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Dorman Products, Inc. (DORM) is a leading supplier of replacement and upgrade parts in the motor vehicle aftermarket industry. The company designs, engineers, and markets a wide range of products for passenger cars, light-, medium-, and heavy-duty trucks, as well as specialty vehicles like utility terrain vehicles (UTVs) and all-terrain vehicles (ATVs). Its offerings include innovative solutions for powertrain, chassis, body, and hardware components, many of which are designed to address repair challenges not solved by original equipment manufacturers.
- Light Duty - Supplies replacement parts and fasteners for passenger cars and light-duty trucks, including components for powertrain, chassis, and body systems.
- Heavy Duty - Provides replacement parts for medium- and heavy-duty vehicles, focusing on durable and reliable solutions for demanding applications.
- Specialty Vehicle - Offers aftermarket parts and accessories for powersports vehicles, including UTVs and ATVs, with a focus on enhancing performance and functionality.
- Powertrain Products - Includes engine, transmission, and axle components such as intake and exhaust manifolds, cooling products, and fluid reservoirs.
- Chassis Products - Features suspension, steering, and brake components like control arms, ball joints, and tie-rod ends.
- Motor Vehicle Body Products - Covers interior and exterior vehicle body components, including door handles, window regulators, and UTV windshields.
- Hardware Products - Comprises bolts, fasteners, electrical wiring components, and other hardware assortments for various vehicle applications.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Kevin M. Olsen ExecutiveBoard | President and Chief Executive Officer | Director at Twin Disc, Inc. | Kevin M. Olsen has been CEO since January 2019. He joined DORM in July 2016 and previously served as CFO and COO. He has extensive experience in financial and operational leadership. | View Report → |
David M. Hession Executive | Senior Vice President, CFO, Treasurer | None | David M. Hession joined DORM in February 2019. He previously held CFO roles at Johnsonville, LLC and McCormick & Company, Inc., bringing expertise in finance and operations. | |
G. Michael Stakias Board | Director | President and CEO of Liberty Partners; Trustee at College of William & Mary | G. Michael Stakias has been a director since September 2015. He is Chair of the Corporate Governance and Nominating Committee and has a background in private equity and corporate law. | |
J. Darrell Thomas Board | Director | Director at British American Tobacco and Pitney Bowes Inc.; Director at Scotia Holdings (US) Inc. | J. Darrell Thomas joined DORM's board in October 2021. He has extensive experience in corporate finance and capital markets, with prior roles at Harley-Davidson and PepsiCo. | |
John J. Gavin Board | Director | Chairman of GMS Inc.; Advisory Board Member at Drexel University | John J. Gavin has been a director since October 2016. He brings financial and operational expertise from his roles at SDI, LLR Partners, and Arthur Andersen & Co. | |
Kelly A. Romano Board | Director | Director at UGI Corporation and Athira Pharma, Inc.; Chair of Altus Fire & Life Safety | Kelly A. Romano joined DORM's board in November 2017. She is the founder of BlueRipple Capital and has extensive experience in strategy, private equity, and high-technology industries. | |
Lisa M. Bachmann Board | Director | Director at GMS Inc. | Lisa M. Bachmann joined DORM's board in September 2020. She previously held executive roles at Big Lots, Inc., including Chief Merchandising and Operating Officer, and has expertise in retail operations and strategy. | |
Richard T. Riley Board | Lead Director | Director at Tupperware Brands Corporation; Trustee at Thomas Jefferson University Hospital | Richard T. Riley has been a director since March 2010. He is the Lead Director and Chair of the Audit Committee, with expertise in finance, operations, and corporate governance. | |
Steven L. Berman Board | Non-Executive Chairman | None | Steven L. Berman has been with DORM since its inception in 1978. He transitioned to Non-Executive Chairman in April 2023 after serving as Executive Chairman and CEO. |
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With ongoing market pressures and uncertainties in your Heavy Duty segment, particularly a 5% year-over-year sales decline in Q3 2024, what specific strategies are you implementing to drive growth and profitability, and how confident are you in achieving mid-teen operating profit margins when the market recovers?
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In the Specialty Vehicles segment, you've mentioned that over half of the business is now in nondiscretionary repair parts, up from less than that 18 months ago. Can you provide more details on the progress of expanding your nondiscretionary repair portfolio and how this shift is impacting your revenue and margin profiles?
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Given the significant role that new product introductions, especially in complex electronics, have played in driving growth and margin improvement, can you quantify the percentage of sales attributed to new products, and discuss how you plan to sustain this growth amid increasing competition?
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Considering potential tariff increases next year and your efforts to diversify your supply chain, how do you anticipate these tariff changes will impact your costs and margins, and what contingency plans do you have to mitigate potential negative effects on the business?
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While you've highlighted investments in electric vehicle (EV) parts and complex electronics, EVs are expected to be a small portion of the repair-age car park through 2035. How are you balancing your investments between EV-related products and traditional ICE vehicles to ensure long-term growth in a shifting automotive landscape?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Major Customer A | Not disclosed | All | ≥10% of net sales in 2024; combined with Major Customer B accounted for 39% of net sales in 2024. |
Major Customer B | Not disclosed | All | ≥10% of net sales in 2024; combined with Major Customer A accounted for 39% of net sales in 2024. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Super ATV, LLC | 2022 | Dorman Products, Inc. completed the acquisition for $490 million in cash with a potential earn-out of up to $100 million contingent on performance targets. The deal was structured with a $500 million incremental term loan facility maturing on October 4, 2027, providing Dorman a strategic platform in the powersports aftermarket through innovative product offerings and omni-channel distribution. |