Dorel Industries reports Q3 adjusted EPS (62c) vs. (32c) last year

Reports Q3 revenue $354.2M vs. $359.7M last year. “Dorel Juvenile earnings again exceeded last year’s comparative quarter, driven by an organic revenue1 increase of over 9%. Impressively, this revenue growth was in all three of our regions; North America, Europe and International. We had several significant customers events in the quarter and the reception to our new product launches in all regions has been very strong, with key deliveries beginning in the quarter. Conversely, Dorel Home faced significant challenges, resulting in a 14% decline in revenue compared to the same period last year. Within our categories, positive momentum in indoor seating, TV stands and step stools were not enough to offset declines in other categories. We continue to drive sales with promotional pricing, which coupled with lower production efficiency meant our gross margins were lower than expected. We initiated substantial cost reduction initiatives in the quarter as we continue to right-size the business to current realities,” stated Dorel President & CEO, Martin Schwartz.