Dorman Products Q1 Earnings Top Estimates

Dorman Products Inc DORM reported first-quarter FY22 revenue growth of 39% year-on-year to $401.58 million, beating the consensus of $371.84 million.
Gross profit rose 27.5% Y/Y to $133.2 million, and the margin contracted 310 basis points Y/Y to 33.2%.
The operating margin contracted 290 basis points to 11.6%, and operating income for the quarter rose 12% to $46.7 million.
Adjusted EPS of $1.29 beat the analyst consensus of $1.21.
The company expects continued inflationary cost pressures due to global transportation, logistics constraints, labor availability, and higher commodity, interest rate, and wage rate costs in the second half of 2022.
Dorman Products held $53.4 million in cash and equivalents as of March 26, 2022. Cash provided by operating activities totaled $23.2 million for the three months ended March 26, 2022.
Outlook: Dorman Products reaffirmed its FY22 guidance with net sales growth of 19% - 22% to $1.6 billion - $1.64 billion (consensus $1.62 billion).
The company expects FY22 adjusted EPS of $5.35 - $5.55, against the consensus of $5.49.
Price Action: DORM shares closed lower by 1.50% at $93.93 on Friday.

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