Highlights (All comparisons are to the prior year period unless otherwise noted): Net sales of $468.7 million, up 0.4% compared to $466.7 million Diluted earnings per share ("EPS") of $1.05, up 483% compared to $0.18 Adjusted diluted EPS* of $1.31, up 134% compared to $0.56 Generated $52 million of cash from operating activities; repaid $15 million of debt and repurchased $27 million of its shares The Company confirms its full-year 2024 guidance COLMAR, Pa., May 07, 2024 (GLOBE NEWSWIRE) -- Dorman Products, Inc. (the "Company" or "Dorman") (NASDAQ:DORM), a leading supplier in the motor vehicle aftermarket industry, today announced its financial results for the first quarter ended March 30, 2024. Kevin Olsen, Dorman's President and Chief Executive Officer, stated, "We're pleased with our first quarter results and the strong start to the year driven by the hard work and dedication of our Contributors. Our focus on delivering new and innovative products continues to be a winning formula for our customers and our shareholders. Through our strong financial results, we generated $52 million of cash from operating activities, a 98% improvement year-over-year, which we used to repay $15 million of debt and return $27 million to shareholders through the repurchase of our stock. "Our results were in line with our expectations, as Light Duty industry fundamentals remained strong while the Heavy Duty and Specialty Vehicle industries experienced softness. I'm confident that our ongoing initiatives and our team of dedicated Contributors will enable us to navigate industry challenges and continue to drive success." First Quarter Financial ResultsThe Company reported first quarter 2024 net sales of $468.7 million, up slightly compared to net sales of $466.7 million in the first quarter of 2023. Gross profit was $181.4 million in the first quarter of 2024, or 38.7% of net sales, compared to $144.5 million, or 31.0% of net sales, for the same quarter last year. Adjusted gross margin* was 38.7% in the first quarter of 2024 compared to 32.4% in the same quarter last year. Selling, general and administrative ("SG&A") expenses were $127.0 million, or 27.1% of net sales, in the first quarter of 2024 compared to $126.4 million, or 27.1% of net sales, for the same quarter last year. Adjusted SG&A expenses* were $116.5 million, or 24.9% of net sales, in the first quarter of 2024, compared to $117.4 million, or 25.2% of net sales, in the same quarter last year. Diluted EPS was $1.05 in the first quarter of 2024, up 483% compared to diluted EPS of $0.18 in the same quarter last year. Adjusted diluted EPS* was $1.31 in the first quarter of 2024, up 134% compared to adjusted diluted EPS* of $0.56 in the same quarter last year. Segment results were as follows:   Net Sales   Segment Profit Margin ($ in millions) Q1 2024   Q1 2023   Change   Q1 2024   Q1 2023   Change   Light Duty $ 359.3   $ 348.1   3 %   16.1 %   6.2 %   990 bps   Heavy Duty $ 57.8   $ 67.6   -15 %   0.0 %   7.9 %   -790 bps   Specialty Vehicle $ 51.6   $ 51.0   1 %   13.9 %   13.9 %   0 bps                                       2024 GuidanceThe Company confirms its 2024 full-year guidance and expects net sales growth in the range of 3% to 5% over 2023, diluted EPS in the range of $4.71 to $5.01, and adjusted diluted EPS* in the range of $5.40 to $5.70. This guidance assumes a tax rate of 24%, includes the impact of a previously announced reduction in workforce, and excludes any potential impacts from future acquisitions and divestitures, supply chain disruptions, significant inflation and interest rate changes, and share repurchases. Conference Call and WebcastThe Company will hold a conference call and webcast for investors on Tuesday, May 7, 2024 beginning at 8:00 a.m. Eastern time. The conference call can be accessed by telephone at (888) 440-4182 within the U.S. or +1 (646) 960-0653 outside the U.S. When prompted, enter the conference ID number 1698878. A live audio webcast along with the accompanying presentation materials can be accessed on the Company's website at investors.dormanproducts.com under the subheading "Events." A replay of the session will be available on the Investor section of the Company's website after the call. About Dorman ProductsDorman gives professionals, enthusiasts and owners greater freedom to fix motor vehicles. For over 100 years, we have been driving new solutions, releasing tens of thousands of aftermarket replacement products engineered to save time and money and increase convenience and reliability. Founded and headquartered in the United States, we are a pioneering global organization offering an always-evolving catalog of products, covering cars, trucks and specialty vehicles, from chassis to body, from underhood to undercarriage, and from hardware to complex electronics. *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. Words such as "may," "will," "should," "likely," "probably," "anticipates," "expects," "intends," "plans," "projects," "believes," "views," "estimates" and similar expressions are used to identify these forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date such statements were made. Such forward-looking statements are based on current expectations that involve known and unknown risks, uncertainties and other factors (many of which are outside of our control). Such risks, uncertainties and other factors relate to, among other things: competition in and the evolution of the motor vehicle aftermarket industry; changes in our relationships with, or the loss of, any customers or suppliers; our ability to develop, market and sell new and existing products; our ability to anticipate and meet customer demand; our ability to purchase necessary materials from our suppliers and the impacts of any related logistics constraints; widespread public health pandemics; political and regulatory matters, such as changes in trade policy, the imposition of tariffs and climate regulation; our ability to protect our information security systems and defend against cyberattacks; our ability to protect our intellectual property and defend against any claims of infringement; and financial and economic factors, such as our level of indebtedness, fluctuations in interest rates and inflation. More information on these risks and other potential factors that could affect the Company's business, reputation, results of operations, financial condition, and stock price is included in the Company's filings with the Securities and Exchange Commission ("SEC"), including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company is under no obligation to, and expressly disclaims any such obligation to, update any of the information in this document, including but not limited to any situation where any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise. Investor Relations ContactDavid Hession, SVP and Chief Financial (215) 997-1800 Visit our website at www.dormanproducts.com. The Investor Relations section of the website contains a significant amount of information about Dorman, including financial and other information for investors. Dorman encourages investors to visit its website periodically to view new and updated information.   DORMAN PRODUCTS, INC. Consolidated Statements of Operations(in thousands, except per-share amounts)     Three Months Ended   Three Months Ended (unaudited) 3/30/24   Pct.*   4/1/23   Pct. * Net sales $ 468,701   100.0   $ 466,738     100.0   Cost of goods sold   287,255   61.3     322,261     69.0   Gross profit   181,446   38.7     144,477     31.0   Selling, general and administrative expenses   127,008   27.1     126,363     27.1   Income from operations   54,438   11.6     18,114     3.9   Interest expense, net   10,605   2.3     11,953     2.6   Other expense (income), net   40   0.0     (357 )   (0.1 ) Income before income taxes   43,793   9.3     6,518     1.4   Provision for income taxes   10,965   2.3     835     0.2   Net income $ 32,828   7.0   $ 5,683     1.2                   Diluted earnings per share $ 1.05       $ 0.18                       Weighted average diluted shares outstanding   31,250         31,537         * Percentage of sales. Data may not add due to rounding.   DORMAN PRODUCTS, INC. Consolidated Balance Sheets (in thousands, except share data)   (unaudited) 3/30/24   12/31/23 Assets