2/18/2016 11:02:00 AM
NEWS BRIEFS
Dorman Products Reports Double-Digit Growth
Dorman Products reported sales, including fasteners, increased 7% to $803 million in 2015. Gross profit margin edged up to 38.4%. EPS rose 4% to $2.60. R&D spending increased 6% to $16.8 million in 2015.
“This year marked our 15th consecutive year of sales growth,” stated CEO Matt Barton.
Fourth quarter sales grew 18% to $204.8 million, due in part to higher sales of new products and strong product sell-through rates at most customers. EPS increased 19% to $0.62 per share. Q4 gross profit margin edged down to 38% primarily due to increased provisions for excess and obsolete inventory.
During 2015 Dorman Products repurchased 747,700 shares of its common stock for $35.7 million at an average price of $47.77 per share. The company has $73.9 million remaining under its current $150 million share repurchase program.
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