Dorel reports Q4 and 2017 year-end results
Montreal, Quebec - 3/8/2018
Dorel Industries Inc. (TSX: DII.B, DII.A) today announced results for the fourth quarter and year ended December 30, 2017. Revenue for the fourth quarter was US$677.1 million, up 4.4% from US$648.7 million a year ago. Adjusted net income was US$20.4 million or US$0.62 per diluted share compared to US$7.7 million or US$0.24 per diluted share in the fourth quarter of 2016. Reported net loss for the quarter was US$3.0 million or US$0.09 per diluted share compared to US$5.6 million or US$0.17 per diluted share a year ago.
Revenue for 2017 was US$2.58 billion, compared to US$2.60 billion the previous year. Adjusted net income for the year rose 20.3% to US$70.1 million or US$2.15 per diluted share, compared to US$58.3 million or US$1.79 per diluted share in 2016. Reported net income was US$30.6 million or US$0.94 per diluted share, compared to a reported net loss of US$11.6 million or US$0.36 per diluted share the previous year.
“Dorel’s businesses performed quite well during the fourth quarter and we are encouraged with the advancements made, setting the stage for a positive 2018,” commented Dorel President & CEO, Martin Schwartz. “Dorel Home posted excellent revenue and operating profit, with record on-line sales continuing to drive the segment. Dorel Juvenile is being transformed into a consumer-centric organization through a market-led business with a heavy emphasis on new products. We have the strongest product pipeline in years featuring exciting, innovative products planned to launch over the next 18 months. Dorel Juvenile has also made important progress in e-commerce, with each of its geographic markets projecting growth through 2018. Dorel Sports bounced back from a difficult third quarter despite continuing industry- wide weakness in the global bicycle market. Similar to Dorel Juvenile, Dorel Sports has developed an exciting line-up of new products to be launched through 2018,” concluded Mr. Schwartz.
The Company is presenting adjusted financial information, excluding impairment losses, restructuring and other costs, remeasurement of forward purchase agreement liabilities and loss on early extinguishment of long-term debt, as it believes this provides a more meaningful comparison of its core business performance between the periods presented. These previously announced items are detailed in the attached tables of this press release. Contained within this press release are reconciliations of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.