, such as our level of indebtedness, fluctuations in interest rates and inflation. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company is under no obligation to, and expressly disclaims any such obligation to, update any of the information in this document, including but not limited to any situation where any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise.
Investor Relations Contact
David Hession, SVP and Chief Financial Officer
dhession@dormanproducts.com
(215) 997-1800
Visit our website at dormanproducts.com. The Investor Relations section of the website contains a significant amount of information about Dorman, including financial and other information for investors. Dorman encourages investors to visit its website periodically to view new and updated information.
| DORMAN PRODUCTS, INC. AND SUBSIDIARIES | |||||||||||||
| Consolidated Statements of Operations | |||||||||||||
| (in thousands, except per-share amounts) | |||||||||||||
| Three Months Ended | Three Months Ended | ||||||||||||
| (unaudited) | 12/31/23 | Pct.* | 12/31/22 | Pct. * | |||||||||
| Net sales | $ | 494,296 | 100.0 | $ | 501,281 | 100.0 | |||||||
| Cost of goods sold | 300,074 | 60.7 | 343,507 | 68.5 | |||||||||
| Gross profit | 194,222 | 39.3 | 157,774 | 31.5 | |||||||||
| Selling, general and administrative expenses | 116,982 | 23.7 | 125,002 | 24.9 | |||||||||
| Income from operations | 77,240 | 15.6 | 32,772 | 6.5 | |||||||||
| Interest expense, net | 11,328 | 2.3 | 10,442 | 2.1 | |||||||||
| Other income, net | (446 | ) | (0.1 | ) | (605 | ) | (0.1 | ) | |||||
| Income before income taxes | 66,358 | 13.4 | 22,935 | 4.6 | |||||||||
| Provision for income taxes | 16,074 | 3.3 | 5,099 | 1.0 | |||||||||
| Net income | $ | 50,284 | 10.2 | $ | 17,836 | 3.6 | |||||||
| Diluted earnings per share | $ | 1.60 | $ | 0.57 | |||||||||
| Weighted average diluted shares outstanding | 31,511 | 31,494 | |||||||||||
| Twelve Months Ended | Twelve Months Ended | ||||||||||||
| (unaudited) | 12/31/23 | Pct.* | 12/31/22 | Pct. * | |||||||||
| Net sales | $ | 1,929,788 | 100.0 | $ | 1,733,749 | 100.0 | |||||||
| Cost of goods sold | 1,244,365 | 64.5 | 1,169,299 | 67.4 | |||||||||
| Gross profit | 685,423 | 35.5 | 564,450 | 32.6 | |||||||||
| Selling, general and administrative expenses | 470,663 | 24.4 | 393,402 | 22.7 | |||||||||
| Income from operations | 214,760 | 11.1 | 171,048 | 9.9 | |||||||||
| Interest expense, net | 48,061 | 2.5 | 15,582 | 0.9 | |||||||||
| Other income, net | (1,804 | ) | (0.1 | ) | (735 | ) | (0.0 | ) | |||||
| Income before income taxes | 168,503 | 8.7 | 156,201 | 9.0 | |||||||||
| Provision for income taxes | 39,244 | 2.0 | 34,652 | 2.0 | |||||||||
| Net income | $ | 129,259 | 6.7 | $ | 121,549 | 7.0 | |||||||
| Diluted earnings per share | $ | 4.10 | $ | 3.85 | |||||||||
| Weighted average diluted shares outstanding | 31,533 | 31,543 | |||||||||||
* Percentage of sales. Data may not add due to rounding.
