Dorman Products (DORM) Q4 FY2023 earnings: revenue $494 million, down 1.4% on the year

Dorman Products, Inc. (DORM) reported revenue of $494 million for Q4 FY2023, the quarter ended 31 December 2023, down 1.4% on the same quarter a year earlier. Net income was $50 million, up 181.9% on the year, and diluted earnings per share $1.60. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue$494 milliondown 1.4%

Net income$50 millionup 181.9%

Diluted EPS$1.60

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	494	488	n/a	n/a
Cost of revenue	300	305	n/a	n/a
Gross profit	194	183	n/a	n/a
Gross margin	39.3%	37.5%	n/a
Selling, general and administrative	117	119	n/a	n/a
Operating income	77.2	64.2	n/a	n/a
Operating margin	15.6%	13.2%	n/a
Interest expense	11.3	12.2	n/a	n/a
Pre-tax income	66.4	52.6	n/a	n/a
Income tax	16.1	12.1	n/a	n/a
Effective tax rate	24.2%	23.0%	n/a
Net income	50.3	40.5	n/a	n/a
Net margin	10.2%	8.3%	n/a
Diluted EPS	$1.60	$1.28	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	59.6	56.2	n/a	n/a
Capital expenditure	11.0	9.7	n/a	n/a
Free cash flow	48.6	46.6	n/a	n/a
Free cash flow margin	9.8%	9.5%	n/a
Cash from investing	-11.0	-9.7	n/a	n/a
Cash from financing	-43.8	-50.2	n/a	n/a
Depreciation and amortisation	13.9	13.8	n/a	n/a
Share-based compensation	3.1	3.0	n/a	n/a
Diluted shares, weighted	32m	32m	n/a	n/a
Shares outstanding at period end	31m	31m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,168	1,128	n/a	n/a
Debt	467	473	n/a	n/a
Operating lease liabilities	91.3	95.2	n/a	n/a
Other liabilities	566	564	n/a	n/a
Total liabilities and equity	2,292	2,260	n/a	n/a
Fixed assets	160	158	n/a	n/a
Goodwill	444	443	n/a	n/a
Intangible assets	302	307	n/a	n/a
Cash and equivalents	36.8	32.0	n/a	n/a
Receivables	527	484	n/a	n/a
Inventory	637	626	n/a	n/a
Other assets	186	211	n/a	n/a
Total assets	2,292	2,260	n/a	n/a

Questions

What was Dorman Products' revenue in Q4 FY2023?

Dorman Products (DORM) reported revenue of $494 million for Q4 FY2023, the quarter ended 31 December 2023, down 1.4% on the same quarter a year earlier.

How much did Dorman Products earn in Q4 FY2023?

Net income for Q4 FY2023 was $50 million, up 181.9% on the year, and diluted earnings per share $1.60.

When did Dorman Products report Q4 FY2023 results?

Dorman Products filed its 10-K for the year that ended with the quarter on 28 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	488	494	469	503	504	534	508	541	544	538	529	545
Cost of revenue	305	300	287	304	300	312	300	321	302	309	339	293
Gross profit	183	194	181	199	204	222	208	220	241	229	190	251
Gross margin	38%	39%	39%	40%	40%	42%	41%	41%	44%	43%	36%	46%
SG&A	119	117	127	127	125	135	128	137	136	141	131	135
Operating income	64.2	77.2	54.4	72.5	79.3	86.7	80.1	82.5	106	31.2	58.8	116
Operating margin	13%	16%	12%	14%	16%	16%	16%	15%	19%	6%	11%	21%
Interest expense	12.2	11.3	10.6	10.2	9.8	9.2	7.4	7.2	7.2	6.8	5.8	6.3
Pre-tax income	52.6	66.4	43.8	62.4	71.1	78.9	74.1	76.8	99.9	24.6	56.2	115
Tax rate	23%	24%	25%	24%	22%	31%	22%	24%	24%	53%	23%	24%
Net income	40.5	50.3	32.8	47.4	55.3	54.5	57.5	58.7	76.4	11.6	43.6	87.8
Net margin	8%	10%	7%	9%	11%	10%	11%	11%	14%	2%	8%	16%
Diluted EPS	$1.28	$1.60	$1.05	$1.53	$1.80	$1.77	$1.87	$1.91	$2.48	$0.38	$1.43	$2.93
Operating cash flow	56.2	59.6	52.0	63.3	44.3	71.4	51.2	8.5	12.2	41.6	43.8	153
Capital expenditure	9.7	11.0	10.8	11.9	8.6	8.2	11.0	8.4	10.4	8.2	8.4	9.1
Free cash flow	46.6	48.6	41.2	51.4	35.7	63.2	40.3	0.1	1.8	33.5	35.3	144
Shares outstanding	31m	31m	31m	31m	31m	31m	31m	31m	31m	30m	30m	30m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 28 February 2024, accession 0000868780-24-000011: the filing on EDGAR. All of Dorman Products, Inc.'s filings: EDGAR company page.

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