Latest news with #KevinOlsen
Yahoo
07-05-2025
- Automotive
- Yahoo
Dorman Products Inc (DORM) Q1 2025 Earnings Call Highlights: Strong Sales Growth Amid Market ...
Q : Have you seen any of your bigger customers buying ahead to get ahead of tariffs, or is the difference due to gaining shelf space with larger partners? A : Kevin Olsen, CEO: We haven't seen any indications of customers buying ahead of tariffs yet. The strong performance in light duty was driven by new product performance and favorable macro trends. Our sell-in growth exceeded POS growth due to an easier comp in the quarter. The company anticipates increased inventory costs due to tariffs, which may impact cash flow and require strategic financial management. Despite strong performance, the company faces potential challenges from the newly enacted 232 auto tariffs, which could affect pricing and supply chain costs. The heavy-duty segment experienced an 11% year-over-year decline in net sales due to continued market pressures in freight transportation and the trucking aftermarket. Dorman Products Inc ( NASDAQ:DORM ) successfully diversified its supply chain, reducing reliance on Chinese imports to 30-40% and sourcing 30% from the U.S. For the complete transcript of the earnings call, please refer to the full earnings call transcript . Story continues Q: Could you remind us of some of the mitigation efforts you have in place for tariffs, and when would these impacts start to hit your results? A: Kevin Olsen, CEO: We have a diverse supply chain, with 30-40% sourced from China, 30% from the U.S., and the rest globally. Most of our parts are nondiscretionary, historically inelastic. We expect to see tariff impacts roughly six months after incurring them due to FIFO inventory. Mitigation efforts include negotiating with suppliers, driving productivity, and adjusting prices. Q: Can you break out the EBIT margin in light vehicle between product mix and leverage on volume? A: Kevin Olsen, CEO: Our operating margins in light duty are largely due to product mix, particularly new products. The vehicle cohort of 7- to 14-year-old vehicles has grown, aiding margin expansion. Q: How does your supply chain footprint compare to competitors, especially in commoditized segments like chassis? A: Kevin Olsen, CEO: While I can't comment on specific categories, we believe we have less exposure to high-tariff regions like China compared to competitors, giving us a competitive advantage. Q: Is the current interest expense a good number to use for the rest of the year? A: David Hession, CFO: Yes, using the current quarter's interest expense is a good assumption. We've paid down significant debt, reducing our leverage to 1x EBITDA. Q: How much of your product was sourced from China during the last tariff situation, and what takeaways can you apply now? A: Kevin Olsen, CEO: Previously, over 70% was sourced from China and Taiwan. We've since diversified our supply chain significantly, building a more resilient network and driving productivity through automation. Q: Can you provide any indication of how the 30-40% sourced from China is split among segments? A: Kevin Olsen, CEO: We won't disclose specific impacts by segment due to fluidity and competitive reasons. However, we believe we have a competitive advantage in light duty and are well-positioned in heavy duty and specialty vehicles. Q: Are there any exemptions or clawbacks related to the 232 tariffs on auto parts? A: Kevin Olsen, CEO: The 232 tariffs are tied to HTS codes, and exemptions are primarily for OE. We're still evaluating the impact on Dorman. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
03-04-2025
- Yahoo
Feds crack down on illegal ‘Portland Sunday Market' selling LSD, ecstacy and mushrooms
PORTLAND, Ore. () — LSD, ecstasy, mushrooms and more were all illegally sold at a Gresham event coined 'Portland Sunday Market,' federal prosecutors say. On Sunday, federal agents arrested 46-year-old Kevin Olsen, who lives in Boring, and accused him of running the illegal drug market out of the property he owns in Gresham, which included an illegal marijuana grow operation, as originally reported in . Crater Lake trail to water will close for 3 years Federal investigators also accused Olsen of hiding a trove of guns at his home in Boring. Federal agents said they were tipped off to the illegal drug market in February of 2024. They said it was known as the 'Portland Sunday Market' and originally ran out of Southeast Portland but was later moved to Gresham to the property on Southeast Jeanette Street. More than a year later, federal agents obtained a warrant to search the Gresham property, with law enforcement officers descending on the home on Sunday. At the market, a federal complaint shows investigators found vendors selling controlled substances, including 'MDMA, cocaine, ketamine, LSD, marijuana, and psilocybin mushrooms.' There was also a growing operation with more than 900 marijuana plants found at the property. Investigators seized hundreds of grams of illicit drugs, including more than 1,000 doses of LSD and multiple kilograms of marijuana and mushrooms, the document says. Leaders say Trump tariffs could 'put lives at risk' Olsen and his wife were stopped on Sunday near his home, and then he was taken into custody on federal drug and weapons charges, court documents say. Olsen denied being involved, telling officers the market was private. However, investigators claim he was spotted at the Gresham property multiple times. Homeland Security Investigations agents said a search of Olsen's Boring home revealed unregistered silencers, body armor, ammunition and a cache of weapons, including eight pistols, five rifles and four shotguns. Investigators also found cryptocurrency wallets, more than $5,000 in cash and an active marijuana grow operation with approximately 97 plants. KOIN 6 News reached out to neighbors but they declined to comment. According to court documents, Olsen once paid a neighbor at his Boring home to trim his marijuana plants and was threatening to others. Court documents reveal that Olsen wasn't allowed to own any of those firearms as he is a felon with previous assault and robbery convictions stemming from the 1990s. Olsen is scheduled to be arraigned on April 30. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