| DORMAN PRODUCTS, INC. AND SUBSIDIARIES | |||||||
| Consolidated Balance Sheets | |||||||
| (in thousands, except share data) | |||||||
| (unaudited) | 12/31/23 | 12/31/22 | |||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 36,814 | $ | 46,034 | |||
| Accounts receivable, less allowance for doubtful accounts of | 526,867 | 427,385 | |||||
| Inventories | 637,375 | 755,901 | |||||
| Prepaids and other current assets | 32,653 | 39,800 | |||||
| Total current assets | 1,233,709 | 1,269,120 | |||||
| Property, plant and equipment, net | 160,113 | 148,477 | |||||
| Operating lease right-of-use assets | 103,476 | 109,977 | |||||
| Goodwill | 443,889 | 443,035 | |||||
| Intangible assets, net | 301,556 | 322,409 | |||||
| Other assets | 49,664 | 48,768 | |||||
| Total assets | $ | 2,292,407 | $ | 2,341,786 | |||
| Liabilities and shareholders' equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 176,664 | $ | 179,819 | |||
| Accrued compensation | 23,971 | 19,490 | |||||
| Accrued customer rebates and returns | 204,495 | 192,116 | |||||
| Revolving credit facility | 92,760 | 239,363 | |||||
| Current portion of long-term debt | 15,625 | 12,500 | |||||
| Other accrued liabilities | 33,636 | 35,007 | |||||
| Total current liabilities | 547,151 | 678,295 | |||||
| Long-term debt | 467,239 | 482,464 | |||||
| Long-term operating lease liabilities | 91,262 | 98,221 | |||||
| Other long-term liabilities | 9,627 | 28,349 | |||||
| Deferred tax liabilities, net | 8,925 | 11,826 | |||||
| Commitments and contingencies | |||||||
| Shareholders' equity: | |||||||
| Common stock, par value | 313 | 314 | |||||
| Additional paid-in capital | 101,045 | 88,750 | |||||
| Retained earnings | 1,069,435 | 956,870 | |||||
| Accumulated other comprehensive loss | (2,590 | ) | (3,303 | ) | |||
| Total shareholders' equity | 1,168,203 | 1,042,631 | |||||
| Total liabilities and shareholders' equity | $ | 2,292,407 | $ | 2,341,786 | |||
| Selected Cash Flow Information (unaudited): | |||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||
| (in thousands) | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||
| Cash provided by operating activities | $ | 59,648 | $ | 12,344 | $ | 208,758 | $ | 41,688 | |||
| Depreciation, amortization and accretion | $ | 13,943 | $ | 13,546 | $ | 54,729 | $ | 44,677 | |||
| Capital expenditures | $ | 11,032 | $ | 14,103 | $ | 43,968 | $ | 37,883 | |||
DORMAN PRODUCTS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
(in thousands, except per-share amounts)
Our financial results include certain financial measures not derived in accordance with generally accepted accounting principles (GAAP). Non-GAAP financial measures should not be used as a substitute for GAAP measures, or considered in isolation, for the purpose of analyzing our operating performance, financial position or cash flows. Additionally, these non-GAAP measures may not be comparable to similarly titled measures reported by other companies. However, we have presented these non-GAAP financial measures because we believe this presentation, when reconciled to the corresponding GAAP measure, provides useful information to investors by offering additional ways of viewing our results, profitability trends, and underlying growth relative to prior and future periods and to our peers. Management uses these non-GAAP financial measures in making financial, operating, and planning decisions and in evaluating our performance. Non-GAAP financial measures may reflect adjustments for charges such as fair value adjustments, amortization, transaction costs, severance, accelerated depreciation, and other similar expenses related to acquisitions as well as other items that we believe are not related to our ongoing performance.
| Adjusted Net Income: | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| (unaudited) | 12/31/23* | 12/31/22* | 12/31/23* | 12/31/22* | ||||||||||||
| Net income (GAAP) | $ | 50,284 | $ | 17,836 | $ | 129,259 | $ | 121,549 | ||||||||
| Pretax acquisition-related intangible assets amortization [1] | 5,481 | 5,082 | 21,817 | 14,070 | ||||||||||||
| Pretax acquisition-related transaction and other costs [2] | 493 | 13,199 | 15,373 | 22,736 | ||||||||||||
| Capitalized debt issuance fee write-off [3] | — | 151 | — | 151 | ||||||||||||
| Executive transition services expense [4] | — | — | 1,801 | — | ||||||||||||
| Fair value adjustment to contingent consideration [5] | (7,069 | ) | — | (20,469 | ) | — | ||||||||||
| Tax adjustment (related to above items) [6] | 285 | (4,450 | ) | (4,606 | ) | (8,375 | ) | |||||||||
| Adjusted net income (Non-GAAP) | $ | 49,474 | $ | 31,818 | $ | 143,175 | $ | 150,131 | ||||||||
| Diluted earnings per share (GAAP) | $ | 1.60 | $ | 0.57 | $ | 4.10 | $ | 3.85 | ||||||||
| Pretax acquisition-related intangible assets amortization [1] | 0.17 | 0.16 | 0.69 | 0.45 | ||||||||||||
| Pretax acquisition-related transaction and other costs [2] | 0.02 | 0.42 | 0.49 | 0.72 | ||||||||||||
| Capitalized debt issuance fee write-off [3] | — | 0.00 | — | 0.00 | ||||||||||||
| Executive transition services expense [4] | — | — | 0.06 | — | ||||||||||||
| Fair value adjustment to contingent consideration [5] | (0.22 | ) | — | (0.65 | ) | — | ||||||||||
| Tax adjustment (related to above items) [6] | 0.01 | (0.14 | ) | (0.15 | ) | (0.27 | ) | |||||||||
| Adjusted diluted earnings per share (Non-GAAP) | $ | 1.57 | $ | 1.01 | $ | 4.54 | $ | 4.76 | ||||||||
| Weighted average diluted shares outstanding | 31,511 | 31,494 | 31,533 | 31,543 | ||||||||||||
* Amounts may not add due to rounding.
