Dorel Industries Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017.; Provides Adjusted Tax Rate Guidance for the Full Year of 2017
August 04, 2017 at 08:30 am EDT
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Dorel Industries Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company's total revenue was $611,270,000 compared to $637,296,000 a year ago. Operating profit was $22,837,000 compared to operating loss of $33,808,000 a year ago. Income before income taxes was $15,722,000 compared to loss before income taxes of $44,186,000 a year ago. Net income was $11,440,000 compared to net loss of $38,644,000 a year ago. Basic and diluted earnings per share were $0.35 compared to basic and diluted loss per share of $1.19 a year ago. Cash provided by operating activities was $27,987,000 compared to $54,199,000 a year ago. Additions to property, plant and equipment was $8,043,000 compared to $4,569,000 a year ago. Adjusted net income increased 22.1% to $12.4 million or $0.38 per basic and diluted share, compared to adjusted net income of $10.2 million or $0.31 per diluted share last year. Additions to intangible assets were $5,173,000 against $4,568,000 a year ago. Adjusted operating profit increased by $2.8 million to $24.5 million from $21.7 million last year.
For the six months, the company's total revenue was $1,257,982,000 compared to $1,283,163,000 a year ago. Operating profit was $56,770,000 compared to operating loss of $2,922,000 a year ago. Income before income taxes was $29,467,000 compared to loss before income taxes of $23,978,000 a year ago. Net income was $20,281,000 compared to net loss of $21,910,000 a year ago. Diluted earnings per share were $0.62 compared to basic and diluted loss per share of $0.68 a year ago. Cash provided by operating activities was $2,260,000 compared to cash used in operating activities of $2,260,000 a year ago. Additions to property, plant and equipment was $14,364,000 compared to $9,811,000 a year ago. Additions to intangible assets were $8,627,000 compared to $9,050,000 a year ago. Adjusted net income increased to $35.1 million or $1.08 per basic and diluted share, compared to adjusted net income of $29.9 million or $0.92 per basic and diluted share a year ago.
For the full year of 2017, the company expects its annual adjusted tax rate to be between 20% and 25%.
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 Second Quarter and Six Months Ended June 30, 2017.; Provides Adjusted Tax Rate Guidance for the Full Year of 2017