Dorel Sports, in last year before sale to Pon, notched 12% revenue increase

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MONTRÉAL (BRAIN) — Dorel Industries is reporting that its Dorel Sports activities division recorded a 12.2% enhance in revenues final 12 months, its closing 12 months earlier than the bike division’s sale to Pon Holdings. The acquisition was accomplished on Jan. 4. 

The Sports activities division had gross sales of $1.17 billion within the full 12 months that ended Dec. 31, up from $1.04 billion in 2020. Gross revenue for the 12 months was $260 million and working revenue was $98.9 million. 

Within the fourth quarter, gross sales within the division had been up 5.8%. 

Dorel Sports activities consists of Cannondale, GT, Schwinn, Mongoose, Material and different manufacturers. Dorel used proceeds from the sale to situation a dividend and cut back debt. 

Dorel Industries’ persevering with operations had revenues of $1.8 billion for the 12 months, up 2.4% from 2020.  Reported web loss from persevering with operations was $111.8 million or $3.44 per diluted share, in comparison with $64.8 million or $1.99 per diluted share the earlier 12 months.

Dorel Industries’ persevering with operations embrace its House division and its Juvenile division. 

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