Highlights:
Dorman Products, Inc. (the “Company” or “Dorman”) (NASDAQ:DORM), a
leading supplier in the automotive aftermarket, today announced its
financial results for the third quarter ended September 29,
2018.
3rd Quarter Financial
ResultsThe Company reported third quarter 2018 net sales
of $248.0 million, up 10% compared to net sales of $224.6 million
in the third quarter of 2017. Included in net sales were
approximately $10 million of sales from MAS Automotive Distribution
Inc. (MAS) which was acquired in October of 2017 and $1.7 million
of sales from Flight Systems Automotive Group LLC (Flight) which we
acquired on August 31st, 2018. Excluding the sales
contributions from MAS and Flight, net sales growth was
approximately 5%.
Gross profit grew 8% to $95.0 million in the
third quarter from $88.1 million last year. Gross profit
percentage for the third quarter was 38.3% compared to 39.2% in the
same quarter last year. The primary change (approximately 80
Bps) in gross profit percentage is a result of the impact of
acquisitions which carry lower gross margins compared to our
historical levels.
Selling, general, and administrative
(“SG&A”) expenses grew 13% to $51.3 million in the third
quarter on a GAAP basis compared to $45.3 million in the same
quarter last year. Excluding the impact of acquisition
-related expenses, adjusted SG&A increased 11% to $49.9 million
or 20.1% of net sales in the quarter compared to $45.0 million or
20.0% of net sales in the same quarter last year. The
increase in adjusted SG&A was due to the inclusion of expenses
of acquired operations, the reinvestment of tax savings from the
Tax Cuts and Jobs Act (TCJA) in our product development and sales
organizations, and wage and benefit inflation.
Income tax expense was $9.8 million in the third
quarter, or 22.3% of income before income taxes down from $16.0
million, or 37.1% of income before income taxes recorded in the
same quarter last year. The reduction in tax rate compared to
prior year is primarily a result of the TCJA.
Net income for the third quarter of 2018 was
$34.0 million, or $1.03 per diluted share compared to $27.0
million, or $0.80 per diluted share, in the prior year
quarter. Adjusted net income in the third quarter was $35.0
million, or $1.06 per diluted share, up 28% compared to $27.5
million or $0.81 per diluted share in the prior year
quarter.
Please refer to the Non-GAAP Financial Measures
reported in the supplemental schedules at the end of this release
for a detailed reconciliation of the reported (GAAP) financial
information to the adjusted financial information
(Non-GAAP).
Matt Barton, Dorman Products Chief Executive
Officer, stated: “I’d like to take this opportunity to thank all of
our Dorman contributors for delivering a solid quarter and to
welcome all of our new contributors from Flight Systems Automotive
Group that we acquired late in the third quarter. Flight generated
approximately $22 million of net sales in fiscal 2017 and is a
leading manufacturer and remanufacturer of complex automotive
electronics and diesel fuel system components. Complex
electronics and diesel fuel systems represent important growth
opportunities for our Company. By combining our capabilities
with Flight, we believe we will be a firmly established leader in
these areas for years to come.”
Kevin Olsen, Dorman Products President and Chief
Operating Officer, stated: “We experienced improved end market
conditions with both sell-in and sell through rates improving in
the quarter. Customer inventory destocking pressures, which
had been a headwind earlier in the year, continued to ease in the
quarter as well. New Product development remains robust,
positioning us well for the future. We launched 1,478 new
SKU’s in the quarter, a 55% increase over last year.
Additionally, net sales from our Dorman Heavy
Duty Solution lines continue to be strong, growing 30% year to
date.”
TariffsEffective September
24th, the Office of the United States Trade Representative (USTR)
imposed an additional tariff on approximately $200 billion worth of
Chinese imports. The tariff will be approximately 10% until
December 31, 2018 and will increase to 25% effective January 1,
2019. The tariffs enacted to date will increase the cost of
many products that are manufactured for Dorman in China. We
are taking several actions to fully mitigate the impact of the
tariffs including, but not limited to, price increases to our
customers and cost concessions from our suppliers. We do not
anticipate that the tariffs will materially impact gross profit in
the fourth quarter of 2018. Although we expect to
mitigate the impact of tariffs in fiscal 2019, we expect selling
price increases associated with the tariffs to be fully offset by
the higher tariffs incurred.
