Dorman Products falls on cutting 2022 profit forecast

Dorman Products

24/10/2022 15:42

** Shares of auto parts maker Dorman Products Inc  DORM.O 
fall as much as 4% to three-week low of $83.29
    ** DORM cuts full-year 2022 profit forecast
    ** Company now expects 2022 adjusted profit between $4.70
and $4.90 per share, compared to prior forecast of $5.00-$5.20
    ** However, DORM raises 2022 net sales forecast to $1.65 bln
- $1.69 bln, from previous forecast of $1.60 bln-$1.64 bln
    ** CEO Kevin Olsen says expect to offset the impact of
higher interest rates through pricing and cost-saving
initiatives but expect continued timing lags in offsetting these
higher expenses leading to lower EPS guidance to reflect the
impact
    ** Company's Q3 net income fell to $30.6 mln, or 97 cents
per share, from $33.1 mln, or $1.04, a year earlier
    ** Q3 net sales rose 19% to $413.5 mln
    ** Stock has fallen ~25% this year 
 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))