Dorel reports US$2.7M Q1 profit, revenue soars 20% from year ago

MONTREAL – Dorel Industries Inc. reported a first-quarter profit of US$2.7 million as its revenue rose more than 20 per cent compared with a year ago.

The Montreal-based company, which keeps its books in U.S. dollars, says the profit amounted to eight cents per diluted share for the quarter ended March 31 compared with a loss of US$57.8 million or US$1.78 per diluted share a year ago.

Revenue totalled US$708.9 million, up from US$580.8 million.

Dorel says revenue in its sports division, which includes its bicycle business, was US$270.3 million, up from US$188.2 million a year ago.

Home products revenue was US$228.7 million, up from US$197.4 million, while its juvenile division revenue was US$209.9 million, up from US$195.2 million.

On an adjusted basis, Dorel says it earned 37 cents per diluted share in its most recent quarter, up from a loss of 42 cents per diluted share a year ago.

This report by The Canadian Press was first published May 7, 2021.

Companies in this story: (TSX:DII.B)