2018 GuidanceExcluding the
impact of Flight and tariffs, we are maintaining our fiscal 2018
full year sales growth guidance range of 4%-6%. On a GAAP
basis, fiscal 2018 EPS is expected to be in the $3.96 to $4.08
range. We continue to expect adjusted EPS to be in the $4.15
to $4.27 range, or a 23% to 27% growth rate.
Share RepurchasesUnder its
share repurchase program, Dorman repurchased 86.1 thousand shares
of its common stock for $6.4 million at an average share price of
$73.84 during the quarter ended September 29, 2018. The Company has
$42.9 million left under its current share repurchase
authorization.
About Dorman ProductsDorman
Products, Inc. is a leading supplier of Dealer “Exclusive”
replacement parts to the Automotive, Medium and Heavy Duty
Aftermarkets. Dorman products are marketed under the Dorman®, OE
Solutions™, HELP!®, AutoGrade™, First Stop™, Conduct‑Tite®,
TECHoice™, Dorman® Hybrid Drive Batteries and Dorman HD Solutions™
brand names.
Non-GAAP MeasuresIn addition to
the financial measures prepared in accordance with generally
accepted accounting principles (GAAP), this earnings release also
contains Non-GAAP financial measures. The reasons why we
believe these measures provide useful information to investors and
a reconciliation of these measures to the most directly comparable
GAAP measures and other information relating to these Non-GAAP
measures are included in the supplemental schedules attached.
Forward Looking StatementsThis
press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements related to the Company’s future growth rates.
Words such as “believe,” “demonstrate,” “expect,” “estimate,”
“forecast,” “anticipate,” “should” and “likely” and similar
expressions identify forward-looking statements. In addition,
statements that are not historical should also be considered
forward-looking statements. Readers are cautioned not to place
undue reliance on those forward-looking statements, which speak
only as of the date the statement was made. Such forward-looking
statements are based on current expectations that involve a number
of known and unknown risks, uncertainties and other factors which
may cause actual events to be materially different from those
expressed or implied by such forward-looking statements. These
factors include, but are not limited to, competition in the
automotive aftermarket industry, concentration of the Company’s
sales and accounts receivable among a small number of customers,
the impact of consolidation in the automotive aftermarket industry,
foreign currency fluctuations, the ability to successfully
identify, complete, and integrate acquisitions, imposition of new
taxes, duties or tariffs, and other risks detailed in the Company’s
filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the fiscal year ended December 30,
2017. The Company is under no obligation to (and expressly
disclaims any such obligation to) update any of the information in
this press release if any forward-looking statement later turns out
to be inaccurate whether as a result of new information, future
events or otherwise.
