Dorel News

Dorel Reports First Quarter 2024 Results

Montreal, Quebec -
  • Dorel Juvenile confident of continued growth
  • Dorel Home significantly reduces operating loss

Montréal, May 10, 2024 — Dorel Industries Inc. (TSX: DII.B, DII.A) today announced results for the first quarter ended March 31, 2024. 

Revenue was US$351.1 million, up 5.4%, from US$333.2 million a year ago. Net loss for the first quarter was US$17.6 million or US$0.54 per diluted share compared with US$31.5 million or US$0.97 per diluted share last year. Adjusted net loss1 was US$16.9 million or US$0.52 per diluted shares versus US$31.5 million or US$0.97 per diluted share a year ago.

“Dorel Juvenile posted significant gains year-over-year, with adjusted operating profit1 improving by US$10.1 million versus last year’s first quarter. Internal optimism is high as the segment is capitalizing on its introduction of a diverse selection of exciting new products. Both our retail partners and consumers have reacted well to the new offerings, with in store sales rebounding nicely, driving growth through market share gains. Through a combination of higher sales and by further reducing Juvenile costs we are more comfortable than ever that this business will continue its year-over-year earnings improvement. Dorel Home also made substantial progress during the first quarter, narrowing its adjusted operating loss1 by US$10.5 million. This was despite on-going softness in the furniture market, where industry sales continue to lag all other consumer product categories. The previously announced plan to simplify and combine certain key areas of the Home segment has made the combined operations more effective and cost efficient. Savings are expected to be US$4.0 million annually. Home is making all the right moves with new customers and new product listings growing. The meaningful benefits will come once industry volumes increase to more traditional levels”, stated Dorel President & CEO, Martin Schwartz.

1This is a non-GAAP financial ratio or measure with no standardized meaning prescribed by IFRS and therefore is unlikely to be comparable to similar measures presented by other issuers. Refer to the section “Definition and reconciliation of non-GAAP financial ratios and measures” in this press release.