Dorman Products reports Q4 adjusted EPS $1.57, consensus $1.41

Reports Q4 revenue $494.3M, consensus $496.72M. Kevin Olsen, Dorman’s president and CEO, stated, “We delivered record profits and robust cash flow in the fourth quarter. These results were driven by the continued improvement of our gross margin, which increased 780 basis points year-over-year. As a result, we achieved fourth quarter adjusted diluted EPS* of $1.57, which increased 55% over last year. Net sales declined 1% in the quarter due to a comparison to the prior year period that included an extra week. We estimate the extra week in the fourth quarter of 2022 contributed $19 million in net sales for that period. Excluding this impact, net sales for the fourth quarter of 2023 would have increased 3%.”