MONTREAL — The home furnishings segment of Dorel Industries Inc. helped drive the company to record third-quarter earnings.
Net income for the quarter ended Sept. 20 was $30.2 million compared to $27.2 million a year ago.
Even though revenue Q3 revenue was down 6.1%, from $552.2 million in 2008 to $518.5 million in 2009, it was the most profitable ever recorded by Dorel.
“The fact that we have exceeded last year’s earnings for the quarter despite a difficult economic period is a tribute to the quality and value of our products and our focus on maximizing margins through cost containment, a more stable cost environment and our disciplined minimum margin requirement program,” said Dorel President and CEO Martin Schwartz. “Dorel’s multi-national operations, diverse operating segments and broad product lines have traditionally compensated for earnings variations within the company’s various operating divisions. This is the case in 2009 as strong results within North America in the Juvenile and Home Furnishing segments are offsetting less profitable results at other divisions elsewhere within the company.”
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Net income for the quarter ended Sept. 20 was $30.2 million compared to $27.2 million a year ago.
Even though revenue Q3 revenue was down 6.1%, from $552.2 million in 2008 to $518.5 million in 2009, it was the most profitable ever recorded by Dorel.
“The fact that we have exceeded last year’s earnings for the quarter despite a difficult economic period is a tribute to the quality and value of our products and our focus on maximizing margins through cost containment, a more stable cost environment and our disciplined minimum margin requirement program,” said Dorel President and CEO Martin Schwartz. “Dorel’s multi-national operations, diverse operating segments and broad product lines have traditionally compensated for earnings variations within the company’s various operating divisions. This is the case in 2009 as strong results within North America in the Juvenile and Home Furnishing segments are offsetting less profitable results at other divisions elsewhere within the company.”
Read more.
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