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Dorel Industries Inc. (DII.B-T) reported a quarterly profit on Friday that was well below market expectations due to a lackluster performance by the division that makes children's car seats and strollers, and its stock dived.
Dorel had warned in August that sales in its juvenile division were being hurt by poor consumer confidence. The latest quarter, however, was that division's best since the same period a year earlier.
"While our juvenile divisions around the world are well positioned within their respective marketplaces, uncertain economic conditions and volatility in currencies leave us cautious about our outlook," Chief Executive Martin Schwartz said in a release.
Operating profit in the juvenile division fell 12.7 percent. In Dorel's recreation and leisure division, profit rose 20.3 percent.
Net income for the first quarter ended March 31 fell to $29.2 million US, or 91 cents a share, from $31.2 million, or 94 cents, a year earlier. Revenue rose 2.2 percent to $621.1 million.
Analysts, on average, had expected earnings of $1.08 per share on revenue of $635.6 million, according to Thomson Reuters I/B/E/S.