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Dorel Industries profit misses consensus by 48.1% in Q1

Dorel Industries Inc. said its first-quarter normalized net income amounted to 31 cents per share, compared with the S&P Capital IQ consensus estimate of 60 cents per share.

EPS decreased 47.0% year over year from 59 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $10.2 million, a decrease of 46.6% from $19.0 million in the year-earlier period.

The normalized profit margin fell to 1.5% from 2.9% in the year-earlier period.

Total revenue rose year over year to $665.5 million from $647.7 million, and total operating expenses rose 5.7% from the prior-year period to $640.8 million from $606.3 million.

Reported net income declined 52.9% year over year to $11.7 million, or 36 cents per share, from $24.8 million, or 77 cents per share.