Investor Relations
Contact Kevin Olsen, President and
COOkolsen@dormanproducts.com(215) 997-1800
Visit our website at www.dormanproducts.com
DORMAN PRODUCTS, INC. AND
SUBSIDIARIES Consolidated Statements of Operations (in
thousands, except per-share amounts)
|
|
13 Weeks |
|
|
13 Weeks |
|
Third Quarter (unaudited) |
|
09/29/18 |
|
|
Pct.* |
|
|
09/30/17 |
|
|
Pct.* |
|
Net sales |
|
$ |
247,954 |
|
|
|
100.0 |
|
|
$ |
224,615 |
|
|
|
100.0 |
|
Cost of goods sold |
|
|
152,957 |
|
|
|
61.7 |
|
|
|
136,489 |
|
|
|
60.8 |
|
Gross profit |
|
|
94,997 |
|
|
|
38.3 |
|
|
|
88,126 |
|
|
|
39.2 |
|
Selling, general and administrative expenses |
|
|
51,264 |
|
|
|
20.7 |
|
|
|
45,336 |
|
|
|
20.2 |
|
Income from operations |
|
|
43,733 |
|
|
|
17.6 |
|
|
|
42,790 |
|
|
|
19.1 |
|
Other income (expense), net |
|
|
61 |
|
|
|
0.0 |
|
|
|
168 |
|
|
|
0.1 |
|
Income before income taxes |
|
|
43,794 |
|
|
|
17.7 |
|
|
|
42,958 |
|
|
|
19.1 |
|
Provision for income taxes |
|
|
9,777 |
|
|
|
3.9 |
|
|
|
15,950 |
|
|
|
7.1 |
|
Net income |
|
$ |
34,017 |
|
|
|
13.7 |
|
|
$ |
27,008 |
|
|
|
12.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
$ |
1.03 |
|
|
|
|
|
|
$ |
0.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding |
|
|
33,095 |
|
|
|
|
|
|
|
33,909 |
|
|
|
|
|
|
|
39 Weeks |
|
|
39 Weeks |
|
Third Quarter (unaudited) |
|
09/29/18 |
|
|
Pct.* |
|
|
09/30/17 |
|
|
Pct.* |
|
Net sales |
|
$ |
713,363 |
|
|
|
100.0 |
|
|
$ |
675,502 |
|
|
|
100.0 |
|
Cost of goods sold |
|
|
437,029 |
|
|
|
61.3 |
|
|
|
407,781 |
|
|
|
60.4 |
|
Gross profit |
|
|
276,334 |
|
|
|
38.7 |
|
|
|
267,721 |
|
|
|
39.6 |
|
Selling, general and administrative expenses |
|
|
149,828 |
|
|
|
21.0 |
|
|
|
134,890 |
|
|
|
20.0 |
|
Income from operations |
|
|
126,506 |
|
|
|
17.7 |
|
|
|
132,831 |
|
|
|
19.7 |
|
Other income (expense), net |
|
|
286 |
|
|
|
0.0 |
|
|
|
472 |
|
|
|
0.0 |
|
Income before income taxes |
|
|
126,792 |
|
|
|
17.8 |
|
|
|
133,303 |
|
|
|
19.7 |
|
Provision for income taxes |
|
|
27,789 |
|
|
|
3.9 |
|
|
|
48,671 |
|
|
|
7.2 |
|
Net income |
|
$ |
99,003 |
|
|
|
13.9 |
|
|
$ |
84,632 |
|
|
|
12.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
$ |
2.98 |
|
|
|
|
|
|
$ |
2.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding |
|
|
33,267 |
|
|
|
|
|
|
|
34,202 |
|
|
|
|
|
* Percentage of sales information does not add due to
rounding.
DORMAN PRODUCTS, INC. AND
SUBSIDIARIESCondensed Consolidated Balance Sheets
(in thousands)(Unaudited)
|
|
09/29/18 |
|
|
12/30/17 |
|
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
53,113 |
|
|
$ |
71,691 |
|
Accounts receivable |
|
|
301,049 |
|
|
|
241,880 |
|
Inventories |
|
|
239,957 |
|
|
|
212,149 |
|
Prepaid expenses |
|
|
7,838 |
|
|
|
7,129 |
|
Total current assets |
|
|
601,957 |
|
|
|
532,849 |
|
Property, plant & equipment, net |
|
|
96,794 |
|
|
|
92,692 |
|
Goodwill and other intangible assets, net |
|
|
100,772 |
|
|
|
88,157 |
|
Deferred income taxes, net |
|
|
4,297 |
|
|
|
7,884 |
|
Other assets |
|
|
45,242 |
|
|
|
44,342 |
|
Total assets |
|
$ |
849,062 |
|
|
$ |
765,924 |
|
Liabilities & shareholders’ equity: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
97,937 |
|
|
$ |
80,218 |
|
Accrued expenses and other |
|
|
29,922 |
|
|
|
30,563 |
|
Total current liabilities |
|
|
127,859 |
|
|
|
110,781 |
|
Other long-term liabilities |
|
|
19,250 |
|
|
|
20,336 |
|
Shareholders’ equity |
|
|
701,953 |
|
|
|
634,807 |
