Dorel Reports Third Quarter 2023 ResultsMontreal, Quebec -
- Dorel Juvenile maintains quarter-over-quarter earnings improvement.
- Dorel Home posts sequential improvement in results despite challenging consumer environment.
Montréal, November 3, 2023 — Dorel Industries Inc. (TSX: DII.B, DII.A) today announced results for the third quarter and nine months ended September 30, 2023.
Third quarter revenue was US$359.7 million, down 3.9% from US$374.1 million last year. Reported and adjusted net loss from continuing operations was US$10.4 million or US$0.32 per diluted share, compared to US$36.7 million or US$1.13 per diluted share last year. Adjusted net loss1 from continuing operations was US$34.7 million or US$1.07 per diluted share last year.
Nine-month revenue from continuing operations was US$1.038 billion, a decrease of 15.6% compared to US$1.230 billion last year. Reported and adjusted net loss1 from continuing operations year-to-date was US$58.6 million or US$1.80 per diluted share, compared to US$77.6 million or US$2.38 per diluted share last year. Adjusted net loss1 from continuing operations was US$71.2 million or US$2.19 per diluted share last year.
“We are pleased with the progress of our Dorel Juvenile segment as they delivered double-digit revenue growth and an impressive turnaround in earnings. We are clearly seeing our products winning and delivering market share gains in an industry that was down versus the prior year. Dorel Home revenues continued to grow, improving sequentially with positive indicators at brick-and-mortar. Given the challenges for consumer products companies overall, our two segments are navigating positively, though we recognize the need for further improvement. There is far less retailer inventory and our own inventory levels are at their lowest in two years. The vast majority of all the high-cost inventory from last year has been sold, contributing to improving margins throughout 2023,” 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.