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Dorman Products, Inc. reports news on its motor vehicle aftermarket business, including replacement products for cars, trucks and specialty vehicles. The company sells automotive and heavy-duty replacement parts, hardware, brake parts, fasteners and complex electronic solutions under the Dorman brand and sub-brands such as OE Solutions, Help!, Conduct-Tite and Super ATV.
Recurring updates cover quarterly and annual results, guidance, cash generation, share repurchases and performance across the Light Duty, Heavy Duty and Specialty Vehicle segments. Dorman news also includes new aftermarket repair products, supply chain and operational initiatives, leadership changes and board governance developments.
Dorman Products (NASDAQ:DORM) has announced the launch of 308 new auto parts, which include 93 new-to-the-aftermarket solutions. Key releases feature an OE FIX™ multiple displacement solenoid for over 4 million Chrysler vehicles, an upgraded electric engine water pump for 700,000 BMW vehicles, and a 4WD auto locking hub assembly for 1.2 million Ford and Lincoln SUVs. Dorman aims to provide affordable alternatives for common vehicle issues, including a heater core bypass kit to mitigate costly repairs.
Dorman Products, Inc. (NASDAQ:DORM) has announced the launch of 445 new auto parts, including 198 new-to-the-aftermarket parts, aimed at enhancing repair options for vehicle owners. Key products include a flexible stainless-steel braided fuel line compatible with over 2 million Chevrolet and GMC vehicles and a steering wobble repair kit for select Jeep Wrangler models, improving steering performance for over 600,000 vehicles. Dorman emphasizes its commitment to providing innovative solutions in the automotive aftermarket, enhancing convenience and reliability for consumers.
Dorman Products, Inc. (NASDAQ:DORM) appointed J. Darrell Thomas as an independent director effective October 30, 2021. This expands the Board to nine directors, with seven being independent. Thomas, who is Vice President and Treasurer at Harley-Davidson, brings extensive corporate finance and risk management experience to the Board. His prior roles include Interim CFO at Harley-Davidson and positions at PepsiCo and in banking. CEO Kevin Olsen highlighted the value Thomas will add to Dorman through his expertise in capital markets and investor relations.
Dorman Products has launched the third edition of its OE FIX Guide, showcasing innovative products that repair shops cannot source from original equipment manufacturers, ultimately aiding in time and cost savings for installers. Key highlights include an upgraded oil filter housing for Chrysler engines and a revised 4WD actuator for GM SUVs. This 24-page magazine emphasizes Dorman's commitment to enhancing the aftermarket repair experience, providing exclusive solutions that improve efficiency and longevity for vehicles.
Dorman Products reported record net sales of $348.4 million for Q3 2021, up 16% from $300.6 million in Q3 2020. Diluted earnings per share (EPS) were $1.04, slightly down from $1.06 year-over-year. The acquisition of Dayton Parts accelerated Dorman's growth strategy in the heavy-duty market. Adjusted diluted EPS rose to $1.18, compared to $1.14 last year. Despite inflationary impacts and a decrease in gross margins to 33.5%, Dorman expects full-year net sales growth to be between 19% and 22%. The company also repurchased 232,618 shares for $23.2 million.
Dorman Products, Inc. (DORM) will announce its third-quarter financial results for the period ending September 25, 2021, on October 25, 2021, before the stock market opens. Dorman has been a leader in the automotive aftermarket for over 100 years, providing innovative solutions with a product range of more than 80,000 parts for various vehicles. The company focuses on enhancing convenience and reliability in automotive repair. Investors are encouraged to check the Investor Relations section of Dorman's website for further updates and data.
Dorman Products (NASDAQ:DORM) announced the release of over 200 new auto parts, including 48 new-to-the-aftermarket solutions. Key highlights include the OE FIX™ loaded magnetic strut designed for nearly 2 million General Motors vehicles, which eliminates the need for a spring compressor, simplifying repairs. Additionally, an upgraded engine coolant water outlet made of aluminum replaces plastic in over 270,000 Chrysler, Dodge, and Mitsubishi vehicles, enhancing durability. Other new offerings include window regulators and an aftermarket-exclusive air intake hose.
Dorman Products has announced the release of 223 new replacement auto parts, including 54 aftermarket-first solutions, enhancing their extensive product catalog. Highlights include aftermarket-exclusive lower steering shafts for select Ram pickups and over 2 million Ford and Lincoln trucks, new turbo accessories for popular Chevrolet and Buick models, and several must-have parts for high-mileage vehicles. This release reinforces Dorman's commitment to providing repair professionals and vehicle owners with innovative and reliable solutions.
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Dorman Products (NASDAQ:DORM) has completed the acquisition of Dayton Parts for approximately $338 million, financed partly through cash and a new $600 million revolving credit facility. The acquisition aims to enhance Dorman's strategic priorities and financial flexibility to support growth. Consequently, Dorman revised its 2021 guidance, projecting net sales between $1,263 and $1,300 million, up from the previous estimate of $1,191 to $1,224 million, and indicating a growth of 16% to 19% compared to 2020. Adjusted diluted EPS is now expected to be between $4.56 and $4.80.