Dorman Products, Inc. (DORM) Tuesday released the financial results for the second quarter ended 30th June 2012, reporting a sharp increase in net income for the second quarter on higher net sales.
The leading supplier of Dealer Exclusive automotive replacement parts, automotive hardware, brake products and household hardware reported that net income for the second quarter increased to $19.74 million from $12.75 million reported for the corresponding quarter last year. Diluted earnings per share for the second quarter increased to $0.54 from $0.35 per share reported in the year-ago quarter.
Net income from continuing operations increased to $16.11 million from $12.88 million reported for the same quarter in the previous year.
Revenues for the second quarter ended June 30, increased 14% to $144.17 million from $126.96 million reported for the second quarter of 2011, primarily driven by strong overall demand for its products and higher revenues from recently-introduced products.
Three analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share for the second quarter on revenues of $146.10 million.. Analysts' estimates typically exclude special items.
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