CANADA – Canadian furniture manufacturer Dorel Industries Inc. announced results for the second quarter and six months ended June 30, 2015. 

In Home Furnishings, Dorel is experiencing a breakout year with revenues increasing by 29.9% in the quarter and 23.1% year-to-date. Operating profit was up 65.3% and 36.9% in the quarter and six months respectively.

“Dorel’s Juvenile and Sports segments continue to operate in an environment of challenging foreign exchange rates as the US dollar remains strong against practically all currencies. This had a significant effect on our earnings, impacting operating profit in the two segments combined by a net negative amount of approximately USD 12 million in the second quarter alone, bringing the net negative FX year-to-date impact to approximately USD 25 million. We have done a good job mitigating this impact with selective price increases and other proactive measures and our results reflect that. There have been numerous improvements at our Dorel Juvenile China factories and we are pleased with the progress of the integration process,” said Dorel President & CEO, Martin Schwartz.

Total revenue for the quarter was USD 669.6 million, up 2.1% from USD 655.8 million recorded in the same period last year. Reported net income was USD 16.2 million, compared to USD 15.2 million in the second quarter of 2014.

Revenue for the six months increased 2.4% to USD 1.34 billion compared to USD 1.30 billion last year. First half adjusted net income reached USD 28.4 million, compared to adjusted net income of USD 49.2 million last year. Reported net income for the period was USD 27.8 million, compared to net income of USD 40.0 million in the first half of 2014.