See accompanying notes at the end of this supplemental schedule.
| Adjusted Gross Profit: | |||||||||
| Three Months Ended | Three Months Ended | ||||||||
| (unaudited) | 12/31/23 | Pct.** | 12/31/22 | Pct.** | |||||
| Gross profit (GAAP) | $ | 194,222 | 39.3 | $ | 157,774 | 31.5 | |||
| Pretax acquisition-related transaction and other costs [2] | 7 | 0.0 | 6,719 | 1.3 | |||||
| Adjusted gross profit (Non-GAAP) | $ | 194,229 | 39.3 | $ | 164,493 | 32.8 | |||
| Net sales | $ | 494,296 | $ | 501,281 | |||||
| Twelve Months Ended | Twelve Months Ended | ||||||||
| (unaudited) | 12/31/23 | Pct.** | 12/31/22 | Pct.** | |||||
| Gross profit (GAAP) | $ | 685,423 | 35.5 | $ | 564,450 | 32.6 | |||
| Pretax acquisition-related transaction and other costs [2] | 11,813 | 0.6 | 11,070 | 0.6 | |||||
| Adjusted gross profit (Non-GAAP) | $ | 697,236 | 36.1 | $ | 575,520 | 33.2 | |||
| Net sales | $ | 1,929,788 | $ | 1,733,749 | |||||
| Adjusted SG&A Expenses: | |||||||||||||
| Three Months Ended | Three Months Ended | ||||||||||||
| (unaudited) | 12/31/23 | Pct.** | 12/31/22 | Pct.** | |||||||||
| SG&A expenses (GAAP) | $ | 116,982 | 23.7 | $ | 125,002 | 24.9 | |||||||
| Pretax acquisition-related intangible assets amortization [1] | (5,481 | ) | (1.1 | ) | (5,082 | ) | (1.0 | ) | |||||
| Pretax acquisition-related transaction and other costs [2] | (486 | ) | (0.1 | ) | (6,480 | ) | (1.3 | ) | |||||
| Fair value adjustment to contingent consideration [5] | 7,069 | 1.4 | — | — | |||||||||
| Adjusted SG&A expenses (Non-GAAP) | $ | 118,084 | 23.9 | $ | 113,440 | 22.6 | |||||||
| Net sales | $ | 494,296 | $ | 501,281 | |||||||||
| Twelve Months Ended | Twelve Months Ended | ||||||||||||
| (unaudited) | 12/31/23 | Pct.** | 12/31/22 | Pct.** | |||||||||
| SG&A expenses (GAAP) | $ | 470,663 | 24.4 | $ | 393,402 | 22.7 | |||||||
| Pretax acquisition-related intangible assets amortization [1] | (21,817 | ) | (1.1 | ) | (14,070 | ) | (0.8 | ) | |||||
| Pretax acquisition-related transaction and other costs [2] | (3,560 | ) | (0.2 | ) | (11,666 | ) | (0.7 | ) | |||||
| Executive transition services expense [4] | (1,801 | ) | (0.1 | ) | — | — | |||||||
| Fair value adjustment to contingent consideration [5] | 20,469 | 1.1 | — | — | |||||||||
| Adjusted SG&A expenses (Non-GAAP) | $ | 463,954 | 24.0 | $ | 367,666 | 21.2 | |||||||
| Net sales | $ | 1,929,788 | $ | 1,733,749 | |||||||||
| Adjusted Other Income, Net: | |||||||||
| Three Months Ended | Three Months Ended | ||||||||
| (unaudited) | 12/31/23 | Pct.** | 12/31/22 | Pct.** | |||||
| Other income, net (GAAP) | $ | 446 | 0.1 | $ | 605 | 0.1 | |||
| Capitalized debt issuance fee write-off [3] | — | — | 151 | 0.0 | |||||
| Adjusted other income, net (Non-GAAP) | $ | 446 | 0.1 | $ | 756 | 0.2 | |||
| Net sales | $ | 494,296 | $ | 501,281 | |||||
| Twelve Months Ended | Twelve Months Ended | ||||||||
| (unaudited) | 12/31/23 | Pct.** | 12/31/22 | Pct.** | |||||
| Other income, net (GAAP) | $ | 1,804 | 0.1 | $ | 735 | 0.0 | |||
| Capitalized debt issuance fee write-off [3] | — | — | 151 | 0.0 | |||||
| Adjusted other income, net (Non-GAAP) | $ | 1,804 | 0.1 | $ | 886 | 0.1 | |||
