Dorel Industries Q3 revenue up at US$613.3M; profit drops on tax difference

MONTREAL – Dorel Industries Inc. (TSX:DII.B) has reported a 6.5 per cent increase in revenue in the third quarter but a drop in net income compared with last year when its numbers were bolstered by a big income tax recovery.

The Quebec-based manufacturer of infant car seats, bicycles and ready to assemble furniture said Thursday that net income in the three months ended Sept. 30 was US$20 million or 63 cents per diluted share. That compared with US$23.1 million or 71 per cents per diluted share in 2011.

The third quarter of 2011 included a one-time US$8.3 million income tax recovery. Excluding that, earnings per diluted share in the year-ago quarter would have been 46 cents.

Revenue for the quarter increased by $37.5 million to US$613.3 million from US$575.8 million a year ago.

Organic revenue growth for the quarter was approximately five per cent, the company said.

Dorel is one of the world’s largest manufacturers of products such as infant car seats and bicycles in addition to its furniture line.

Its juvenile brands include Safety 1st, Quinny, Cosco and Maxi-Cosi, while it sells bikes under the Cannondale, Schwinn, GT, Mongoose and IronHorse marks.