- Dorman Products (NASDAQ:DORM) reports acquisition contributed ~1% to sales in Q3.
- Adjusted gross margin rate deleveraged 400 bps to 34.3%, primarily due to a shift in customer mix to retail customers from warehouse distributors, redundant overhead costs resulting from operating out of two distribution locations in Portland, TN, and the pass-through of tariff costs to customers.
- Adjusted SG&A expense rate +320 bps to 23.3%.
- Operating margin rate down 700 bps to 10.6%.
- The company did not repurchase shares during the quarter.
- For 4Q19, the company expect financial results substantially in-line with 3Q19, assuming the continuation of current market conditions.
- Previously: Dorman Products EPS misses by $0.18, misses on revenue (Oct. 28)