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DORM Dorman Products

Dorman gives repair professionals and vehicle owners greater freedom to fix cars and trucks by focusing on solutions first. For more than 100 years, Dorman has been one of the automotive aftermarket’s pioneering problem solvers, releasing tens of thousands of replacement products engineered to save time and money, and increase convenience and reliability. Founded and headquartered in the United States, Dorman is a global organization offering more than 80,000 parts, covering both light duty and heavy-duty vehicles, from chassis to body, from underhood to undercar, and from hardware to complex electronics.

Company profile

Ticker
DORM
Exchange
CEO
Kevin M. Olsen
Employees
Incorporated
Location
Fiscal year end
Former names
R & B INC
SEC CIK
IRS number
232078856

DORM stock data

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Calendar

26 Jul 21
31 Jul 21
28 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 155.54M 155.54M 155.54M 155.54M 155.54M 155.54M
Cash burn (monthly) 3.69M 17M (positive/no burn) (positive/no burn) (positive/no burn) 2.36M
Cash used (since last report) 4.23M 19.49M n/a n/a n/a 2.71M
Cash remaining 151.31M 136.05M n/a n/a n/a 152.83M
Runway (months of cash) 41.0 8.0 n/a n/a n/a 64.7

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jun 21 Gavin John J Common Stock Grant Aquire A No No 0 1,064 0 10,005
1 Jun 21 Lederer Paul R Common Stock Grant Aquire A No No 0 1,064 0 20,209
1 Jun 21 Riley Richard T Common Stock Grant Aquire A No No 0 1,064 0 23,891
1 Jun 21 Romano Kelly A Common Stock Grant Aquire A No No 0 1,064 0 5,751
1 Jun 21 Stakias G. Michael Common Stock Grant Aquire A No No 0 1,064 0 8,532

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

76.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 259 259
Opened positions 34 38 -10.5%
Closed positions 34 18 +88.9%
Increased positions 82 91 -9.9%
Reduced positions 103 85 +21.2%
13F shares
Current Prev Q Change
Total value 2.52B 2.35B +6.9%
Total shares 24.49M 24.66M -0.7%
Total puts 45.2K 53.6K -15.7%
Total calls 67.8K 72K -5.8%
Total put/call ratio 0.7 0.7 -10.4%
Largest owners
Shares Value Change
BLK Blackrock 4.33M $444.64M +3.0%
Vanguard 2.94M $301.41M +0.4%
Conestoga Capital Advisors 901.39K $92.52M +1.1%
STT State Street 848.71K $87.11M +1.4%
Dimensional Fund Advisors 837.34K $86.11M -2.5%
TROW T. Rowe Price 800.31K $82.14M +8.1%
Atlanta Capital Management Co L L C 661.33K $67.88M -1.2%
Eaton Vance Management 578.56K $59.38M +46.4%
IVZ Invesco 571.53K $58.66M +4.0%
GW&K Investment Management 530.41K $54.44M +10.5%
Largest transactions
Shares Bought/sold Change
Norges Bank 0 -296.87K EXIT
Riverbridge Partners 0 -270.47K EXIT
Wasatch Advisors 0 -188.92K EXIT
Lord, Abbett & Co. 298.04K -183.65K -38.1%
Eaton Vance Management 578.56K +183.35K +46.4%
BLK Blackrock 4.33M +126.05K +3.0%
Loomis Sayles & Co L P 530.34K +120.79K +29.5%
SLFPY Standard Life Aberdeen 432.28K +92.65K +27.3%
Millennium Management 80.14K +68.09K +565.5%
Tributary Capital Management 239.31K -63.63K -21.0%

Financial report summary

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Risks
  • Our industry is highly competitive, and our success depends on our ability to compete with suppliers of automotive aftermarket products, some of which may have substantially greater financial, marketing and other resources than we do.
  • The loss or decrease in sales among one of our top customers, or a material change in the terms on which they are willing to buy from us, could have a substantial negative impact on our sales and operating results.
  • Customer consolidation in the automotive aftermarket industry may lead to customer contract terms less favorable to us which may negatively impact our financial results.
  • Our business, results of operations and financial condition could be materially adversely affected by the effects of widespread public health epidemics, including COVID-19, that are beyond our control.
  • Our operations would be materially and adversely affected if we are unable to purchase raw materials, finished goods, equipment, manufactured components, or “core” products from our suppliers.
  • Our operating results are sensitive to the availability and cost of third-party transportation providers, which are important in the manufacture and transport of our products.
  • If we do not continue to develop new products and bring them to market, our business, financial condition and results of operations could be materially impacted.
  • We may be adversely impacted by changes in, or restrictions on access to, automotive technology.
  • Quality problems with our products could damage our reputation and adversely affect our business.
  • Claims of intellectual property infringement by original equipment manufacturers and others could adversely affect our business and negatively impact our ability to develop new products.
  • Failure to maintain the value of our brands could have an adverse effect on our reputation, cause us to incur significant costs and negatively impact our business.
  • Cyber-attacks or other breaches of information technology security could adversely impact our business and operations.
  • We extend credit to our customers, some of whom may be unable to pay in the future.
  • We are exposed to risks related to accounts receivable sales agreements.
  • The phaseout of the London Interbank Offered Rate (LIBOR), or the replacement of LIBOR with a different reference rate, may have an adverse effect on our business.
  • Dorman’s Executive Chairman and his family members own a significant portion of the Company.
  • Unfavorable economic conditions may adversely affect our business.
  • Our operations, revenues and operating results, and the operations of our third-party manufacturers, suppliers and customers, may be subject to quarter over quarter fluctuations and disruptions from events beyond our or their control.
  • Unfavorable results of legal proceedings could materially adversely affect us.
  • The market price of our common stock may be volatile and could expose us to securities class action litigation.
  • Losing the services of our executive officers or other highly qualified and experienced employees or failing to attract and retain any of such officers or employees could adversely affect our business.
  • Our growth may be impacted by acquisitions. We may not be able to identify suitable acquisition candidates, complete acquisitions or integrate acquisitions successfully.
  • Changes in tax laws or exposure to additional income tax liabilities could have a material adverse effect upon our business, financial condition and results of operations.
  • Global climate change and related regulations could negatively affect our business.
  • We could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act and similar anti-bribery laws around the world.
Management Discussion
  • Net sales increased 10% to $1,092.7 million in fiscal 2020 from $991.3 million in fiscal 2019. The increase in net sales was primarily organic and driven by increased volumes, particularly in the second half of 2020.
  • Gross profit margin was 35.1% of net sales in fiscal 2020 compared to 34.3% of net sales in fiscal 2019. Gross margin expansion was driven by improved efficiencies, as well as lower provisions for excess and obsolete inventory as part of our ongoing efforts to streamline our end-to-end supply chain processes. Additionally, we benefitted from the absence of certain charges that impacted gross margin in the prior year, including increased customer return provisions and a charge related to a historical underpayment of customs duties. These benefits were partially offset by out-of-pocket costs related to the COVID-19 pandemic.
  • Selling, general and administrative expenses were $249.7 million, or 22.9% of net sales, in fiscal 2020 compared to $234.0 million, or 23.6% of net sales, in fiscal 2019. The decrease in selling, general and administrative expense as a percentage of net sales during the period was primarily due to improved leverage from the $101.4 million increase in net sales compared to the prior year, productivity improvements in our Portland distribution facility, as well as reduced travel expenses stemming from COVID-19 restrictions. These decreases were partially offset by higher incentive compensation and employee stock purchase plan expenses compared to the prior year.
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