|
Total liabilities and equity |
|
$ |
849,062 |
|
|
$ |
765,924 |
|
Selected Cash Flow Information (unaudited):
|
|
13 Weeks |
|
|
39 Weeks |
|
(in thousands) |
|
09/29/18 |
|
|
09/30/17 |
|
|
09/29/18 |
|
|
09/30/17 |
|
Depreciation, amortization and accretion |
|
$ |
6,669 |
|
|
$ |
5,776 |
|
|
$ |
19,673 |
|
|
$ |
15,968 |
|
Capital expenditures |
|
$ |
6,683 |
|
|
$ |
5,504 |
|
|
$ |
18,099 |
|
|
$ |
17,436 |
|
DORMAN PRODUCTS, INC. AND
SUBSIDIARIES Non-GAAP Financial Measures(in thousands,
except per-share amounts)
The Company’s financial results include certain
financial measures not derived in accordance with generally
accepted accounting principles (GAAP). Non-GAAP financial
measures should not be used as a substitute for GAAP measures, or
considered in isolation, for the purpose of analyzing our operating
performance, financial position or cash flows. Additionally,
these non-GAAP measures may not be comparable to similarly titled
measures reported by other companies. However, the Company
has presented these non-GAAP financial measures because management
believes this presentation, when reconciled to the corresponding
GAAP measure, provides useful information to investors by offering
additional ways of viewing the Company’s results, profitability
trends, and underlying growth relative to prior and future periods
and to our peers. Non-GAAP financial measures may reflect
adjustments for charges such as fair value adjustments,
amortization, transaction costs, and other similar expenses related
to acquisitions which the Company has determined are material as
well as other items that are not related to the Company’s ongoing
performance.
Adjusted Net Income:
|
|
13 Weeks |
|
|
13 Weeks* |
|
|
39 Weeks |
|
|
39 Weeks* |
|
(unaudited) |
|
09/29/18 |
|
|
09/30/17 |
|
|
09/29/18 |
|
|
09/30/17 |
|
Net income (GAAP) |
|
$ |
34,017 |
|
|
$ |
27,008 |
|
|
|
$ |
99,003 |
|
|
$ |
84,632 |
|
|
Pretax acquisition-related inventory fair value adjustment [1] |
|
|
- |
|
|
|
- |
|
|
|
|
1,779 |
|
|
|
- |
|
|
Pretax acquisition-related intangible assets amortization [2] |
|
|
483 |
|
|
|
- |
|
|
|
|
1,474 |
|
|
|
- |
|
|
Pretax acquisition-related transaction and other costs [3] |
|
|
857 |
|
|
|
310 |
|
|
|
|
1,189 |
|
|
|
310 |
|
|
Pretax investment impairment [4] |
|
|
- |
|
|
|
- |
|
|
|
|
1,064 |
|
|
|
- |
|
|
Tax adjustment (related to above items) [5] |
|
|
(326 |
) |
|
|
(108 |
) |
|
|
|
(1,157 |
) |
|
|
(108 |
) |
|
Tax (benefit) charge related to pre 2016 state tax matters [5] |
|
|
- |
|
|
|
254 |
|
|
|
|
(368 |
) |
|
|
763 |
|
|
Adjusted net income (Non-GAAP) |
|
$ |
35,031 |
|
|
$ |
27,464 |
|
|
|
$ |
102,984 |
|
|
$ |
85,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share (GAAP) |
|
$ |
1.03 |
|
|
$ |
0.80 |
|
|
|
$ |
2.98 |
|
|
$ |
2.47 |
|
|
Pretax acquisition-related inventory fair value adjustment [1] |
|
|
- |
|
|
|
- |
|
|
|
|
0.05 |
|
|
|
- |
|
|
Pretax acquisition-related intangible assets amortization [2] |
|
|
0.01 |
|
|
|
- |
|
|
|
|
0.04 |
|
|
|
- |
|
|
Pretax acquisition-related transaction and other costs [3] |
|
|
0.03 |
|
|
|
0.01 |
|
|
|
|
0.04 |
|
|
|
0.01 |
|
|
Pretax investment impairment [4] |
|
|
- |
|
|
|
- |
|
|
|
|
0.03 |
|
|
|
- |
|
|
Tax adjustment (related to above items) [5] |
|
|
(0.01 |
) |
|
|
0.00 |
|
|
|
|
(0.03 |
) |
|
|
0.00 |
|
|
Tax (benefit) charge related to pre 2016 state tax matters [5] |
|
|
- |
|
|
|
0.01 |
|
|
|
|
(0.01 |
