Dorman Products Files Q3 2024 10-Q

TL;DR

Dorman Products filed its Q3 10-Q. Check financials for latest performance.

AI Summary

Dorman Products, Inc. filed its 10-Q for the period ending September 28, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial data and operational details for this period are presented.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Dorman Products, crucial for understanding the company's trajectory in the automotive parts sector.

Risk Assessment

Risk Level: medium — The filing contains standard financial reporting for a public company, but the automotive parts sector can be subject to economic fluctuations and supply chain risks.

Key Players & Entities

• Dorman Products, Inc. (company) — Filer of the 10-Q
• 2024-09-28 (date) — End of the reporting period
• 2024-11-01 (date) — Filing date
• PA (location) — State of incorporation and business address
• 3400 E WALNUT ST (address) — Business and mailing address
• COLMAR (location) — City of business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• dorm-20240928.htm (10-Q) — 853KB
• dorm-20240928x10qexx311.htm (EX-31.1) — 9KB
• dorm-20240928x10qexx312.htm (EX-31.2) — 9KB
• dorm-20240928x10qexx32.htm (EX-32) — 6KB
• dorm-20240928_g1.jpg (GRAPHIC) — 18KB
• 0000868780-24-000039.txt ( ) — 4686KB
• dorm-20240928.xsd (EX-101.SCH) — 31KB
• dorm-20240928_cal.xml (EX-101.CAL) — 47KB
• dorm-20240928_def.xml (EX-101.DEF) — 95KB
• dorm-20240928_lab.xml (EX-101.LAB) — 445KB
• dorm-20240928_pre.xml (EX-101.PRE) — 297KB
• dorm-20240928_htm.xml (XML) — 582KB

— 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 25 ITEM 4.

Controls and Procedures

Controls and Procedures 26

— OTHER INFORMATION

PART II — OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 27 ITEM 1A.

Risk Factors

Risk Factors 27 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 ITEM 3. Defaults Upon Senior Securities 28 ITEM 4. Mine Safety Disclosures 28 ITEM 5. Other Information 28 ITEM 6. Exhibits 28 Exhibit Index 29

Signatures

Signatures 30 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 Nine Months Ended (in thousands, except per share data) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net sales $ 503,773 $ 488,186 $ 1,475,425 $ 1,435,492 Cost of goods sold 299,970 304,968 890,775 944,291 Gross profit 203,803 183,218 584,650 491,201 Selling, general and administrative expenses 124,532 119,010 378,489 353,681 Income from operations 79,271 64,208 206,161 137,520 Interest expense, net 9,762 12,215 30,569 36,733 Other income, net 1,615 605 1,711 1,358 Income before income taxes 71,124 52,598 177,303 102,145 Provision for income taxes 15,871 12,076 41,812 23,170 Net income $ 55,253 $ 40,522 $ 135,491 $ 78,975 Other comprehensive income: Change in foreign currency translation adjustment 651 ( 1,214 ) ( 967 ) ( 529 ) Comprehensive Income $ 55,904 $ 39,308 $ 134,524 $ 78,446 Earnings per share: Basic $ 1.81 $ 1.29 $ 4.39 $ 2.51 Diluted $ 1.80 $ 1.28 $ 4.37 $ 2.50 Weighted average shares outstanding: Basic 30,570 31,483 30,888 31,462 Diluted 30,739 31,555 31,019 31,540 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) September 28, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 45,127 $ 36,814 Accounts receivable, less allowance for doubtful accounts of $ 1,647 and $ 3,518 571,051 526,867 Inventories 665,237 637,375 Prepaids and other current assets 34,661 32,653 Total current assets 1,316,076 1,233,709 Property, plant and equipment, net 165,734 160,113 Operating lease right-of-use assets 107,176 103,476 Goodwill 443,340 443,889 Intangible assets, net 284,138 301,556 Other assets 47,633 49,664 Total assets $ 2,364,097 $ 2,292,407 Liabilities and s

View Full Filing

View this 10-Q filing on SEC EDGAR