- Dorman Products Inc DORM reported second-quarter FY21 sales growth of 33% year-on-year, to $310.6 million, beating the analyst consensus of $287.87 million.
- The company attributed the revenue growth to the absence of government-imposed shut-downs that negatively impacted the previous year's results.
- Gross profit rose 39.2% Y/Y to $110.1 million or 35.5% of net sales.
- Selling, general and administrative expenses of $69.5 million, was 22.4% of net sales, a decrease of 400 basis points Y/Y.
- The operating margin was 13.1% and operating income for the quarter rose 130.4% to $40.6 million.
- The company held $155.5 million in cash and equivalents as of June 26, 2021.
- Cash provided by operating activities totaled $18.1 million.
- Adjusted EPS of $1.10 beat the analyst consensus of $1.03.
- "Despite continued industry-wide logistical pressures on the global supply chain network that resulted in significantly higher freight and material inflation costs and impacted fulfillment levels, Dorman's diversified supply chain and broad supplier network performed well under the circumstances," said CEO Kevin Olsen.
- Outlook: The company has confirmed its previous guidance for FY21. It expected fiscal 2021 net sales of $1.191 billion to $1.224 billion, versus the consensus of $1.20 billion.
- It had expected an adjusted EPS of $4.40 to $4.60, versus the consensus of $4.49.
- It said transitory costs and inflationary pressures continue to drive heightened volatility in its operating environment.
- Price action: DORM shares closed higher by 1.32% at $104.92 on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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