Dorman Products, Inc. Reports First Quarter 2025 Results

Dorman Products, Inc., a leading supplier in the motor vehicle aftermarket industry, has released its financial results for the first quarter ended March 29, 2025. The company reported strong performance with significant growth in key financial metrics compared to the same period last year.

Financial Highlights

For the first quarter of 2025, Dorman Products reported net sales of $507.7 million, an 8.3% increase from $468.7 million in the first quarter of 2024. The company's diluted earnings per share (EPS) rose dramatically by 78% to $1.87, up from $1.05 in the same quarter last year. Adjusted diluted EPS also saw a substantial increase of 54%, reaching $2.02 compared to $1.31 in the prior year period.

Gross profit for the quarter was $207.7 million, representing 40.9% of net sales, up from $181.4 million or 38.7% of net sales in the first quarter of 2024. Selling, general, and administrative (SG&A) expenses were $127.6 million, or 25.1% of net sales, compared to $127.0 million, or 27.1% of net sales, in the same quarter last year. Adjusted SG&A expenses were $121.6 million, or 23.9% of net sales, compared to $116.5 million, or 24.9% of net sales, in the same quarter last year.

Business and Operational Highlights

The increase in net sales was primarily driven by strong customer demand in the Light Duty segment, which saw a 14% increase in sales to $408.8 million. However, the Heavy Duty and Specialty Vehicle segments experienced declines of 11% and 9%, respectively.

Operationally, the company generated $51 million of cash from operating activities, repaid $20 million of debt, and repurchased $12 million of its shares during the quarter.

Strategic Initiatives and Corporate Developments

Dorman Products reaffirmed its full-year guidance for 2025, excluding the impact of recently enacted tariffs. The company expects net sales growth of 3% to 5% and diluted EPS in the range of $7.00 to $7.30. Adjusted diluted EPS is projected to be between $7.55 and $7.85.

Management's Perspective

Kevin Olsen, Dorman’s President and Chief Executive Officer, commented, “We started the year with outstanding performance, including solid top- and bottom-line growth in the first quarter. These results further support our outlook for continued growth in our underlying business in 2025.”

Olsen also addressed the potential impact of recently enacted tariffs, stating that the company has diversified its supply chain and built strong relationships with suppliers and customers to navigate the economic challenges ahead.

Future Outlook

Looking ahead, Dorman Products remains optimistic about its growth prospects for 2025. The company has set a guidance range for net sales growth of 3% to 5% and expects diluted EPS to be between $7.00 and $7.30. Adjusted diluted EPS is forecasted to be in the range of $7.55 to $7.85, with a tax rate estimate of 24%.

SEC Filing: Dorman Products, Inc. [ DORM ] - 8-K - May. 05, 2025