Dorel Industries Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended of March 31, 2017; Provides Adjusted Tax Rate Guidance for the Full Year of 2017
May 05, 2017 at 03:04 pm
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Dorel Industries Inc. reported unaudited consolidated earnings results for the first quarter ended of March 31, 2017. For the quarter, the company's total revenue was $646.7 million compared to $645.9 million a year ago. Adjusted net income for the quarter increased 15.4% to $22.7 million or $0.69 per diluted share from $19.7 million, or $0.60 per diluted share in 2016. Net income was $8,841,000 compared to $16,734,000 a year ago. Basic earnings per share were $0.27 compared to $0.52 a year ago. Operating profit was also a record, at $19.8 million, up 12.0% from $17.6 million a year ago. Cash flow used in operating activities was $17.5 million compared to $5.9 million used in last year's first quarter. Consolidated net debt position was $460.4 million at the end of the first quarter. It was $551 million at the end of the first quarter last year and was $423.9 million at the end of the year.
The company has stated that for the full year it expects its annual adjusted tax rate to be between 15% and 20%.
Dorel Industries Inc. is a Canada-based global consumer products company. The Company designs, manufactures or sources, markets, and distributes a diverse portfolio of product brands through its Dorel Home and Dorel Juvenile segments. The Dorel Home segment is engaged in the sale of ready-to-assemble furniture and home furnishings, which include metal folding furniture, futons, children's furniture, step stools, hand trucks, ladders, outdoor furniture, and other imported furniture items. The Dorel Home segment's brands include Maxi-Cosi, Tiny Love, Infanti, Safety 1st, Bebe Confort, Quinny, and Cosco. The Dorel Juvenile segment is engaged in the sale of childrenâs accessories, which include infant car seats, strollers, high-chairs and infant health and safety aids. The Dorel Juvenile segment's brands include DHP, Signature Sleep, Little Seeds, Ameriwood Home, Cosco Home & Office, Queer Eye, Cosmo Living, Novogratz, Real Rooms, Mr. Kate, Baby Relax, Alphason, Bertini, Ntense, and Notio.
Dorel Industries Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended of March 31, 2017; Provides Adjusted Tax Rate Guidance for the Full Year of 2017