| Friday | ||||
Dorman Products is… Dorman Products is announcing the release of more than 700 new replacement auto parts. Dorman continues to expand its aftermarket offerings of replacement flexible stainless steel fuel lines, adding a new part number to cover an additional 2M+ Chevrolet Silverado and GMC Sierra pickup trucks. | ||||
| Over a month ago | ||||
Dorman Products is… Dorman Products is announcing the release of more than 170 new replacement auto parts, extending Dorman's aftermarket coverage in several key categories, and giving repair shops and vehicle owners greater freedom to fix cars and trucks with innovative and trustworthy solutions. Dorman continues to expand its aftermarket-exclusive offerings of replacement transmission oil cooler lines, adding six new parts that cover a combined 2 million+ SUVs and cars. Two of the new replacement lines are engineered to better protect transmissions on select Dodge Durango, Jeep Wrangler and Jeep Grand Cherokee model years by incorporating a specially designed thermostatic valve that helps resist leaks, ensure faster operating temperature and maximize coolant flow. Another exclusive transmission line replaces the factory part on aging Chevrolet Cruze models, and features a durable and reliable design that resists hose separation at pressure levels up to 500 PSI. These new releases bring Dorman's catalog of transmission lines to more than 370 products. | ||||
The COVID-19 situation… 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. CEO Kevin 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." | ||||
Reports Q4 revenue… Reports Q4 revenue $301.2M, consensus $269.69M. Kevin Olsen, Dorman Products' President and CEO, 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." | ||||
Dorman Products is… Dorman Products is announcing its new line of loaded brake backing plates, with initial coverage for more than 3 million Ford Super Duty pickup trucks and Excursion SUVs on the road. Original equipment backing plates on millions of popular passenger vehicles may rust and rot, exposing the parking brake shoes, springs and hardware to damage. Removing, evaluating and trying to salvage and reassemble those critical damaged components can be a tedious process for service technicians. Dorman's new loaded backing plates, also known as parking brake assemblies, are all-in-one solutions that help save service technicians time, and help eliminate the potential misdiagnosis, incorrect repairs and customer comebacks that can result from reinstalling old components and hardware. | ||||
| Over a quarter ago | ||||
Dorman Products is… Dorman Products is announcing the release of more than 530 new replacement auto parts. This month Dorman is continuing to grow its line of OE FIX four-wheel-drive components with a new 4WD front differential actuator for more than 700,000 General Motors SUVs and pickup trucks like the Chevrolet Blazer and S10 and GMC Jimmy and Sonoma. The original equipment 4WD differential actuators on many of these vehicles may fail when the rubber diaphragm dry rots over time and creates vacuum leaks. Dorman's team engineered a new compound material of nitrile rubber and polyester fiber mesh, which has been designed to outlast the original equipment material. This upgrade could help eliminate the need to replace the OEM version several times during the vehicle's lifespan. Another exclusive OE FIX this month is Dorman's new upgraded intake manifold for certain Hyundai Santa Fe, Kia Sedona and Kia Sorento model years, with more than a combined quarter-million vehicles in operation. The original equipment intake manifold on certain Hyundai and Kia vehicles may fail when the pivot linkage connecting the two variable-intake flapper valve shafts shears from fatigue. This Dorman OE FIX intake manifold has been reengineered for greater durability. The flapper valve shafts are made from thicker material for improved strength and the shafts are supported by additional bearings to reduce stress points that could lead to failure in the factory design. Dorman is also releasing this month the first of several patented turbocharger intercooler hose clamps, called Dorman Power Band Clamps. Typical flat-style clamps apply uneven force, which could cause pressure leaks and reduce vehicle performance. These Dorman OE FIX solutions have a curved profile that is designed to create a stronger seal to better protect turbo components. They also feature a low-profile spiral screw that takes less space than the original T-bolt clamp, and requires less torque for proper installation. | ||||
Virtual Meeting to be… Virtual Meeting to be held on November 11 hosted by Barrington. | ||||
Virtual Meeting to be… Virtual Meeting to be held on November 11 hosted by Barrington. | ||||
Looking ahead, the… 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. | ||||
Reports Q3 revenue… Reports Q3 revenue $300.6M, consensus $276.33M. | ||||