Dorman Products (NASDAQ: DORM) reported Q3 EPS of $1.14, $0.29 better than the analyst estimate of $0.85. Revenue for the quarter came in at $300.6 million versus the consensus estimate of $276.33 million.

Kevin Olsen, Dorman Products’ President and Chief Executive Officer, stated, “First and foremost, I’d like to thank all of our Contributors whose dedication and commitment to our customers enabled us to deliver record- setting results for Dorman this quarter. We achieved record-high net sales and EPS this quarter, and our operating margin significantly improved, underscoring our ability to execute despite the challenging macroeconomic environment due to the COVID-19 pandemic. As the pandemic is ongoing, our number one priority remains focused on promoting the health and safety of our Contributors across our operations as we deliver for our customers in these unprecedented times. The highlight of the quarter was the robust end customer demand from ‘Do-It-Yourself’ customers as well as meaningful contributions from ‘Do-It-For-Me’ customers that continued throughout the entire quarter. We certainly faced challenges ramping up our supply chain to meet customer demand, but we demonstrated the agility of our business by meeting the significant demand increases while still maintaining the efficiency levels of our operations, and I want to thank our customers for their continued support. In line with our expectations, we achieved significant cost savings this quarter compared to a year ago, primarily due to improved productivity at our Portland facility as operating conditions have returned to more historical levels. Perhaps most importantly, our strategic imperative to bring innovation and solutions to customers and technicians in the aftermarket continues to bear fruit. Heavy Duty net sales were up 19% year-over-year, and our innovation teams launched several new-to-the-aftermarket products in the quarter, highlighted by steering shafts, electronic power steering racks, and pre-pressed axles.”

GUIDANCE:

Looking ahead, the COVID-19 situation remains uncertain and continues to evolve, and it is difficult to determine the full impact that the pandemic will have on overall demand and Dorman’s operations. Therefore, Dorman is not providing guidance for the remainder of fiscal 2020.

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