MONTREAL–Citing the “right combination of products and price points for consumers at the right time,” Dorel Industries this morning reported a 25.8 percent increase in profits for the first quarter ended March 31. In a statement announcing the earnings, Dorel said its net income reached $35.1 million, up from $27.9 million during the same period in 2007.
That translated into a growth in earnings per diluted share to $1.05, up 23.5 percent over the year-ago period.
The strong showing was based on revenues for the period of more than $556 million, up 22 percent.
However, the company, which manufactures ready-to-assemble furniture, among other items, through its Ameriwood unit, reported that its home furnishings revenue was down slightly during the period, having fallen from $103.4 million to $103.2 million. Nevertheless, gross profit from that segment rose more than 6 percent to $102.3 million.
“With a greatly reduced manufacturing footprint, [Ameriwood’s] two remaining plants are running efficiently and it has gained back the confidence of its customers,” the company said.