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Dorel Industries profit misses consensus by 27.3% in Q2

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Dorel Industries profit misses consensus by 27.3% in Q2

Dorel Industries Inc. said its second-quarter normalized net income was 35 cents per share, compared with the S&P Capital IQ consensus estimate of 49 cents per share.

EPS climbed year over year from 34 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $11.5 million, an increase from $11.1 million in the prior-year period.

The normalized profit margin dropped to 1.1% from 1.7% in the year-earlier period.

Total revenue declined year over year to $637.3 million from $669.6 million, and total operating expenses declined 5.1% on an annual basis to $608.6 million from $641.3 million.

Reported net income totaled a loss of $38.5 million, or a loss of $1.19 per share, compared to income of $16.3 million, or 50 cents per share, in the prior-year period.