(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Not Applicable | ||||||||
(Former name or former address, if changed since last report) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
DORMAN PRODUCTS, INC. | ||||||||||||||
Date: | May 7, 2024 | By: | /s/ David M. Hession | |||||||||||
Name: | David M. Hession | |||||||||||||
Title: | Senior Vice President, Chief Financial Officer and Treasurer |
Net Sales | Segment Profit Margin | ||||||||||||||||||||||||||||||||||
($ in millions) | Q1 2024 | Q1 2023 | Change | Q1 2024 | Q1 2023 | Change | |||||||||||||||||||||||||||||
Light Duty | $ | 359.3 | $ | 348.1 | 3 | % | 16.1 | % | 6.2 | % | 990 bps | ||||||||||||||||||||||||
Heavy Duty | $ | 57.8 | $ | 67.6 | -15 | % | 0.0 | % | 7.9 | % | -790 bps | ||||||||||||||||||||||||
Specialty Vehicle | $ | 51.6 | $ | 51.0 | 1 | % | 13.9 | % | 13.9 | % | 0 bps |
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
(unaudited) | 3/30/24 | Pct.* | 4/1/23 | Pct. * | |||||||||||||||||||
Net sales | $ | 468,701 | 100.0 | $ | 466,738 | 100.0 | |||||||||||||||||
Cost of goods sold | 287,255 | 61.3 | 322,261 | 69.0 | |||||||||||||||||||
Gross profit | 181,446 | 38.7 | 144,477 | 31.0 | |||||||||||||||||||
Selling, general and administrative expenses | 127,008 | 27.1 | 126,363 | 27.1 | |||||||||||||||||||
Income from operations | 54,438 | 11.6 | 18,114 | 3.9 | |||||||||||||||||||
Interest expense, net | 10,605 | 2.3 | 11,953 | 2.6 | |||||||||||||||||||
Other expense (income), net | 40 | 0.0 | (357) | (0.1) | |||||||||||||||||||
Income before income taxes | 43,793 | 9.3 | 6,518 | 1.4 | |||||||||||||||||||
Provision for income taxes | 10,965 | 2.3 | 835 | 0.2 | |||||||||||||||||||
Net income | $ | 32,828 | 7.0 | $ | 5,683 | 1.2 | |||||||||||||||||
Diluted earnings per share | $ | 1.05 | $ | 0.18 | |||||||||||||||||||
Weighted average diluted shares outstanding | 31,250 | 31,537 | |||||||||||||||||||||
(unaudited) | 3/30/24 | 12/31/23 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 34,433 | $ | 36,814 | |||||||
Accounts receivable, less allowance for doubtful accounts of $3,513 and $3,518 | 486,352 | 526,867 | |||||||||
Inventories | 619,972 | 637,375 | |||||||||
Prepaids and other current assets | 22,062 | 32,653 | |||||||||
Total current assets | 1,162,819 | 1,233,709 | |||||||||
Property, plant and equipment, net | 162,439 | 160,113 | |||||||||
Operating lease right-of-use assets | 105,714 | 103,476 | |||||||||
Goodwill | 443,296 | 443,889 | |||||||||
Intangible assets, net | 295,880 | 301,556 | |||||||||
Other assets | 49,989 | 49,664 | |||||||||
Total assets | $ | 2,220,137 | $ | 2,292,407 | |||||||
Liabilities and shareholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 131,478 | $ | 176,664 | |||||||
Accrued compensation | 18,206 | 23,971 | |||||||||
Accrued customer rebates and returns | 186,332 | 204,495 | |||||||||
Revolving credit facility | 81,160 | 92,760 | |||||||||
Current portion of long-term debt | 12,500 | 15,625 | |||||||||
Other accrued liabilities | 35,944 | 33,636 | |||||||||
Total current liabilities | 465,620 | 547,151 | |||||||||
Long-term debt | 467,338 | 467,239 | |||||||||
Long-term operating lease liabilities | 93,105 | 91,262 | |||||||||
Other long-term liabilities | 10,233 | 9,627 | |||||||||
Deferred tax liabilities, net | 9,346 | 8,925 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock, $0.01 par value; 50,000,000 shares authorized; 31,011,870 and 31,299,770 shares issued and outstanding in 2024 and 2023, respectively | 310 | 313 | |||||||||
Additional paid-in capital | 102,211 | 101,045 | |||||||||
Retained earnings | 1,075,663 | 1,069,435 | |||||||||
Accumulated other comprehensive loss | (3,689) | (2,590) | |||||||||
Total shareholders’ equity | 1,174,495 | 1,168,203 | |||||||||
Total liabilities and shareholders' equity | $ | 2,220,137 | $ | 2,292,407 |
Three Months Ended | |||||||||||
(in thousands) | 3/30/24 | 4/1/23 | |||||||||
Cash provided by operating activities | $ | 51,980 | $ | 26,210 | |||||||