) |
|
|
0.02 |
|
|
Adjusted diluted earnings per share (Non-GAAP) |
|
$ |
1.06 |
|
|
$ |
0.81 |
|
|
|
$ |
3.10 |
|
|
$ |
2.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding |
|
|
33,095 |
|
|
|
33,909 |
|
|
|
|
33,267 |
|
|
|
34,202 |
|
|
* Adjusted diluted earnings per share (Non-GAAP) may not add due
to rounding.
[ 1 ] – Pretax acquisition-related inventory fair value
adjustments result from adjusting the value of acquired inventory
from historical cost to fair value. Such costs were $1.8
million pretax (or $1.3 million after tax) during the thirty-nine
weeks ended September 29, 2018 and were included in Cost of Goods
Sold.
[ 2 ] – Pretax acquisition related intangible asset amortization
results from allocating the purchase price of acquisitions to the
acquired tangible and intangible assets of the acquired business
and recognizing the cost of the intangible asset over the period of
benefit. Exclusion of this amortization expense facilitates
more consistent comparisons of operating results over time between
our newly acquired and long-held businesses, and with both
acquisitive and non-acquisitive peer companies. We believe it
is important for investors to understand that such intangible
assets contribute to sales generation and that intangible asset
amortization related to past acquisitions will recur in future
periods until such intangible assets have been fully
amortized. Such costs were $0.5 million pretax (or $0.4
million after tax) during the thirteen weeks ended September 29,
2018 and $1.5 million pretax (or $1.1 million after tax) during the
thirty-nine September 29, 2018 and were included in Selling,
General and Administrative expenses.
DORMAN PRODUCTS, INC. AND
SUBSIDIARIES Non-GAAP Financial Measures(in thousands,
except per-share amounts)
[3] – Pretax acquisition related transaction costs include costs
incurred to complete and integrate acquisitions as well as
accretion expenses related to contingent consideration
obligations. Such costs were $0.9 million pretax (or $0.7
million after tax) during the thirteen weeks ended September 29,
2018 and $1.2 million pretax (or $0.9 million after tax) during the
thirty-nine weeks ended September 29, 2018 and were included in
Selling, General and Administrative expenses. Similar costs
were $0.3 million pretax (or $0.2 million after tax) during the
thirteen and thirty-nine weeks ended September 30, 2017.
[4] – Pretax investment impairment results from the acquisition
of the remaining outstanding shares of a previously unconsolidated
entity. The estimated fair value of the net assets acquired
was less than our prior investment in the entity. Such costs were
$1.1 million pretax (and $1.1 million after tax) during the
thirty-nine weeks ended September 29, 2018 and were included in
Selling, General and Administrative expenses.
[5] – These adjustments represent the aggregate tax effect of
all Non-GAAP adjustments reflected in the table above of $0.3
million during the thirteen weeks ended September 29, 2018 and $1.2
million during the thirty-nine weeks ended September 29,
2018. Such items are estimated by applying the Company’s
overall estimated tax rate to the pretax amount, or, by applying a
specific tax rate if one is appropriate. Also included in
Provision for Income Taxes for the thirteen and thirty-nine weeks
ended September 29, 2018 and September 30, 2017 are tax adjustments
resulting from pre 2016 tax matters.
