Dorman Products, Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Dorman Products, Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

Dorman Products, Inc. (DORM) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Dorman Products, Inc. filed its quarterly report (10-Q) on May 7, 2024, for the period ending March 30, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is in Motor Vehicle Parts & Accessories. Dorman Products, Inc. is incorporated in Pennsylvania. The company's address is 3400 E Walnut St, Colmar, PA 18915.

Why It Matters

For investors and stakeholders tracking Dorman Products, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational details for Dorman Products, Inc. for the first quarter of 2024. Understanding the company's financial health and strategic positioning is crucial for investors evaluating DORM's stock performance.

Risk Assessment

Risk Level: low — Dorman Products, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or disclosures beyond routine financial reporting.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to assess Dorman Products, Inc.'s performance and outlook.

Key Numbers

• 2024-03-30 — Period End Date (Conformed Period of Report)
• 2024-05-07 — Filing Date (Filed as of Date)
• 3714 — SIC Code (Standard Industrial Classification)
• PA — State of Incorporation (State of Incorporation)

Key Players & Entities

• Dorman Products, Inc. (company) — Filer name
• 2024-03-30 (date) — Period of report
• 2024-05-07 (date) — Filed as of date
• PA (location) — State of incorporation
• 3400 E Walnut St (address) — Business address street 1
• Colmar (location) — Business address city
• 18915 (postal_code) — Business address zip
• 2159971800 (phone_number) — Business phone

FAQ

Industry Context

Dorman Products operates within the Motor Vehicle Parts & Accessories industry, supplying a wide range of aftermarket parts.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key metrics.
2. Review management's discussion and analysis for insights into business performance and strategy.
3. Compare current quarter results to prior periods to identify trends.

Key Dates

• 2024-03-30: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 2023 annual report (10-K).

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share DORM The Nasdaq Stock Market

Filing Documents

• dorm-20240330.htm (10-Q) — 657KB
• dorm-20240330x10qexx311.htm (EX-31.1) — 9KB
• dorm-20240330x10qexx312.htm (EX-31.2) — 9KB
• dorm-20240330x10qexx32.htm (EX-32) — 6KB
• dorm-20240330_g1.jpg (GRAPHIC) — 18KB
• 0000868780-24-000020.txt (&nbsp;) — 4105KB
• dorm-20240330.xsd (EX-101.SCH) — 33KB
• dorm-20240330_cal.xml (EX-101.CAL) — 45KB
• dorm-20240330_def.xml (EX-101.DEF) — 91KB
• dorm-20240330_lab.xml (EX-101.LAB) — 420KB
• dorm-20240330_pre.xml (EX-101.PRE) — 285KB
• dorm-20240330_htm.xml (XML) — 442KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION ITEM 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Statements of Operations and Comprehensive Income 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Shareholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 ITEM 4.

Controls and Procedures

Controls and Procedures 24

— OTHER INFORMATION

PART II — OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 25 ITEM 1A.

Risk Factors

Risk Factors 25 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 ITEM 3. Defaults Upon Senior Securities 26 ITEM 4. Mine Safety Disclosures 26 ITEM 5. Other Information 26 ITEM 6. Exhibits 26 Exhibit Index 26

Signatures

Signatures 27 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements DORMAN PRODUCTS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended (in thousands, except per share data) March 30, 2024 April 1, 2023 Net sales $ 468,701 $ 466,738 Cost of goods sold 287,255 322,261 Gross profit 181,446 144,477 Selling, general and administrative expenses 127,008 126,363 Income from operations 54,438 18,114 Interest expense, net 10,605 11,953 Other expense (income), net 40 ( 357 ) Income before income taxes 43,793 6,518 Provision for income taxes 10,965 835 Net income $ 32,828 $ 5,683 Other comprehensive income: Change in foreign currency translation adjustment $ ( 1,099 ) $ 119 Comprehensive Income $ 31,729 $ 5,802 Earnings per share: Basic $ 1.05 $ 0.18 Diluted $ 1.05 $ 0.18 Weighted average shares outstanding: Basic 31,140 31,436 Diluted 31,250 31,537 See accompanying Notes to Condensed Consolidated Financial Statements 3 Table of Contents DORMAN PRODUCTS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED ) (in thousands, except for share data) March 30, 2024 December 31, 2023 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 curre

Management's Discussion and Analysis of Financial Condition and Results of

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the condensed consolidated financial statements and related notes thereto included in PART I, ITEM 1 of this Quarterly Report on Form 10-Q. As used herein, unless the context requires otherwise, "Dorman," the "Company," "we," "us," or "our" refers to Dorman Products, Inc. and its subsidiaries. Cautionary Statement Regarding Forward-Looking Statements Certain statements in this document constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to net sales, diluted earnings per share, gross profit, gross margin, selling, general and administrative expenses, income tax expense, income before income taxes, net income, cash and cash equivalents, indebtedness, liquidity, the Company's share repurchase program, the Company's outlook, the Company's growth opportunities and future business prospects, operational cost

View Full Filing

View this 10-Q filing on SEC EDGAR