Depreciation, amortization and accretion | $ | 13,851 | $ | 13,540 | |||||||
Capital expenditures | $ | 10,755 | $ | 10,537 |
Three Months Ended | |||||||||||
(unaudited) | 3/30/24* | 4/1/23* | |||||||||
Net income (GAAP) | $ | 32,828 | $ | 5,683 | |||||||
Pretax acquisition-related intangible assets amortization [1] | 5,484 | 5,433 | |||||||||
Pretax acquisition-related transaction and other costs [2] | 483 | 8,549 | |||||||||
Pretax executive transition services expense [3] | — | 1,779 | |||||||||
Pretax reduction in workforce costs [4] | 4,568 | — | |||||||||
Tax adjustment (related to above items) [5] | (2,517) | (3,878) | |||||||||
Adjusted net income (Non-GAAP) | $ | 40,846 | $ | 17,566 | |||||||
Diluted earnings per share (GAAP) | $ | 1.05 | $ | 0.18 | |||||||
Pretax acquisition-related intangible assets amortization [1] | 0.18 | 0.17 | |||||||||
Pretax acquisition-related transaction and other costs [2] | 0.02 | 0.27 | |||||||||
Pretax executive transition services expense [3] | — | 0.06 | |||||||||
Pretax reduction in workforce costs [4] | 0.15 | — | |||||||||
Tax adjustment (related to above items) [5] | (0.08) | (0.12) | |||||||||
Adjusted diluted earnings per share (Non-GAAP) | $ | 1.31 | $ | 0.56 | |||||||
Weighted average diluted shares outstanding | 31,250 | 31,537 |
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
(unaudited) | 3/30/24 | Pct.** | 4/1/23 | Pct.** | |||||||||||||||||||
Gross profit (GAAP) | $ | 181,446 | 38.7 | $ | 144,477 | 31.0 | |||||||||||||||||
Pretax acquisition-related transaction and other costs [2] | 8 | 0.0 | 6,829 | 1.5 | |||||||||||||||||||
Adjusted gross profit (Non-GAAP) | $ | 181,454 | 38.7 | $ | 151,306 | 32.4 | |||||||||||||||||
Net sales | $ | 468,701 | $ | 466,738 | |||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||
(unaudited) | 3/30/24 | Pct.** | 4/1/23 | Pct.** | |||||||||||||||||||
SG&A expenses (GAAP) | $ | 127,008 | 27.1 | $ | 126,363 | 27.1 | |||||||||||||||||
Pretax acquisition-related intangible assets amortization [1] | (5,484) | (1.2) | (5,433) | (1.2) | |||||||||||||||||||
Pretax acquisition-related transaction and other costs [2] | (475) | (0.1) | (1,719) | (0.4) | |||||||||||||||||||
Pretax executive transition services expense [3] | — | — | (1,779) | (0.4) | |||||||||||||||||||
Pretax reduction in workforce costs [4] | (4,568) | (1.0) | — | — | |||||||||||||||||||
Adjusted SG&A expenses (Non-GAAP) | $ | 116,481 | 24.9 | $ | 117,432 | 25.2 | |||||||||||||||||
Net sales | $ | 468,701 | $ | 466,738 | |||||||||||||||||||
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 |
Cover |
May 07, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 07, 2024 |
Entity Registrant Name | DORMAN PRODUCTS, INC. |
Entity Incorporation, State or Country Code | PA |
Entity File Number | 000-18914 |
Entity Tax Identification Number | 23-2078856 |
Entity Address, Address Line One | 3400 East Walnut Street |
Entity Address, City or Town | Colmar |
Entity Address, State or Province | PA |
Entity Address, Postal Zip Code | 18915 |
City Area Code | 215 |
Local Phone Number | 997-1800 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 Par Value |
Trading Symbol | DORM |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000868780 |
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end
!E@1]K?
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M&"($X:,NL:6WALP<\ADR"V?..?('*ER H9!106'CYL0>@9= 4-T6 .8*(_9R\QC
M\,T7.&RI-C_CKSQH+C7SQV6Q.T:D#I,]B*KO1%I;=CL8R!CG*58KO')6 ]IH
M]@)QGM1J9M[1K+/^>3K&B^;^S7HQ=5N @CK'H-EESR2()\%@2[#G@?*W54^&)%Y$.?C&
M8G)*:Q+U83 NX%\.*@[]%:HK;B@R0>#]VJ.(-7)&!*&.ZJ!V@EE#QO*FTDD4
M N)_>!A\2 *F!4L_;43[5*!*13?5P >.8NZ4<=J1>X^O$[Y):")6?+J&=7"92WAHXZE3D-^J821?F=EOOVO7>I\Z6
M=S,>:\)N\1US457GKY"R.(^0KD9YL:X\(
MQ>-'GKJJO>M]\=+LOOB(S;VH(='ZC."O&AZ :AB]P%/N<1^OY?*4[20FY
MH(/IWK67F2I.;0DR1I9N6(O"_.W[R=( MZV?K$-XZ K5#7@+FC#J%0!UAM[.
M-%W#!\V[M3-^
\8'7QDK7#M>N.3LXNKMX^OK?]4/X!H6'A$9%WHZ+C'SYZ
MG/#DMZ>)&9E9V<]R
-,@&"!9:BBGTU2H;1>6YA1_(0U$1@0:88SA"&!F.G'4(9=!,F
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M$5\R.JI''A:ZB8A6MGMR?6KF9$@=M9&8T&0"]