DOREL INDUSTRIES $32.77 (Toronto symbol DII.B; TSINetwork Rating: Extra Risk) (514-731-0000; www.dorel.com; Shares outstanding: 32.3 million; Market cap: $1.1 billion; Dividend yield: 4.0%) makes a range of items, including ready-to-assemble home and office furniture; juvenile products, such as car seats, strollers, high chairs, toddler beds and cribs; and recreational goods, mainly bicycles.
In the three months ended June 30, 2014, Dorel’s sales rose 9.2%, to $655.8 million from $600.4 million a year earlier (all figures except share price and market cap in U.S. dollars). Sales rose 20.2% at the recreational segment and 3.2% at the juvenile products division. Home furnishing sales fell slightly.
Earnings per share rose 14.6%, to $0.47 from $0.41. Sales of its highly profitable Cannondale and Pacific Cycle premium bikes remain strong. That offset a small loss from Dorel’s 70% stake in Caloi, which it bought for an undisclosed amount last year.
Established in 1898, Caloi is one of the world’s oldest bike makers. It is also Latin America’s top-selling bicycle brand and the leader in the Brazilian market. Sales slowed in the latest quarter due to a weaker economy in Brazil and less consumer interest in bicycles during the month-long World Cup.
Still, the Caloi purchase fits nicely with Dorel’s plan to focus on international expansion. As well, earlier this year, Dorel bought Hong Kong-based Lerado Group, a maker of baby strollers and infant car seats, for $120 million. China’s new infant-seat laws and growing middle class make the country a great place to expand.
The stock trades at just 8.8 times Dorel’s forecast 2015 earnings of $3.71 a share. It yields a high 4.0%.
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