Shares of Dorman Products Inc. (DORM) surged 8.95% on Thursday after the auto parts maker reported better-than-expected earnings for the third quarter ended September 30.
The company reported adjusted earnings per share of $1.96, significantly higher than Wall Street's consensus estimate of $1.53. Revenue rose 3.2% year-over-year to $503.77 million, though it slightly missed analysts' expectations of $510.15 million.
Despite the modest revenue miss, investors cheered Dorman's strong profitability, with the company reporting net income of $55.52 million for the quarter. Dorman's stock had already gained 2.3% in the quarter and 38.8% year-to-date ahead of the earnings release, reflecting positive sentiment from analysts.
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