- Dorman Products Inc (NASDAQ: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.
