Dorman Products 4Q net income drops
Shares of Dorman Products tumble on drop in 4th-qtr net income
COLMAR, Pa. (AP) -- Shares of Dorman Products Inc., which distributes parts to automotive retailers, tumbled more than 10 percent Thursday, after the company reported a drop in fourth-quarter net income.
For the quarter ended Dec. 29, the Colmar, Pa.-based company earned $15.3 million, or 42 cents per share, down from $16.6 million, or 46 cents per share, in the same quarter the year before.
The results were adjusted to reflect a 2-for-1 stock split in June.
Revenue edged down less than 1 percent to $135 million.
Dorman attributed the flat revenue to the inclusion of an extra week of sales in the prior-year period and a planned one-time $5.1 million reduction in orders to remove inventory from a large customer's supply chain. Excluding those items, the company said sales rose about 7 percent.
For the full year 2012, Dorman earned $71 million, or $1.94 per share, up from $53.3 million, or $1.47 per share. Revenue rose to $570.4 million from $513.4 million.
Dorman shares fell $3.81, or 10.2 percent, to $33.45 in afternoon trading, after dropping as low as $32.80 earlier in the session. Over the past 52 weeks, the stock has traded between $21.33 and $38.45.
