Dorman Products Inc 2025年度报告

Giving repair professionals, enthusiastsȆand ownersgreater freedom to fix motor vehicles. 2025ANNUAL REPORT ANNUAL REPORT LETTER TOSHAREHOLDERS To Our Fellow Shareholders: pricing actions and the timing of costs relatedto tariffs. In addition, strong sales of newproducts, as well as supplier diversification,productivity, and automation initiativesimplemented across the organization helpeddrive improved profitability. We are pleased to report that 2025 was anotheryear of strong performance for Dorman, markedby solid top- and bottom-line growth, sustainedinnovation, and disciplined execution acrossour organization. Despite a dynamic macroenvironment, impacted most notably by tariffs,our Contributors once again demonstratedtheir resilience and commitment, deliveringresults that build upon the momentum we haveestablished over the last several years. Our asset-light model continues to serve uswell, providing the flexibility needed to adaptwith market changes and best serve ourcustomers. While tariffs impacted inventorycosts and the timing of cash flows, we remaineddisciplined in our capital deployment strategy.In 2025, we generated $114 million in operatingcash flow, repaid $42 million of debt, andrepurchased $41 million of common stock, allwhile maintaining a strong balance sheet andliquidity position. Despite a quieter environmentin 2025, M&A continues to be a viable part ofour long-term strategy. For the year, net sales reached $2.13 billion,a 6% increase over 2024, driven by strongunderlying demand in our Light Duty businessand the successful execution of tariff-relatedpricing initiatives in the back half of the year.Additionally in 2025, we delivered record newproduct sales, reflecting the strength of ourinnovation strategy. Financial Highlights: We also achieved significant margin expansionand earnings growth, with Adjusted OperatingIncome rising 17% and Adjusted DilutedEarnings Per Share (EPS) increasing 24% to$8.87. These results were fueled by strategic • Achieved record net sales of $2.13 billion, a6% increase over 2024• Improved Adjusted Gross Margin by 190 bpsto 42.1% for the year 2025 ANNUAL REPORT • Increased Adjusted Operating Income by 17% to$379 million and improved Adjusted OperatingIncome Margin by 170 basis points to 17.8% for theyear • Delivered $8.87 in Adjusted Diluted EPS, a 24%increase compared to 2024• Reduced Total Net Leverage Ratio as determinedunder our credit facility to 0.89x from 1.12x at thesame time in 2024 2026. These diversification efforts mitigate costimpacts and drive flexibility across our operations. As we look ahead, the fundamentals of the light-duty industry remain strong. The average age oftoday’s used vehicle is nearly 13 years, and thenumber of vehicles our products serve continues toincrease. Additionally, the number of miles traveledincreased year-over-year and demand for high-qualityaftermarket repair solutions remains robust. Theselong-term secular drivers, combined with increasedvehicle complexity and our differentiated new productdevelopment capabilities, supply chain excellence,and strong customer partnerships, position us well forsustained growth. Innovation remains the lifeblood of Dorman. In2025, our Contributors launched more than 5,500new SKUs across our Light Duty, Heavy Duty, andSpecialty Vehicle segments, driving record salesfrom new products. With one of the largest productportfolios in the industry, we are a leading growthengine for our customers. While tariff, trade, and geopolitical uncertainty arelikely to continue to influence the broader operatingenvironment, we have the experience, playbook,and financial strength to navigate through marketchallenges. We remain committed to putting ourcustomers and end-users first in everything we doand executing on what we can control to drive ourstrategic priorities. Specifically in an area where we believe we have acompetitive advantage, we advanced our capabilitiesin complex electronics during 2025. As an example,we recently launched an electronic power steeringrack for certain Dodge Ram truck models – a first-to-the aftermarket OE FIX® solution that was designedwith significant improvements compared to theoriginal manufacturer’s part to help ensure a long,reliable service life. This is just one of many solutionsthat allow us to meet the ever-changing needs ofnext-generation vehicles. Our innovation pipeline isstronger and deeper than ever, positioning us wellto support our customers and end-users with new,innovative products. As we look ahead, we enter 2026 with momentum,discipline, and an unwavering focus on driving valuecreation for our stakeholders. We remain committedto further advancing our innovation strategy,improving our commercial and operational execution,and investing in key initiatives and opportunitieswhere we can win in our respective markets. None of this would be possible without our world-class, talented team, so I’d like to thank all of myfellow Contributors for thei