Dorman Products Q4 Net Sales Up 27%
The company posted gross profit of $46.63m for the fourth quarter of 2010, compared to $36.06m for the same period in 2009. Net income was $12.22m, compared to $7.74m for the same period in 2009. Income from operations was 19.59m, compared to $12.95m for the same period in 2009.
For the full year ended December 25, 2010, the company posted net sales of $445.72m, compared to $377.38m for the same period in 2009.
Gross profit was $172.86m, compared to $131.79m for the same period in 2009.
Net income was $46.14m for the full year of 2010, compared to $26.5m for the same period in 2009. Income from operations was $74.88m, compared to $43.67m for the same period in 2009.
Selling, general and administrative expenses increased 11.2 percent in 2010 to $98m from $88.1m in 2009, but were down as a percentage of sales from 23.3 percent in 2009 to 21.5% in 2010.
Operating cash flow for 2010 was $30.7m compared to $27.6m in 2009.
Steven Berman, chairman and CEO of the company, said: â€œDorman's strong revenue and earnings growth in the fourth quarter and full year were driven by the introduction of a record number of new parts during 2010, and continued market penetration of formerly dealer-only products that were introduced in recent years.
â€œDuring 2010 we continued to invest in product development, engineering and sales resources. We expect these investments to further increase our industry-leading level of new product introductions in the years to come.â€
Will the firm further improve net sales in Q1?
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