Dorel Industries Inc.
Dorel Industries Inc.
05/07/2021 | Press release | Archived content
Dorel Reports Strong 2021 First Quarter Results
- Dorel Sports delivers 8th consecutive quarter of revenue growth
- Dorel Home operating profit up significantly
- Dorel Juvenile improves bottom line despite COVID-19 challenges
- Rising freight and raw material costs to require price increases through the year
Dorel Industries Inc. (TSX: DII.B, DII.A) today released results for the first quarter ended March 31, 2021. Revenue was US$708.9 million, up 22.1% compared to US$580.8 million a year ago. Reported net income was US$2.7 million or US$0.08 per diluted share, compared to a reported net loss of US$57.8 million or US$1.78 per diluted share last year. Adjusted net income1 was US$12.2 million or US$0.37 per diluted share compared to an adjusted net loss1 of US$13.6 million or US$0.42 per diluted share a year ago.
'Dorel had an excellent first quarter, exceeding our expectations and ending with a superb month of March as U.S. government stimulus cheques were an added catalyst to the growth in revenue. COVID-19 related store closures persisted in a number of Dorel Juvenile's markets, notably parts of Europe, South America and Canada, yet the segment posted another quarter of improved adjusted operating profit1 as new products resonated well and margins improved. The sale of Dorel Juvenile's China major manufacturing facility closed at the end of the quarter and the transition thus far has been smooth. Both Dorel Sports and Dorel Home continued to benefit from strong consumer demand for their products, with further growth limited only by available supply. Our solid quarter is a tribute to our teams who did an excellent job of mitigating severe supply chain difficulties. Continuing cost increases in all segments for freight and commodities, as well as ocean container availability, will continue to create significant pressures. We will have to offset this with price increases through the rest of this year,' stated Dorel President & CEO, Martin Schwartz.
[1] This is a non-GAAP financial measure. Please refer to the 'Non-GAAP financial measures' section at the end of this press release.