DOREL INDUSTRIES $36.46 (Toronto symbol DII.B; TSINetwork Rating: Extra Risk) (514-731-0000; www.dorel.com; Shares outstanding: 31.5 million; Market cap: $1.2 billion; Dividend yield: 3.4%) makes a range of products, including ready-to-assemble home and office furniture; juvenile products, such as car seats, strollers, high chairs, toddler beds and cribs; and recreational products, mainly bicycles.
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In the three months ended September 30, 2013, Dorel’s sales fell 1.0%, to $607.3 million from $613.3 million a year earlier (all figures except share price and market cap in U.S. dollars). Slower sales in the juvenile products segment offset gains at the home furnishing division and the recreational and leisure business.
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Excluding one-time items, earnings per share were unchanged at $0.64.
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Even with the sluggish quarter, Dorel’s outlook is positive. Premium bicycle sales are rebounding, and its competitors have stopped sharply discounting their prices. As well, Dorel’s recent acquisition of 70% of Caloi, Brazil’s largest bicycle company, is already adding to its profits.
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Established in 1898, Caloi is one of the world’s oldest bike makers. It is also Latin America’s topselling bicycle brand and the leader in the Brazilian market. This purchase fits nicely with Dorel’s plan to focus on international expansion, as it can now use Caloi’s facilities to sell more of its other bikes and gear in South America.
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The stock trades at a low 8.7 times Dorel’s forecast 2014 earnings of $4.20 a share.
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Dorel Industries is still a buy.
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