Dorel Posts Strong Third QuarterMontreal, Quebec -
Dorel Industries Inc. (TSX: DII.B, DII.A) today announced results for the third quarter and nine months ended September 30, 2020. Third quarter revenue was US$753.4 million, up 9.9% from US$685.7 million last year. Reported net income was US$26.2 million or US$0.80 per diluted share, compared to a net loss of US$4.3 million or US$0.13 per diluted share last year. Adjusted net income1 was US$28.7 million or US$0.87 per diluted share, compared to US$2.4 million or US$0.07 per diluted share a year ago.
Nine-month revenue was US$2.1 billion, an increase of 3.9% compared to US$1.98 billion last year. Reported net loss year-to-date was US$20.5 million or US$0.63 per diluted share, compared to US$9.8 million or US$0.30 per diluted share in 2019. Year-to-date adjusted net income was US$30.8 million or US$0.94 per diluted share, compared to US$14.5 million or US$0.44 per diluted share a year ago.
“All three of our business segments contributed to an excellent quarter for Dorel. In Sports, the second quarter trend of increased demand for bicycles continued and outpaced product availability. In spite of this, the segment was still able to achieve the highest earnings in its history. Similarly, Dorel Home had an excellent quarter despite sales being limited by a lack of supply in some of its product categories. Dorel Juvenile improved its earnings and recovered from a first half adjusted operating loss that was due to the negative impact of the COVID-19 pandemic,” stated Dorel President & CEO, Martin Schwartz.