Dorel Reports First Quarter 2022 Results

MONTREAL, May 06, 2022 (GLOBE NEWSWIRE) -- Dorel Industries Inc. (TSX: DII.B, DII.A) today released results for the first quarter ended March 31, 2022.

“First quarter challenges generally mirrored those of the previous quarter. Supply chain issues, high inflation as well as its impact on pricing and our consumers and uncertainty in Europe all contributed to lower earnings in the quarter. Sales at Dorel Home declined versus prior year as consumers made fewer purchases of home office furniture with the easing of Covid-19 and retail price points increased. At Dorel Juvenile, retail price points increased as well, but demand remained strong in most markets. We have implemented price increases in both segments that are expected to improve results through the balance of the year. Despite the current environment causing earnings to be less than prior year, we remain confident in our ability to improve earnings going forward as we are doing the things we can control, and fundamentals remain strong. Our strategic plans in both segments remain on track,” stated Dorel President & CEO, Martin Schwartz.

Revenue for the first quarter from continuing operations was US$428.0 million, down 2.4% compared to US$438.6 million a year ago. Reported net loss from continuing operations was US$27.2 million or US$0.84 per diluted share, compared to US$12.8 million or US$0.40 per diluted share last year. Adjusted net loss¹ from continuing operations was US$24.8 million or US$0.76 per diluted share compared to US$3.4 million or US$0.10 per diluted share a year ago.