Dorman Products, Inc. (NASDAQ:DORM) Q1 2024 Earnings Conference Call May 7, 2024 8:00 AM ET

Company Participants

David Hession - CFO
Kevin Olsen - CEO

Conference Call Participants

Scott Stember - MKM Partners
Bret Jordan - Jefferies

Operator

Good morning and thank you for standing by. Welcome to the Dorman Products First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded.

I'd now like to turn the conference over to David Hession, Dorman's Chief Financial Officer. Thank you, sir. Please go ahead.

David Hession

Thank you. Good morning and welcome to Dorman's first quarter 2024 earnings conference call. I'm joined today by Kevin Olsen, our Chief Executive Officer. First, Kevin will provide a business update. Then I will review the quarterly results, followed by closing remarks from Kevin. After that, we'll open the call for questions.

By now, everyone should have access to our earnings release and earnings call presentation, which we published earlier today. These documents are available on the Investor Relations portion of our website at dormanproducts.com.

Before we begin, I would like to remind everyone that our prepared remarks, earnings release and investor presentation include forward-looking statements within the meaning of federal securities laws. We advise listeners to review the risk factors and cautionary statements in our most recent 10-Q, 10-K and earnings release for important material assumptions, expectations and factors that may cause actual results to differ materially from those anticipated and described in such forward-looking statements.

We'll also reference certain non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are contained in the schedules attached to our earnings release and the appendix to this earnings call presentation, both of which can be found on the Investor Relations section of Dorman's website. [Operator Instructions]

And with that, I will turn the call over to Kevin.

Kevin Olsen

Thanks, David. Good morning and thank you for joining us on our first quarter 2024 earnings call.

Today, I will discuss the highlights of the quarter across our three operating segments and provide a deeper dive into Dorman's new-to-the-aftermarket innovation engine, which is the core capability that links our three segment strategies together.

Turning to Slide 3, if you are following along with our deck, Q1 was another consecutive strong quarter for Dorman as we delivered financial results in line with our expectations. We delivered net sales of $469 million and achieved a 660 basis point improvement in adjusted operating margin, led by the consistent gross margin recovery that we have driven over the last few quarters.