Q3 2024 Dorman Products Inc Earnings Call Transcript
Key Points
- Dorman Products Inc (DORM) reported a 3.2% year-over-year increase in consolidated net sales to $504 million.
- Adjusted operating margin expanded by 290 basis points to 17.1%, driven by easing inflationary pressures and favorable product mix.
- Adjusted diluted EPS increased by 40% over the previous year's third quarter to $1.96.
- The company repurchased $27 million of its shares and repaid $11 million of debt during the quarter.
- Dorman Products Inc (DORM) has launched an electronic center of excellence to accelerate the development of next-generation aftermarket solutions.
- The heavy-duty segment experienced a 5% decline in net sales compared to the previous year's third quarter.
- Free cash flow decreased by 23% compared to the same period in 2023, primarily due to an increase in inventory balance.
- The specialty vehicle segment's net sales were flat year-over-year, indicating persistent market headwinds.
- Despite positive signs, predicting a growth inflection in the heavy-duty segment remains challenging.
- Concerns about potential tariff increases could impact the business, although the company is better positioned now than in 2018.
Good morning and thank you for standing by. Welcome to the Dormant Products third quarter, 2024 earnings conference call at this time. All participants are in listen-only mode, a question and answer session will follow the formal presentation. Please note that this conference is being recorded. I would now like to turn the conference over to Alex White lab, Vice President of Investor relations and risk management. Thank you, sir. Please go ahead.
Thank you. Good morning, everyone. Welcome to Dorman's third quarter, 2024 earnings conference call.
I'm joined by Kevin Olson Dorman's Chief Executive Officer and David Hasham Dorman's Chief Financial Officer, Kevin will provide a business update. Then David will review the quarterly results followed by closing remarks from Kevin. After that, we'll open the call for questions by now. Everyone should have access to our earnings release and earnings call presentation which are available in the investor relations portion of
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