Dorman Products (NASDAQ: DORM) reported Q4 EPS of $1.19, $0.27 better than the analyst estimate of $0.92. Revenue for the quarter came in at $301.2 million versus the consensus estimate of $269.69 million.

Highlights:

• Dorman surpasses $1 billion in annual net sales in 2020 for the first time in company history.
• Record quarterly net sales and earnings per share (“EPS”) driven by robust demand and strong execution.
• Net sales of $301.2 million, up 26% as compared to $239.6 million in Q4 2019.
• GAAP diluted EPS of $1.11, up 106% as compared to $0.54 in Q4 2019; adjusted diluted EPS* of $1.19, up 129% as compared to $0.52 in Q4 2019.
• Dorman remains well-positioned to navigate the ongoing COVID-19 pandemic with a strong balance sheet and ample liquidity.

Kevin Olsen, Dorman Products’ President and Chief Executive Officer, stated, “I would like to start by thanking all of our Contributors, whose hard work and dedication to serving our customers drove another record-breaking performance this quarter and enabled us to exceed $1 billion in annual net sales for the first time in our history. We delivered record-high net sales and EPS during the fourth quarter, underscored by robust demand across all channels. To meet this strong volume, we continued to drive productivity improvements across our business and flexed our supply chain, which has been critical in light of global logistics challenges due to the ongoing COVID-19 pandemic. We also maintained our commitment to bringing innovative solutions to the aftermarket, as evidenced by a 24% increase in Heavy Duty net sales quarter-over-quarter and strong acceleration in the second half of 2020 of new product launches. We believe our financial position remains healthy and strong, and the actions we took this year, including adjusting our cost structure and investment spending, combined with our strong performance generated $152 million of operating cash flow in 2020, up 59% year-over-year.”

2021 Guidance
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 will not be providing guidance for the 2021 fiscal year at this time.

Mr. Olsen continued, “We are very pleased with our performance in 2020, however, the environment remains extremely fluid given the number of uncertainties regarding the COVID-19 pandemic, including new strains of the virus, freight and logistical challenges and the pace of vaccinations. However, we feel well-positioned for 2021. We will continue to execute on our strategic initiatives and we feel confident that this will result in continued strong organic growth and, combined with pursuing strategic acquisitions, will lead to long term shareholder value.”

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