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, Inc. (NASDAQ:DORM) has launched a new line of loaded brake backing plates designed for over 3 million Ford Super Duty pickups and Excursion SUVs. These pre-assembled solutions aim to simplify repairs, reduce labor time, and minimize customer callbacks. Original equipment backing plates are prone to rust, making this innovation a welcomed solution for technicians. Backed by a limited lifetime warranty, these products promise to enhance repair processes and increase shop profits while providing vehicle owners with a reliable DIY option.
Dorman Products (NASDAQ:DORM) has launched over 530 new replacement auto parts, enhancing vehicle repair options for customers. Key innovations include:
- A new 4WD front differential actuator for over 700,000 GM vehicles, designed to prevent vacuum leaks.
- An upgraded intake manifold for more than 250,000 Hyundai and Kia vehicles, built to resist fatigue-related failures.
- The first of several turbocharger clamps designed with a patented profile for improved performance.
This expansion signifies Dorman's commitment to quality and innovation in the automotive aftermarket.
Dorman Products announced the launch of over 300 new auto parts, enhancing its aftermarket offerings. Key innovations include new OE FIX™ thermostat housings for 1.75 million Ford vehicles, transitioning from plastic to aluminum to mitigate failures. Additionally, Dorman introduces steering shaft and wiper assembly upgrades for Dodge Ram trucks, alongside a variety of chrome wheel lug nuts and lock sets, catering to DIY enthusiasts. This expansion emphasizes Dorman's commitment to providing reliable solutions for vehicle repairs and upgrades.
Dorman Products, Inc. re-issued its Q3 2020 earnings press release due to typographical corrections. The company reported record net sales of $300.6 million, representing an 18.4% increase from Q3 2019. Diluted EPS rose to $1.06 from $0.65. Adjusted diluted EPS surged to $1.14 from $0.67. The company also expanded its share repurchase program to $500 million through December 31, 2022, indicating strong financial health amidst the COVID-19 pandemic. Dorman's liquidity remains robust, with $170 million in cash and cash equivalents at the quarter's end.
Dorman Products (NASDAQ:DORM) reported record quarterly net sales of $300.6 million for Q3 2020, up 18.4% from $253.8 million in Q3 2019. Diluted EPS rose to $1.06 from $0.65, with adjusted EPS at $1.14. Gross profit was $107.8 million with a gross margin of 35.9%, boosted by improved productivity and lower inventory costs. The company's share repurchase program was extended to $500 million through December 2022. Dorman's liquidity remains strong with $170 million in cash, as they navigate the impacts of COVID-19.
Dorman Products, Inc. (NASDAQ:DORM) will report its financial results for Q3 ended September 26, 2020, on October 28, 2020. The company has over 100 years of experience in the automotive aftermarket, providing repair professionals and vehicle owners with solutions. Dorman's extensive catalog includes more than 80,000 parts for various vehicles, aiming to enhance convenience and reliability in repairs.
Dorman Products has announced the release of over 230 new replacement auto parts aimed at improving vehicle repairs for professionals and owners alike. Key highlights include new OE FIX pre-pressed axles for nearly 700,000 Toyota and Lexus SUVs, which simplify wheel bearing repairs, and DEF heaters designed to prevent failures in diesel trucks. Additionally, more than 60 aftermarket-exclusive parts have been introduced, including essential components for millions of vehicles. This initiative supports Dorman's commitment to providing reliable and innovative solutions within the auto aftermarket industry.
Dorman Products, Inc. (NASDAQ:DORM) announced the appointment of Lisa Bachmann as an independent director to its Board of Directors, effective September 25, 2020. This addition expands the Board to eight members, six of whom are independent. Bachmann brings extensive experience from her previous roles, including Executive Vice President at Big Lots, and currently serves on the board of GMS Inc. Dorman's CEO expressed optimism about her contributions to the Board, particularly in operations and supply chain management, which may strengthen the company's strategic direction.
Dorman Products, Inc. (NASDAQ:DORM) has appointed Lisa Bachmann as an independent director, effective September 25, 2020. This expands the board to 8 directors, with 6 being independent. Bachmann brings extensive experience from her previous role as Executive VP at Big Lots, Inc. She is set to serve on the Audit, Compensation, and Corporate Governance committees. CEO Kevin Olsen expressed confidence in her broad business knowledge, anticipating significant benefits for Dorman Products. The company continues to focus on innovative automotive aftermarket solutions.
Dorman Products announces the launch of its new line of collision parts aimed at heavy-duty trucks, designed to enhance collision coverage while maintaining factory appearance. The line includes over 280 different parts such as bumpers and headlights, providing fleet managers with cost-effective options for repairs. Now available through national distributors, these parts offer durability and affordability, addressing a gap in the market identified by fleets across North America. This initiative aims to reduce maintenance budgets while improving truck aesthetics.