8/6/2013 12:36:00 PM
NEWS BRIEF
Dorman Products reported sales, including fasteners, increased 13% to $162.3 million in the second quarter of 2013. Income from continuing operations increased 20% to $19.3 million, or $0.53 per diluted share, while operating margin increased to 19% from 17.8%.
“Our growth continues to be fueled by our new product introductions, as 21% of our sales in the second quarter were from parts introduced in the last 24 months,” said CEO Steven Berman. “During the first half of 2013, we released nearly 1,700 new parts to the automotive aftermarket, up from 1,300 in the first half of 2012.”
Q2 gross profit margin was 39.7%, compared to 36.9% for the same period last year. The margin improvement was primarily due to a favorable change in sales mix, lower transportation costs and a lower provision for excess and obsolete inventory during the quarter.
Six-month sales increased 14% to $316.7 million, with income from continuing operations gaining 22% to $38.4 million.
During Q2 Dorman Products began expansion of its Warsaw, KY, distribution facility. The addition and related equipment, which will cost approximately $7 million, will add approximately 170,000 sq ft of warehouse space and is expected to be completed in the fall of 2013. ©2013 GlobalFastenerNews.com
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