| Net sales | $ | 1,929,788 | $ | 1,733,749 | |||||
* *Percentage of sales. Data may not add due to rounding.
[1] – Pretax acquisition-related intangible asset amortization results from allocating the purchase price of acquisitions to the acquired tangible and intangible assets of the acquired business and recognizing the cost of the intangible asset over the period of benefit. Such costs were
[2] – Pretax acquisition-related transaction and other costs include costs incurred to complete and integrate acquisitions, accretion on contingent consideration obligations, inventory fair value adjustments and facility consolidation and start-up expenses. During the three and twelve months ended December 31, 2023, we incurred charges included in cost of goods sold for integration costs, other facility consolidation expenses and inventory fair value adjustments of
During the three and twelve months ended December 31, 2022, we incurred charges included in cost of goods sold for integration costs, other facility consolidation expenses and inventory fair value adjustments of
[3] – Capitalized debt issuance fee write-off totaled
[4] – Executive transition service expenses represents an accrual for costs required to be paid under an agreement in connection with the planned transition of our Executive Chairman to Non-Executive Chairman, and other professional services rendered in connection with the execution of the agreement. The expense was
[5] – Fair value adjustments to contingent consideration represents the change to our estimates of ultimate earnout payment amounts for a previously completed acquisition based on projections of financial performance compared to the target amounts defined in the purchase agreement and totaled
[6] – Tax adjustments represent the aggregate tax effect of all non-GAAP adjustments reflected in the table above, and totaled
2024 Guidance:
The Company provided the following guidance ranges related to their fiscal 2024 outlook:
| Year Ending 12/31/2024 | |||||||
| (unaudited) | Low End* | High End* | |||||
| Diluted earnings per share (GAAP) | $ | 4.71 | $ | 5.01 | |||
| Pretax acquisition-related intangible assets amortization | 0.70 | 0.70 | |||||
| Pretax acquisition transaction and other costs | 0.05 | 0.05 | |||||
| Pretax reduction in workforce costs | 0.12 | 0.12 | |||||
| Tax adjustment (related to above items) | (0.18 | ) | (0.18 | ) | |||
| Adjusted diluted earnings per share (Non-GAAP) | $ | 5.40 | $ | 5.70 | |||
| Weighted average diluted shares outstanding | 31,500 | 31,500 | |||||
*Data may not add due to rounding.
FAQ
What were Dorman Products, Inc.'s net sales for Q4 2023?
How did diluted EPS perform in Q4 2023 compared to the prior year?
What was the adjusted diluted EPS for Q4 2023?
What was the cash flow from operating activities during Q4 2023?
What were the full year 2023 achievements in terms of diluted EPS and adjusted diluted EPS?
What was the gross margin improvement in Q4 2023?
What is the 2024 guidance for net sales growth and EPS?
What actions did the Company take to manage debt and shareholder value?
When is the conference call for investors scheduled?
