Brief: Dorman Products Posts Quarterly GAAP Earnings Per Share Of $0.70

Dorman Products

27/04/2020 12:37

April 27 (Reuters) - Dorman Products Inc  DORM.O :
    * DORMAN PRODUCTS, INC. REPORTS FIRST QUARTER 2020 RESULTS
    * Q1 ADJUSTED EARNINGS PER SHARE $0.66
    * Q1 GAAP EARNINGS PER SHARE $0.70
    * Q1 SALES $257.7 MILLION VERSUS REFINITIV IBES ESTIMATE OF
$238
MILLION
    * Q1 EARNINGS PER SHARE ESTIMATE $0.65 -- REFINITIV IBES
DATA
    * HAS AMPLE LIQUIDITY AND IS POSITIONED WELL TO NAVIGATE
ONGOING
COVID-19 PANDEMIC
    * DORMAN PRODUCTS - CUSTOMER DEMAND ALSO BEGAN TO DECLINE
LATE IN
MARCH, WITH CORRESPONDING NEGATIVE IMPACT ON NET SALES ESTIMATED
TO BE ABOUT 1.5% - 2.5% IN Q1
    * DORMAN PRODUCTS - FOR FULL YEAR 2020 EXPECT CUSTOMER
PROVISIONS
TO BE FLAT
    * INCREASED ITS CASH AND CASH EQUIVALENTS FROM $162 MILLION
AS OF
END OF Q1 2020 TO APPROXIMATELY $300 MILLION AS OF APRIL 24,
2020
    * DORMAN PRODUCTS - ESTIMATES THAT IMPACT ON Q1 2020 FROM
COVID-19
PANDEMIC TO BE ABOUT $4 MILLION TO $6 MILLION ON NET SALES, AND
$0.03 TO $0.05 TO EPS
    * PREVIOUSLY WITHDREW ITS GUIDANCE FOR FISCAL 2020 AND IS
NOT IN A
POSITION TO ISSUE UPDATED FISCAL 2020 GUIDANCE AT THIS TIME
    * EXPECTS DEMAND TO CONTINUE TO BE SOFT WHILE
GOVERNMENT-IMPOSED
RESTRICTIONS TO CURB SPREAD OF COVID-19 REMAIN IN PLACE
    * DORMAN PRODUCTS - EXPECTS DISTRIBUTION COSTS TO BE BACK TO
MORE
TYPICAL LEVELS DURING SECOND HALF OF 2020, SUBJECT TO IMPACT OF
COVID-19

Source text for Eikon:  ID:nGNX5CrXsF 
Further company coverage:  DORM.O 

 ((Reuters.Briefs@thomsonreuters.com;))