Dorel shares fall 9 per cent after posting third-straight quarterly loss in first quarter
Dorel Industries Inc. shares plunged nine per cent as the Montreal-based company lost money for a third-straight quarter on continued supply chain issues and high inflation.
The maker of home furniture and products for young children says its net loss from continuing operations more than doubled to US $27.2 million in the first quarter, from US$12.8 million a year earlier.
That equalled a loss of 84 cents per share for the three months ended March 31, compared with a loss of 40 cents per share in the first quarter of 2021..
Reporting in U.S. dollars, adjusted profits fell to US$4.8 million or 76 cents per share, from a loss of US$3.4 million or 10 cents per share in the first quarter of 2021.
Revenues decreased 2.4 per cent to US$428 million, from US$435.6 million in the prior year quarter.
Dorel was expected post US$447 million of revenues, according to financial data firm Refinitiv.
-- This report by The Canadian Press was first published on May 6, 2022.