COLMAR, Pa. — Dorman Products has announced financial results for the second quarter ended June 25.
Revenues for the three months ended June 25 increased 14 percent over the prior year to $131.6 million from $115 million last year. Net income in the second quarter of 2011 was up 11 percent to $12.7 million from $11.5 million in the same period last year. Diluted earnings per share in the second quarter of 2011 rose 11 percent to 70 cents from 63 cents in the same period last year.
For the six months ended June 25, 2011, and June 26, 2010, revenues in 2011 increased 20 percent over the prior year to $256 million from $214 million. The company said revenue growth was driven primarily by strong overall demand for its products, and higher new product sales.
Net income in 2011 was up 19 percent to $25.1 million from $21.1 million last year. Diluted earnings per share in 2011 rose 18 percent to $1.38 from $1.17 in 2010.
Steven Berman, chairman and CEO, said, "Second quarter sales growth was strong, but down from recent growth levels as a result of inventory reduction efforts by a few customers. However, new product revenues remained strong, and we introduced over 1,000 ‘New to the Aftermarket’ products during the first half of the year. We are on pace to introduce a record number of ‘New to the Aftermarket’ products in 2011. During the quarter we completed construction on a 177,800-square-foot addition to our Warsaw, Ky., facility which will provide much needed space as we continue to expand our business."