Adjusted SG&A Expenses:
|
|
13 Weeks |
|
|
13 Weeks |
|
(unaudited) |
|
09/29/18 |
|
|
Pct.* |
|
|
09/30/17 |
|
|
Pct.* |
|
SG&A expenses (GAAP) |
|
$ |
51,264 |
|
|
|
20.7 |
|
|
$ |
45,336 |
|
|
|
|
20.2 |
|
|
Pretax acquisition-related intangible assets amortization |
|
|
(483 |
) |
|
|
(0.2 |
) |
|
|
- |
|
|
|
|
- |
|
|
Pretax acquisition-related transaction and other costs |
|
|
(857 |
) |
|
|
(0.3 |
) |
|
|
(310 |
) |
|
|
|
(0.1 |
) |
|
Adjusted SG&A expenses (Non-GAAP) |
|
$ |
49,924 |
|
|
|
20.1 |
|
|
$ |
45,026 |
|
|
|
|
20.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
247,954 |
|
|
|
|
|
|
$ |
224,615 |
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Percentage of sales information does not add due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
39 Weeks |
|
|
39 Weeks |
|
(unaudited) |
|
09/29/18 |
|
|
Pct. |
|
|
09/30/17 |
|
|
Pct. |
|
SG&A expenses (GAAP) |
|
$ |
149,828 |
|
|
|
21.0 |
|
|
$ |
134,890 |
|
|
|
|
20.0 |
|
|
Pretax acquisition-related intangible assets amortization |
|
|
(1,474 |
) |
|
|
(0.2 |
) |
|
|
- |
|
|
|
|
- |
|
|
Pretax acquisition-related transaction and other costs |
|
|
(1,189 |
) |
|
|
(0.2 |
) |
|
|
(310 |
) |
|
|
|
0.0 |
|
|
Pretax investment impairment |
|
|
(1,064 |
) |
|
|
(0.1 |
) |
|
|
- |
|
|
|
|
- |
|
|
Adjusted SG&A expenses (Non-GAAP) |
|
$ |
146,101 |
|
|
|
20.5 |
|
|
$ |
134,890 |
|
|
|
|
20.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
713,363 |
|
|
|
|
|
|
$ |
675,502 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
DORMAN PRODUCTS, INC. AND
SUBSIDIARIES Non-GAAP Financial Measures(in thousands,
except per-share amounts)
2018 Guidance:
The Company provided the following guidance ranges related to
their fiscal 2018 outlook:
|
|
December 29,
2018 |
|
Fiscal Year Ended (unaudited) |
|
Low End* |
|
|
High End* |
|
Diluted earnings per share (GAAP) |
|
$ |
3.96 |
|
|
$ |
4.08 |
|
Pretax acquisition-related inventory fair value adjustment [1] |
|
|
0.09 |
|
|
|
0.09 |
|
Pretax acquisition-related intangible assets amortization [2] |
|
|
0.06 |
|
|
|
0.06 |
|
Pretax acquisition-related transaction and other costs [2] |
|
|
0.07 |
|
|
|
0.07 |
|
Pretax investment impairment [2] |
|
|
0.03 |
|
|
|
0.03 |
|
Tax adjustment (related to above items) [3] |
|
|
(0.05 |
) |
|
|
(0.05 |
) |
Tax benefit related to pre 2016 state tax matters [3] |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
Adjusted diluted earnings per share (Non-GAAP) |
|
$ |
4.15 |
|
|
$ |
4.27 |
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding |
|
|
33,267 |
|
|
|
33,267 |
|
|
|
|
|
|
|
|
|
|
[1] - Included in Cost of Goods Sold |
|
|
|
|
|
|
|
|
[2] - Included in Selling, General, and Administrative
Expenses |
|
|
|
|
|
|
|
|
[3] - Included in Provision for Income Taxes |
|
|
|
|
|
|
|
|
* Adjusted diluted earnings per share (Non-GAAP) may not add due
to rounding.
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